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Staff discloses an unbudgeted $1 million loan payoff that will be reported as an Oregon budget-law violation
Summary
Staff told the board that a prior unbudgeted payoff of an OHS loan (about $1,000,000) was taken from fund balance and will be disclosed as a budget violation in audit work led by finance director Dana Mason; staff said the accounting was not nefarious but that the action conflicts with Oregon budget law.
City staff told the board that audit preparations by Finance Director Dana Mason revealed an unbudgeted payoff of an Oregon Housing and Services (OHS) loan and that the payment will be disclosed as a budget violation.
A staff member said the payoff occurred in the first half of the prior year and was covered by…
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