"The Portland Housing Bureau (PHB) is sitting on $106 million in unspent funds, far more than was previously reported. City Administrator Raymond Lee outlined the funding in a memo Friday afternoon. At least some of the additional dollars may already be earmarked for other projects, Council President Jamie Dunphy told the Mercury Friday. "This moment reflects the City's ongoing shift from bureaus and offices developing budgets independently to the City of Portland managing its finances holistically under our new form of government," City Administrator Raymond Lee said in a press release Friday afternoon. "I am prepared to support the Council, as the City's legislative body, in making fully informed decisions.""
"The news comes after the City Council on Wednesday approved a resolution to investigate the initial findings of $21 million through the city's Rental Services Office, including why the money was not disclosed to city councilors prior to a budget discussion in November. This is a developing story and will be updated. Original story published February 3: The Portland Housing Bureau has found additional unspent dollars in its coffers, adding to the previous $21 million it found through an audit last year."
"It is unclear exactly how much money is in the fund, but Dunphy called councilors over the weekend to tell them they would soon learn of the specifics of what was found in the Housing Investment Fund. He told the Mercury February 2 that he did not yet know how much total funding was available. "Truly cannot accurately say," Dunphy said. "It is in the millions. It is likely not as much as has already been found." Dunphy followed up with a press release February 3 saying two accounts are sitting on at least $15 million, but a specific number is still unclear."
The Portland Housing Bureau has identified $106 million in unspent funds, significantly more than previously reported. City Administrator Raymond Lee outlined the funding in a memo and emphasized a shift toward holistic citywide financial management under the new government structure. Council President Jamie Dunphy said some dollars may already be earmarked and acknowledged uncertainty about the total amount. The City Council approved a resolution to investigate earlier findings of $21 million tied to the Rental Services Office and undisclosed funds. Dunphy later said two accounts hold at least $15 million; specifics remain unclear and the situation is under ongoing review.
Read at Portland Mercury
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