See something we could improve on this page? Give website feedback.
Label:
News article
In a memo to the Portland City Council, City Administrator Raymond C. Lee III provided details about funds that have not yet been budgeted. He committed to transparency, including selecting outside counsel to conduct an independent investigation of the City’s housing funds.
Published
Approximately $106 million in unbudgeted housing funds will now be reflected in the City of Portland budget, City Administrator Raymond C. Lee III reported Friday in a memo to the Portland City Council.
The memo, based on an analysis by city finance and housing staff, provides a detailed breakdown. More than 40 percent of the unbudgeted money comes from the Housing Investment Fund, which was created in 2016 to track financial activity related to multi-family housing operations. The remainder, which is being reported for the first time, comes from other Portland Housing Bureau funds with more stringent spending restrictions.
"This moment reflects the City's ongoing shift from bureaus and offices developing budgets independently to the City of Portland managing its finances holistically under our new form of government," Lee wrote to councilors. "I am prepared to support the Council, as the City's legislative body, in making fully informed decisions."
It is a typical practice for city governments to allow funds to accumulate over multiple years before strategically releasing them to invest in projects or programs. Going forward, Lee wrote in his memo, the city will reflect these contingency and reserve funds during the annual budget process. He also committed to selecting outside counsel for an independent investigation of housing funds.
"The administration is committed to providing accurate information to support Council deliberations and decision-making about these funds specifically, the broader budget, and the City's long-term financial health," Lee wrote.
Read the memo: