City Council to convene as Prosper Portland Budget Committee to approve the FY 2022-23 Budget

Council is convened as the Prosper Portland Budget Committee to propose any amendments to the Proposed Budget, vote on those amendments, and vote to approve the FY 2022-23 Proposed Budget, as amended.

The FY 2022-23 Proposed Budget for Prosper Portland includes total planned spending based on the Mayor’s Proposed General Fund Budget and all Tax Increment District projects and programs. Staff will have presented key priorities and related spending for FY 2022-23 during the May 12, 2022 session. Final changes voted on by City Council for General Fund, Cannabis Fund or American Rescue Plan Funds as part of the FY 2022-23 City of Portland Budget Approval on May 11, 2022 will be introduced as amendments to Prosper Portland’s FY 2022-23 as requested changes for approval.

Prosper Portland’s fiscal year 2022-23 Proposed Budget supports interventions and investments to address these pressing challenges and embraces equitable growth as our guiding principle for economic recovery. Building on existing work that is grounded in racial equity and the power of partnership as the path toward stability and resilience, investments are designed to foster economic growth and equitable opportunities for Portland residents, businesses, and diverse communities by: Increasing access to quality jobs and household stability Stabilizing diverse small businesses Strengthening impacted business districts Enabling commercial activity and investment Proposed funding supports projects and programs designed to achieve key Comprehensive Plan objectives: Vigorous economic growth and a healthy, diverse economy that supports living wage jobs The reduction of systemic inequities An attractive environment for innovation, job growth, development, and trade, and Vibrant commercial districts with healthy local small businesses throughout the city The Proposed Budget supports continued investments to help small businesses to operate and stay open, access critical resources, and adjust their business offerings to realize growth (while still recovering from pandemic impacts) – through community-driven, equity-centered programs like IBRN, Mercatus, My Peoples Market, Portland Means Progress, and the Neighborhood Prosperity Network. Recognizing the critical need to strengthen diverse small businesses, funding will provide BIPOC-owned businesses with tech-specific business development support; facilitate efforts that offer lease and operating funding for small businesses working to stay open; re-tenant vacancies to fill in holes and create opportunities for diverse businesses; and ignite commercial district marketing and activations to drive foot traffic.