City Council to convene as Prosper Portland Budget Committee to approve the FY 2023-24 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 2023-24 Proposed Budget, as amended.

The FY 2023-24 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. Prosper Portland’s FY 2023-24 Proposed Budget totals $217 million in expenditures and 95 positions, up from 94 positions in FY 2022-23. The Proposed Budget is currently balanced using 1) the latest updates on projects and programs from Tax Increment Financing (TIF) District community action plans, 2) the latest TIF forecasts developed in conjunction with debt management staff at the City Office of Management and Finance, 3) the City Budget Office’s current service level funding of General Fund resources for economic development, and 4) updated estimates for loan portfolio and property income revenues. Prosper Portland’s General Fund, Cannabis Fund, Community Development Block Grant, and Enterprise Zone Funds, along with remaining federal funds from the American Rescue Plan (ARPA), provide critical citywide resources to work toward the goals of Advance Portland. In total $34 million in General Fund, Community Development Block Grant, Cannabis Fund, ARPA, and Enterprise Zone resources are aligned to the Advance Portland objectives. The staffing increase comes as a result of the transfer of the Social Equity and Education Development (SEED) initiative and Reimagine Oregon Cannabis programming and administration to Prosper Portland in the FY 2023-24 Proposed Budget. Total related Cannabis Fund ongoing resources include $1 million for SEED initiatives and $2 million toward Reimagine Oregon programming. Prior year funding includes $2.1 million for SEED Grant initiatives, most of which is already committed and awarded, and $4.9 million for Reimagine Oregon programming. Related funds will be allocated in FY 2023-24 to support women-owned and BIPOC-owned small businesses and economic opportunity through a community-led process to determine program guidelines.

Prosper Portland’s fiscal year 2023‐24 Proposed Budget supports interventions and investments to address economic recovery and the key objectives established in the Advance Portland strategy. Accordingly, the proposed investments will help Portland’s small businesses, traded sector industries and Central City and neighborhood commercial districts to stabilize and grow – through community‐driven, equity‐centered programs like IBRN, Mercatus, My People’s Market, Portland Means Progress, TIF district action plans, small business grants and loans, and the Neighborhood Prosperity Network. Recognizing the critical need to strengthen diverse small businesses, the budget includes resources for: operating and capital funding for immediate window repair, relief from increased insurance costs, and longer-term business growth and expansion; helping industry partners to deploy innovative green products and services; and igniting commercial district marketing and activations to drive foot traffic back into downtown and along corridors. Prosper Portland staff reviewed the FY 2023‐24 Draft Budget with its 15‐member Community Budget Committee (CBC), which met four times over the course of the budget cycle and whose members represent a diverse array of geographic, industry‐sector and community stakeholders. The Prosper Portland Board held a work session on January 25, 2023, to review General Fund programming and TIF district spending plans that were incorporated into the Requested Budget. Staff also reviewed specific TIF district Requested Budgets with community and neighborhood organizations to receive input. The CBC letter and a summary of TIF district budget outreach is included in the Budget Process section of the Adopted Budget. These partnerships will continue to shape programmatic priorities in economic relief, recovery, and resilience in fiscal year 2023‐24.