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FIN-1.80 - FY 2016-17 Spring Supplemental Budget

FY 2016-17 SPRING SUPPLEMENTAL BUDGET

Binding City Policy

BCP-FIN-1.80


Link to Exhibits 1, 2, 3, 4, 5, 6, and 7  (PDF Document, 915 kb)

PURPOSE

Section 1. The Council finds:

1.  Exhibit 1, attached, includes all incremental changes to the City appropriation schedule as a result of the Spring Supplemental Budget Process.

2.  A memorandum, attached as Exhibit 2, identifies programs, projects, or activities that require appropriation adjustment or transfer of appropriation within bureau and fund budgets.

3.  Exhibit 3, attached, shows, for informational purposes, a reconciliation of changes to all funds.

4.  Exhibit 4, attached, shows, for informational purposes, all requests materially affecting the General Fund.

5.  Exhibit 5, attached, shows all position changes.

6.  On November 8, 2016, the voters of the City of Portland approved the issuance of $258,400,000 in general obligation bonds to finance capital costs of affordable housing for low income households.

7.  Exhibit 6, attached, provides the statement of purpose for the creation of the Housing Capital Fund to record transactions related to the capital construction of affordable housing, as required by the City’s Comprehensive Financial Management Policy adopted on June 17, 1992 by Resolution #35005.

8.  On February 7, 2001, Council approved Resolution 35960 to “Establish an interim policy for vehicle acquisition and for use of Sport Utility Vehicles by the City.” Exhibit 7, attached, provides required reporting to City Council associated with this resolution.


POLICY

NOW THEREFORE, the Council directs:

a.  The FY 2016-17 Appropriation Schedule is hereby amended by adjusting appropriations for certain expenditures in various funds as indicated by the increases and decreases presented in Exhibit 1; explanation of these changes is provided in the memorandum attached as Exhibit 2.

b.  The number of authorized positions in the FY 2016-17 Revised Budget is hereby amended as presented in Exhibit 5.

c.  The actions amending the FY 2016-17 Revised Budget contained in this ordinance are binding City policy.

d.  City Code Chapter 5.04 is amended by adding a new section as follows:

5.04.550 Housing Capital Fund

The Housing Capital Fund is hereby created to track the transactions related to the capital construction of affordable housing projects by the Portland Housing Bureau, primarily related to the sale and use of General Obligation bond proceeds.

e.  The fund statement of purpose included in Exhibit 6 for the Housing Capital Fund is hereby adopted. The action to adopt the fund statement of purpose contained in this ordinance is binding City policy.

Section 2. The Council declares that an emergency exists in order that FY 2016-17 Spring budget adjustments are implemented without delay; therefore, this ordinance shall be in full force and effect from and after its passage by Council.

Link to Exhibits 1, 2, 3, 4, 5, 6, and 7  (PDF Document, 915 kb)


HISTORY

Emergency Ordinance No. 188353, passed by City Council and effective April 26, 2017.