Amend Generally Accepted Accounting Principles Hierarchy Accounting Administrative Rule (amend FIN 6.02)

WHEREAS, City of Portland Code section 3.15,040 establishes the Controller with specific authority to establish, maintain, and enforce citywide accounting policies; and WHEREAS, in Resolution No. 36248 of September l, 2004 Council adopted nine Accounting Administrative Rules to address critical needs for accounting guidance noting that additional such rules were under development and would be brought to Council for consideration at a future date; and WHEREAS, in Resolution 36435 of September 6, 2006, Council amended the original nine Accounting Administrative Rules and adopted five additional rules to provide clarity in accounting guidance. WHEREAS, the Governmental Accounting Standards Board (GASB) issued an update to the hierarchy for accounting transactions and reporting. This resolution updates the City’s financial policy to align with GASB standards. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portland, Oregon that the Administrative rules previously adopted on September 1,2004 and amended September 6, 2006, are hereby amended, as attached hereto in Exhibit A, to establish a hierarchy for state and local government entities. BE IT FURTHER RESOLVED that the City Controller shall be responsible for the implementation and enforcement of these Accounting Administrative Rules. BE IT FURTHER RESOLVED that this resolution is binding administrative rule.