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Committee unanimously refers ordinance to allow transfer of ~$18.7 million interest from Portland Clean Energy Fund to current budget year
Summary
The committee voted 5-0 to refer a code amendment aligning the Portland Clean Energy Fund code with recent budget decisions, allowing transfer of about $18.7 million in FY23–24 interest into the current fiscal year for use as budgeted.
The Finance Committee unanimously voted Jan. 12 to refer to City Council an ordinance amending the Portland Clean Energy Community Benefits Code to allow the transfer and expenditure of interest accrued in fiscal year 2023–24 in the current fiscal year.
Eric Engstrom, director of the Bureau of Planning and Sustainability, told the committee the amendment follows council budget actions taken last spring and is intended to align code language with those decisions. Sam Barrasso, the program manager for the Portland Clean Energy Fund, said the interest at issue amounts to about $18,700,000 and that the amendment makes the one-time transfer explicit in Chapter 7.07.060 of the city code.
Councilors asked process questions and a member noted the transfer is for carryover of interest only, not a change to grant or program rules. After a motion and second, the clerk called the roll: Avalos (Aye), Perugini (Aye), Novick (Aye), Green (Aye), Zimmerman (Aye). The motion to refer the ordinance with a recommendation that it be passed carried unanimously.
Why it matters
The amendment formalizes the council’s prior budget action so that interest accrued in a prior fiscal year can be used in the current year. Staff portrayed the change as technical and consistent with prior committee direction; one councilor expressed discomfort about using PCEF interest for general needs but voted to move the measure forward.
Next steps
The ordinance will proceed to full City Council for final action. Staff said the amendment does not change programmatic grant rules; it authorizes the use of accrued interest in the current fiscal year as already assumed in the adopted budget.
