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FIN-4.21 - Approve creating the Portland Police Association Health Insurance Fund and closing the Headwaters Apartment Complex Fund, the Education URA Debt Service Fund, and the Willamette Industrial URA Debt Service Fund

APPROVE CREATING THE PORTLAND POLICE ASSOCIATION HEALTH INSURANCE FUND AND CLOSING THE HEADWATERS APARTMENT COMPLEX FUND, THE EDUCATION URA DEBT SERVICES FUND, AND THE WILLAMETTE INDUSTRIAL URA DEBT SERVICE FUND

Binding City Policy

BCP-FIN-4.21


PURPOSE

Section 1. The Council finds:

1.  Ordinance #188037 was passed by Council on October 12, 2016 ratifying a successor collective bargaining agreement (the CBA) between the City and the Portland Police Association relating to the terms and conditions of employment of represented employees in the Portland Police Association (PPA) bargaining unit.

2.  The CBA included section 48.1.6 that stated: “Beginning in Plan year July 1, 2017, benefit levels under Articles 48.1.4 and 48.1.5 (the PPA CityNet Medical and Delta Dental plans) will become self-insured.”

3.  The CBA included section 48.1.6.1 that directed the City to establish a separate fund for the management of self-insured medical and dental benefits.

4.  Ordinance #188175 was passed by Council on December 21, 2016, creating the new Housing Property Fund to record the transactions of resources and requirements resulting from the acquisition, development, and operation of property by the Portland Housing Bureau. The Headwaters Apartment Complex Fund has previously reflected expenses and revenues for the City-owned Headwaters Apartment complex; however, it is more appropriate for operating expenses and revenues associated with the Headwaters Apartment complex to be reflected within the newly created Housing Property Fund with other Portland Housing Bureau-owned property expenses and revenues. As such, all funds have been transferred from the Headwaters Apartment Complex Fund to the Housing Property Fund.

5.  Ordinance #187074 was passed by Council on April 1, 2015, to amend the Willamette Industrial Urban Renewal Plan to cease collections of tax increment revenues. All remaining revenues in the tax increment fund for this district were returned to the counties in FY 2015-16. No balance remains.

6.  Ordinance #187071 was passed by Council on April 1, 2015 to amend the Education Urban Renewal Plan to terminate the plan. All remaining revenues in the tax increment fund for this district were returned to the counties in FY 2015-16. No balance remains.


POLICY

NOW, THEREFORE, the Council directs:

a.  Effective July 1, 2017, the Portland Police Association Health Insurance Fund (Fund 707) is created. The purpose of the fund is to provide funding for programs and services related to healthcare and other supportive benefits offered to members of the Portland Police Association and eligible participants (i.e. dependents, retirees, and Cobra participants). The fund is managed by the Office of Management and Finance Bureau of Human Resources. Revenue sources for the fund include premiums collected from the Police Bureau for their employees and premiums collected from retirees. Other sources include premiums collected from employees, administrative and other fees, and interest income. The fund maintains two reserves – one for Incurred But Not Paid claims and a Risk Based Capital Reserve.

b.  Effective July 1, 2017, the Headwaters Apartment Complex Fund will be closed. Any cash balance remaining in the fund upon final closure will be transferred to the Housing Property Fund.

c.  Effective July 1, 2017, the Willamette Industrial URA Debt Service Fund will be closed. Any cash balance remaining in the fund upon final closure will be transferred to the taxing districts from which it was collected, per ORS 457.450.

d.  Effective July 1, 2017, the Education URA Debt Service Fund will be closed. Any cash balance remaining in the fund upon final closure will be transferred to the taxing districts from which it was collected, per ORS 457.450.

e.  The actions creating and closing funds contained in this ordinance are binding City policy.

Section 2. The Council declares that an emergency exists because it is necessary to create and close the funds before the beginning of next fiscal year in order to properly prepare financial statements for the year beginning July 1, 2017; therefore, this ordinance shall be in full force and effect upon passage.


HISTORY 

Emergency Ordinance No. 188444, passed by City Council and effective June 8, 2017.