FY 2007-08 SPRING BUDGET ADJUSTMENTS
Binding City Policy
Section 1. The Council finds:
1. The City Council has received a memorandum from the Financial Planning Division of OMF summarizing the recommendations and consequent budget adjustments to be made during the FY 2007-08 Spring Budget Adjustment Process.
2. The memorandum identified programs, projects, or activities that required appropriation adjustment or transfer of appropriation within bureau budgets.
3. Exhibits 1a and 1b include all changes to the City appropriation schedule as a result of the Spring Budget Adjustment Process and the Minor Supplemental Budget.
4. Exhibit 2, prepared by the Financial Planning Division of OMF, identifies the details of appropriation adjustments or transfers proposed by the Mayor. This exhibit also includes budget adjustments that must be made in the form of a Minor Supplemental Budget in accordance with Local Budget Law, Oregon Revised Statutes 294.480.
NOW THEREFORE, the Council directs:
a. The FY 2007-08 Budget is hereby amended and the FY 2007-08 Spring Minor Supplemental Budget is adopted by adjusting certain resources and requirements in various funds as detailed in Exhibit 2.
b. The actions amending the FY 2007-08 budget contained in this ordinance are binding City policy.
Section 2. The Council declares that an emergency exists in order that FY 2007-08 Spring budget adjustments and the Minor Supplemental Budget are implemented without delay; therefore, this ordinance shall be in force and effect from and after its passage by Council.
Emergency Ordinance No. 181980, passed by City Council and effective June 26, 2008.