PortlandOnline

POL Government Elected Officials Auditor Griffin-Valade Charter, Code & Policies Policies & Rules (PPD) Finance Funds & Accounts
FIN-4.06 - Public Safety Fund Closure and Renaming of Federal Grants Fund

PUBLIC SAFETY FUND CLOSURE AND RENAMING OF FEDERAL GRANTS FUND

Binding City Policy

BCP-FIN-4.06 


 

PURPOSE

 

Section 1. The Council finds:

 

1.  Council established the Public Safety Fund to receive revenues from a 1989 property tax levy to fund emergency communications projects. 

 

2.  The Public Safety Fund is no longer needed for its original purpose as the tax levy revenues were exhausted several years ago. The fund balance, which is primarily composed of surplus operating revenues from the Bureau of Emergency Communications (BOEC) and interest income, will be transferred to BOEC's operating fund (the Emergency Communication Fund).

 

3.  Council established the Federal Grants Fund to serve as the centralized clearing fund for all federal financial assistance received by the City, including grants and contracts.  Revenues are received in the Fund and transferred to operating bureaus or paid directly to the Portland Development Commission, as expenses are incurred.

 

4.  State and private grants, as well as funds passed to the City through local agencies, are also processed through the Federal Grants Fund, and so the name of the fund should reflect its usage as a clearing fund for federal, state, local, and private sources. 

 


 

POLICY

 

NOW, THEREFORE, the Council directs:

 

a. Effective July 1, 2008, the Public Safety Fund (Fund 118) will be closed into the Emergency Communication Fund (Fund 115). At that time, all Public Safety Fund account balances will be closed and transferred to Emergency Communication. Final fund financial statements for Fund 118 will be published in the Comprehensive Annual Financial Report (CAFR) for the fiscal year ending June 30, 2008. Balances formerly reported as Fund 118 will be included in the statements for Fund 115 beginning with the fiscal year ending June 30, 2009.

 

b. Effective July 1, 2008, Fund 252, which is currently named "Federal Grants," will be renamed "Grants." The CAFR for fiscal year ending June 30, 2008 will continue to identify this fund as the "Federal Grants," and the name change to "Grants" will first appear in statements for the fiscal year ending June 30, 2009.

 

c. The actions closing the Public Safety Fund and renaming the Federal Grants Fund contained in this ordinance are binding City policy.

 
Section 2. The Council declares that an emergency exists because it is necessary to close and rename the funds before the end of the fiscal year in order to properly prepare financial statements for the year ending June 30, 2008; therefore this ordinance shall be in full force and effect from and after June 30, 2008.

 


HISTORY

 

Emergency Ordinance No. 181983, passed by City Council June 26, 2008 and effective June 30, 2008.


Table of Contents
FIN-4.01 - Community and School Traffic Safety Account
FIN-4.02 - Parks Local Option Levy Fund
FIN-4.03 - Fund Management (June 2005)
FIN-4.04 - Fund Management (June 2006)
FIN-4.05 - Sewer System Safety Net Fund & Sewer Revolving Loan Fund Closure
FIN-4.06 - Public Safety Fund Closure and Renaming of Federal Grants Fund
FIN-4.07 - FY 2008-09 Grants Fund Major Supplemental Budget
FIN-4.08 - FY 2008-09 Grant-Related Budget Amendments Minor Supplemental Budget
FIN-4.09 - Close the Water Growth Impact Trust Fund, the Portland Police Association Health Insurance Fund and the Parking Facilities Debt Redemption Fund, and create the Tax Increment Reimbursement Fund
FIN-4.10 - Close the Business License Surcharge Fund, and Approve Renaming the Housing and Community Development Fund to the Community Development Block Grant Fund, and Approve Creating the Headwaters Apartment Complex Fund
FIN-4.11 - Close the Campaign Finance Fund
FIN-4.12 - Approve renaming the Parks Capital Construction & Maintenance Fund, the Portland Parks Memorial Trust Fund, and the Local Improvement District Construction Fund
FIN-4.13 - Create the Arts Education and Access Fund
FIN-4.14 - Adopt Budget Ajustments and Establish Appropriation Authority for the Arts Education and Access Fund and the Private For-Hire Transportation Program Reforms
FIN-4.15 - Approve Creation of Debt Service Funds and Closure of Cable Fund and Private for Hire Transportation Safety Fund
FIN-4.16 - Authorize Creation of Community Solar Special Revenue Fund
FIN-4.17 - Approve Renaming the Tax Increment Reimbursement Fund to the Tax Increment Financing Reimbursement Fund