Amend Portland Clean Energy Community Benefits Code to allow a transfer of interest earned in FY 2023-24 for the FY 2025-26 budget (amend Code Section 7.07.060)
Ordinance Enacted 192141
Amend Portland Clean Energy Community Benefits Code to allow a transfer of interest earned in FY 2023-24 for the FY 2025-26 budget (amend Code Section 7.07.060)
Derived from official scheduling fields
3 Council session appearances; latest Feb 4, 2026.
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- The Council finds:In 2018, Portland voters created the Portland Clean Energy Community Benefits Fund (PCEF) program, which invests in community-originated climate action projects that advance social, economic, and climate justice.In June 2024, Council adopted the FY 2024-25 budget, which included a one-time transfer of PCEF interest from FY 2022-23 to the General Fund.In July 2024, Council amended the PCEF code to allow for the one-time transfer of interest that accrued in PCEF in FY 2022-23 to the General Fund (Ordinance No.
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- Members of the public had opportunities to submit written comments before and after the meeting as well as verbal comments during the meeting.
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Official material
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The City of Portland ordains.Section 1. The Council finds:In 2018, Portland voters created the Portland Clean Energy Community Benefits Fund (PCEF) program, which invests in community-originated climate action projects that advance social, economic, and climate justice.In June 2024, Council adopted the FY 2024-25 budget, which included a one-time transfer of PCEF interest from FY 2022-23 to the General Fund.In July 2024, Council amended the PCEF code to allow for the one-time transfer of interest that accrued in PCEF in FY 2022-23 to the General Fund (Ordinance No. 191809).In January 2025, the City Administrator, the Deputy City Administrator for Budget and Finance, the Deputy City Administrator for Community and Economic Development, and the PCEF Committee discussed a second transfer of interest that accrued in PCEF in FY 2023-24 to the General Fund.Council adopted the FY 2025-26 budget on June 18, 2025, which included a transfer of interest that accrued in PCEF in FY 2023-24 to the General Fund.In order to transfer of the PCEF FY 2023-24 interest to the General Fund, the Clean Energy Community Benefits Code (Portland City Code Chapter 7.07) must be amended to provide the City Council with the authority to allocate funding for FY 2025-26 expenditures in an amount that is less than or equal to the interest earned on the Portland Clean Energy Community Benefits Fund in FY 2023-24.NOW, THEREFORE, the Council directs:Amend City Code Section 7.07.060 as shown in Exhibit A.
Meeting-specific record
2 vote recordsMotions, amendments & votes
Motion to refer the Ordinance, Document Number 2026-011, to City Council with the recommendation it be passed: Moved by Pirtle-Guiney and seconded by Green. (Aye (5): Avalos, Pirtle-Guiney, Novick, Green, Zimmerman).
Motion to refer the Ordinance, Document Number 2026-011, to City Council with the recommendation it be passed: Moved by Pirtle-Guiney and seconded by Green. (Aye (5): Avalos, Pirtle-Guiney, Novick, Green, Zimmerman).
Official Vote Index
Final action on 2026-011: Amend Portland Clean Energy Community Benefits Code to allow a transfer of interest earned in FY 2023-24 for the FY 2025-26 budget (amend Code Section 7.07.060)
Official impact statement
Money & effects
$18,699,480Stated Amount · keyword extracted
In July 2024, City Council authorized a one-time transfer of interest earnings, totaling $7,648,595 from PCEF to the City's General Fund to help bridge significant budget constraints facing the City in FY 2024-25.In June 2025, Council adopted a City budget that again leverages PCEF interest proceeds to support the General Fund. This was necessary due to the continued fiscal strain amid growing demand on City services. Because the PCEF fund maintains a meaningful balance and continues to yield significant interest revenue, the structure offers a second opportunity to supplement constrained budgets without touching principal fund resources.
Not applicable
The PCEF Committee was informed of the proposed amendment to allow the second transfer of interest and discussed it in their January 16, 2025, public meeting. Members of the public had opportunities to submit written comments before and after the meeting as well as verbal comments during the meeting. No comments were received during the meeting related to the proposed amendment.
This ordinance allows $18,699,480 to be transferred from PCEF to the General Fund to support expenses in FY 2025-26. This amount is based on audited actual interest from FY 2023-24.
PCEF's purpose as stated in City Code Chapter 7.07, Subsection 7.07.020.A and the funding criteria in Subsections 7.07.060.A-C stipulate the use of PCEF funds to advance climate action which supports the City's 100% renewable goal and other key targets identified in the Climate Emergency Workplan. This includes investments in energy efficiency and renewable energy, transportation decarbonization, green infrastructure, and regenerative agriculture. It additionally includes investments in climate jobs, workforce and contractor development, and organizational capacity building to ensure that the City has the workforce and capacity needed to support the transition to 100 percent renewable energy.This action utilizes funds that would otherwise be dedicated to climate action, reducing the impact PCEF funding can have towards achieving the City's climate targets and the 100% renewable goal.
Follow-through
Implementation & accountability
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Planning and Sustainability (BPS)
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Append-only history
Timeline
- DOCUMENT PUBLISHED
Observed in the official source.
- Council Action
Passed
- Council Action
Passed to second reading
- Council Action
Referred to City Council