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FIN-4.17 - Approve Renaming the Tax Increment Reimbursement Fund to the Tax Increment Financing Reimbursement Fund

APPROVE RENAMING THE TAX INCREMENT REIMBURSEMENT FUND TO THE TAX INCREMENT FINANCING REIMBURSEMENT FUND

Binding City Policy

BCP-FIN-4.17


 

PURPOSE

 

Section 1. The Council finds:

 

1.  Ordinance #182928 was passed by Council on June 18, 2009 creating the Tax Increment Reimbursement Fund.

 

2.  Council established the Tax Increment Reimbursement Fund to receive pay for certain functions that used to be completed by the Portland Development Commission. The reimbursements are tracked separately from other funding streams in order to meet compliance requirements. Renaming the fund better represents the purpose of the fund.

 


 

POLICY

 

NOW, THEREFORE, the Council directs:

 

a.  Effective July 1, 2014, the Tax Increment Reimbursement Fund will be renamed the Tax Increment Financing Reimbursement Fund.

 

b.  The action renaming the Tax Increment Reimbursement Fund to Tax Increment Financing Reimbursement Fund contained in this ordinance is binding City policy.

 

Section 2. The Council declares that an emergency exists because it is necessary to rename the fund before the beginning of next fiscal year in order to properly prepare financial statements for the year beginning July 1, 2014; therefore this ordinance shall be in full force and effect upon passage.

 


HISTORY

 

Emergency Ordinance No. 186669, passed by City Council and effective June 19, 2014.


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