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FIN-4.13 - Create the Arts Education and Access Fund

CREATE THE ARTS EDUCATION AND ACCESS FUND

Binding City Policy

BCP-FIN-4.13


 

PURPOSE

 

Section 1. The Council finds:

 

1.  Council approved Resolution #36939 to refer an Arts Education and Access Income Tax to voters at the November 6, 2012 General Election ballot.

 

2.  Voters approved the Arts Education and Access Income Tax at the November 6, 20012 General Election, thereby adding section 5.04.510 to City Code and creating the Arts Education and Access Fund.

 

3.  The purpose of the fund is to receive gross revenues from the Arts Education and Access Income Tax and provide the Net Revenues to the school districts and to the Regional Arts and Culture Council solely for the purposes established in Chapter 5.73 of City Code.

 

4.  A tax of $35 is imposed on the income of each income-earning resident of the City of Portland, Oregon who is at least eighteen years old. No tax will be imposed on filer(s) within any household that is at or below the federal poverty guidelines. The tax will be effective beginning with the tax year 2012 and shall continue each year thereafter.

 

5.  The purpose of the fund is to collect and disburse revenues as they are realized, therefore there are no legal requirements to maintain a minimum contingency or other reserves.

 


 

POLICY

 

NOW, THEREFORE, the Council directs:

 

a.  Effective November 6, 2012, the Office of Management & Finance will establish the Arts and Education Access Fund (Fund 223) in the City’s financial system as a special revenue fund.

 

b.  The Arts and Education Access Fund will be managed by the Office of Management and Finance, Revenue Bureau.

 

c.  In no case shall net revenues be transferred from the Arts Education and Access Fund to the City’s General Fund, or any other fund, for any other purpose.

 

d.  If the tax is sunset at a future date, all funds will be disbursed to the school districts, Regional Arts and Culture Council, and the Office of Management and Finance – Revenue Bureau (for administrative expenses) as allowed under intergovernmental agreements and the expense cap approved by voters.

 

e.  The action creating the Arts and Education Access Fund contained in this ordinance is binding City policy.

 

Section 2. The Council declares that an emergency exists because it is necessary to create the fund in order to properly complete financial transactions beginning immediately; therefore this ordinance shall be in full force and effect upon passage.

 


HISTORY

 

Emergency Ordinance No. 185761, passed by City Council and effective December 5, 2012.


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