OEDA’s Tax Increment Finance (TIF) Committee, formerly known as the Urban Renewal Committee, has reminded member agencies of the January 31 deadline for making their urban renewal Annual Reports available. We note the new information requirements for these reports instituted by HB 2174 i the 2019 legislative session:
The newly updated and republished Best Practices guide address some of the changes to annual financial reporting created by last years’ HB 2174 update ORS 457.445 on p. 10 as part of the Summary of Changes section:
“The final major feature of HB 2174 relates to annual financial reporting requirements for urban renewal agencies. From now on, urban renewal agencies are required to include updates on maximum indebtedness and the amount of indebtedness that accrued during the previous fiscal year by January 31 of each year. These financial reports are to be distributed to each of the taxing districts that are affected by the urban renewal area, and a representative of the urban renewal agency shall be designated to consult with affected taxing districts and respond to questions. This is intended to improve public transparency and interparty communication between taxing districts and urban renewal agencies.”
Here is a link to the full code to cross-references the subsections mentioned in 457.460 Agency financial statement required; contents; notice; agency representative to consult with taxing districts:
457.460 Agency financial statement required; contents; notice; agency representative to consult with taxing districts. (1) Not later than January 31 of each year, an urban renewal agency shall prepare a statement, on the same basis on which its financial statements are prepared, containing:
(a) The amount of moneys received during the preceding fiscal year under ORS 457.420 to 457.470 and from indebtedness incurred under ORS 457.420 to 457.470;
(b) The purposes and amounts for which any moneys received under ORS 457.420 to 457.470 and from indebtedness incurred under ORS 457.420 to 457.470 were expended during the preceding fiscal year;
(c) An estimate of moneys to be received during the current fiscal year under ORS 457.420 to 457.470 and from indebtedness incurred under ORS 457.420 to 457.470;
(d) A budget setting forth the purposes and estimated amounts for which the moneys that have been or will be received under ORS 457.420 to 457.470 and from indebtedness incurred under ORS 457.420 to 457.470 are to be expended during the current fiscal year;
(e) The maximum indebtedness for each urban renewal area included in an urban renewal plan of the agency, including the amount of indebtedness incurred through the end of the immediately preceding fiscal year; and
(f) An analysis of the impact, if any, of carrying out the urban renewal plan on the tax collections for the preceding year for all taxing districts included under ORS 457.430.
(2)(a) The statement required by subsection (1) of this section shall be filed with the governing body of the municipality and distributed to each taxing district affected by an urban renewal plan of the agency. Notice shall be published that the statement has been prepared and is on file with the municipality and the agency and the information contained in the statement is available to all interested persons. The notice shall be published once a week for not less than two successive weeks before March 1 of the year in which the statement is filed, in accordance with ORS 457.115. The notice shall summarize the information required under subsection (1)(a) to (e) of this section and shall set forth in full the information required under subsection (1)(f) of this section.
(b) A representative of the agency shall be available to consult with affected taxing districts and respond to questions. [1979 c.621 §23; 1991 c.459 §335c; 1997 c.541 §451; 2009 c.700 §8; 2019 c.580 §10]