PUBLIC SAFETY FUND CLOSURE AND RENAMING OF FEDERAL GRANTS FUND
Binding City Policy
BCP-FIN-4.06
PURPOSE
Section 1. The Council finds:
1. Council established the Public Safety Fund to receive revenues from a 1989 property tax levy to fund emergency communications projects.
2. The Public Safety Fund is no longer needed for its original purpose as the tax levy revenues were exhausted several years ago. The fund balance, which is primarily composed of surplus operating revenues from the Bureau of Emergency Communications (BOEC) and interest income, will be transferred to BOEC's operating fund (the Emergency Communication Fund).
3. Council established the Federal Grants Fund to serve as the centralized clearing fund for all federal financial assistance received by the City, including grants and contracts. Revenues are received in the Fund and transferred to operating bureaus or paid directly to the Portland Development Commission, as expenses are incurred.
4. State and private grants, as well as funds passed to the City through local agencies, are also processed through the Federal Grants Fund, and so the name of the fund should reflect its usage as a clearing fund for federal, state, local, and private sources.
POLICY
NOW, THEREFORE, the Council directs:
a. Effective July 1, 2008, the Public Safety Fund (Fund 118) will be closed into the Emergency Communication Fund (Fund 115). At that time, all Public Safety Fund account balances will be closed and transferred to Emergency Communication. Final fund financial statements for Fund 118 will be published in the Comprehensive Annual Financial Report (CAFR) for the fiscal year ending June 30, 2008. Balances formerly reported as Fund 118 will be included in the statements for Fund 115 beginning with the fiscal year ending June 30, 2009.
b. Effective July 1, 2008, Fund 252, which is currently named "Federal Grants," will be renamed "Grants." The CAFR for fiscal year ending June 30, 2008 will continue to identify this fund as the "Federal Grants," and the name change to "Grants" will first appear in statements for the fiscal year ending June 30, 2009.
c. The actions closing the Public Safety Fund and renaming the Federal Grants Fund contained in this ordinance are binding City policy.
Section 2. The Council declares that an emergency exists because it is necessary to close and rename the funds before the end of the fiscal year in order to properly prepare financial statements for the year ending June 30, 2008; therefore this ordinance shall be in full force and effect from and after June 30, 2008.
HISTORY
Emergency Ordinance No. 181983, passed by City Council June 26, 2008 and effective June 30, 2008.