394-2022

Report

City Council to convene as Prosper Portland Budget Committee to approve the FY 2022-23 Budget

Placed on File
Amended by Council
DATE:May 10, 2022
TO:

Mayor Ted Wheeler

Commissioner Jo Ann Hardesty

Commissioner Mingus Mapps  

Commissioner Dan Ryan  

Commissioner Carmen Rubio

FROM:Kimberly Branam, Executive Director, Prosper Portland
SUBJECT:FY 2022‐23 Prosper Portland Budget Change Memo and Resolution Approving the Budget

City Council, acting as the Prosper Portland Budget Committee, is scheduled to vote on Prosper Portland’s budget on May 18, 2022. The attached Exhibit A to the resolution approving the budget illustrates the Fiscal Year (FY) 2022‐23 Proposed Budget appropriations by fund presented during the May 12, 2022 presentation to City Council. Prosper Portland will provide an amended Exhibit A prior to May 18, 2022 for any changes for General Fund, Cannabis Fund, or American Rescue Plan Funds approved by City Council during approval of the City’s FY 202223 Budget scheduled for May 11, 2022.    

Exhibit A may be further amended as directed by the Budget Committee as part of budget approval on May 18, 2022.      

KB:TB  

Documents and Exhibits

Impact Statement

Purpose of Proposed Legislation and Background Information

Council is convened as the Prosper Portland Budget Committee to propose any amendments to the Proposed Budget, vote on those amendments, and vote to approve the FY 2022-23 Proposed Budget, as amended.

Financial and Budgetary Impacts

The FY 2022-23 Proposed Budget for Prosper Portland includes total planned spending based on the Mayor’s Proposed General Fund Budget and all Tax Increment District projects and programs. Staff will have presented key priorities and related spending for FY 2022-23 during the May 12, 2022 session. Final changes voted on by City Council for General Fund, Cannabis Fund or American Rescue Plan Funds as part of the FY 2022-23 City of Portland Budget Approval on May 11, 2022 will be introduced as amendments to Prosper Portland’s FY 2022-23 as requested changes for approval.

Community Impacts and Community Involvement

Prosper Portland’s fiscal year 2022-23 Proposed Budget supports interventions and investments to address these pressing challenges and embraces equitable growth as our guiding principle for economic recovery. Building on existing work that is grounded in racial equity and the power of partnership as the path toward stability and resilience, investments are designed to foster economic growth and equitable opportunities for Portland residents, businesses, and diverse communities by:

  • Increasing access to quality jobs and household stability  
  • Stabilizing diverse small businesses
  • Strengthening impacted business districts 
  • Enabling commercial activity and investment

Proposed funding supports projects and programs designed to achieve key Comprehensive Plan objectives:

  • Vigorous economic growth and a healthy, diverse economy that supports living wage jobs
  • The reduction of systemic inequities
  • An attractive environment for innovation, job growth, development, and trade, and
  • Vibrant commercial districts with healthy local small businesses throughout the city

The Proposed Budget supports continued investments to help small businesses to operate and stay open, access critical resources, and adjust their business offerings to realize growth (while still recovering from pandemic impacts) – through community-driven, equity-centered programs like IBRN, Mercatus, My Peoples Market, Portland Means Progress, and the Neighborhood Prosperity Network. Recognizing the critical need to strengthen diverse small businesses, funding will provide BIPOC-owned businesses with tech-specific business development support; facilitate efforts that offer lease and operating funding for small businesses working to stay open; re-tenant vacancies to fill in holes and create opportunities for diverse businesses; and ignite commercial district marketing and activations to drive foot traffic.

100% Renewable Goal

  • Prosper Portland’s Green Building policy establishes certain LEED standards for all property dispositions, leased real property and projects receiving certain levels of financial assistance included in the FY 2021-22 Proposed Budget.
  • The FY 2021-22 Proposed Budget includes funding for the Green Cities cluster, working collaboratively with a broad category of companies producing innovative products, services, and technologies that benefit the environment or conserve natural resources.  

Budget Office Financial Impact Analysis

Prosper Portland’s FY 2022-23 budget is currently $409.5 million, including General Fund resources of $11.7 million. Approval of the Prosper Portland budget on May 18th will need to be amended by any changes to the Mayor’s Proposed General Fund and Cannabis Tax allocations made by Council during approval of the City of Portland’s Budget on May 11, 2022. 

Agenda Items

394 Time Certain in May 18-19, 2022 Council Agenda

Placed on File As Amended

Motion to accept the revised change memo and Exhibit A to resolution 7451: Moved by Wheeler and seconded by Rubio. (Y-5)

Record is kept by Prosper Portland Budget Committee Clerk.
  • Commissioner Dan Ryan Yea
  • Commissioner Jo Ann Hardesty Yea
  • Commissioner Mingus Mapps Yea
  • Commissioner Carmen Rubio Yea
  • Mayor Ted Wheeler Yea

Introduced by

Requested Agenda Type

Time Certain