Add Budget and Financial Procedures Code to create and direct the use of a subfund within the General Reserve Fund specific to the City’s Business License Tax revenue…
Source excerpt
This ordinance codifies existing financial policy (FIN 2.03) for financial planning. Financial policy will move into code under the amended charter, and this is the first of multiple pieces that will be reflected in code. This ordinance also adds a new section of code that is not currently in financial policy, which governs the creation and management of…
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This ordinance codifies existing financial policy (FIN 2.03) for financial planning. Financial policy will move into code under the amended charter, and this is the first of multiple pieces that will be reflected in code. This ordinance also adds a new section of code that is not currently in financial policy, which governs the creation and management of the Business License Tax (BLT) Stabilization Reserve.BLT is the City's most volatile major revenue source. BLT represents close to 30 percent of General Fund revenue. The BLT Stabilization Reserve is intended to address year-to-year volatility and forecast uncertainty
The FY 2026-27 Adopted Budget included a budget note directing the CFO to bring a proposal for the BLT stabilization reserve policy. The FY 2026-27 Adopted Budget included multiple listening sessions, community engagement, and opportunities for public testimony.This code change is presented to the Finance & Governance Committee of the Whole, during which…
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The FY 2026-27 Adopted Budget included a budget note directing the CFO to bring a proposal for the BLT stabilization reserve policy. The FY 2026-27 Adopted Budget included multiple listening sessions, community engagement, and opportunities for public testimony.This code change is presented to the Finance & Governance Committee of the Whole, during which time the public has the opportunity to comment, followed by a first reading of the ordinance which will also involve public testimony.
The BLT reserve policy sets a reserve target equal to 15 percent of forecasted BLT revenues in the year in which the reserve is being measured. For FY 2026-27, that amount is equal to roughly $32.5 million. The reserve is funded through one third of one-time General Fund discretionary revenue identified in the five-year financial forecast, allocated in the…
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The BLT reserve policy sets a reserve target equal to 15 percent of forecasted BLT revenues in the year in which the reserve is being measured. For FY 2026-27, that amount is equal to roughly $32.5 million. The reserve is funded through one third of one-time General Fund discretionary revenue identified in the five-year financial forecast, allocated in the Adopted Budget process; and General Fund discretionary revenue that exceeds budgeted beginning balance (adjusted for the difference in encumbrance carryovers and Council-authorized carryovers from the prior fiscal year), determined during the Fall budget monitoring process.In the FY 2026-27 Fall TAO, $2.5 million of one-time funding is proposed to go towards the BLT stabilization reserve per this policy.
Official title: Add Budget and Financial Procedures Code to create and direct the use of a subfund within the General Reserve Fund specific to the City’s Business License Tax revenue (add Code Chapter 5.90)
The City of Portland ordains.Section 1. The Council finds:The City follows formal financial policies to guide decision making, support long-term planning, maintain assets and infrastructure, minimize financial risk, optimize the effectiveness of services delivery, institute balanced revenue strategies, maintain financial stability, promote sound financial management, maintain credit ratings, ensure the legal use of resources and promote collaboration.On June 17, 1992, Council adopted the Comprehensive Financial Management Policy by Resolution 35005. The policy was replaced by Ordinance 181829, adopted May 14, 2008, which established Portland Policy Document FIN 2.03. FIN 2.03 was subsequently amended by Resolution 37086, adopted August 6, 2014, Resolution 37107, adopted January 28, 2015, and Resolution 37419, adopted April 3, 2019.FIN 2.03 directs City financial planning and Council desires it be adopted as City Code. Chapter 5.90, attached as Exhibit A, makes technical amendments to the language of FIN 2.03 but preserves the substance of the previously adopted policy.Furthermore, in the Fiscal Year 2026-27 Adopted Budget, Council directed the City Budget Office, in consultation with the City Administrator and the Chief Financial Officer, to develop a proposal for a Business License Tax (BLT) Revenue Stabilization Reserve.The BLT is the City's most volatile major revenue source. BLT represents close to 30 percent of General Fund revenue. The BLT Stabilization Reserve is intended to address year-to-year volatility and forecast uncertainty.Council now desires to adopt Chapter 5.90.040, creating and directing the use of the Business License Tax Revenue Stabilization Reserve subfund.NOW, THEREFORE, the Council directs: Add City Code Chapter 5.90 as shown in Exhibit A.
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Oct 7, 2026, 12:07 PM PDT
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Oct 7, 2026, 1:07 PM PDT
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DOCUMENT PUBLISHED
Referred to Finance and Governance Committee of the Whole by Council President