The urban renewal agency for the City of Lake Oswego is known as LORA, the Lake Oswego Redevelopment Agency. LORA was organized Nov. 6, 1979 under provisions of the Oregon Revised Statutes, Chapter 457, to undertake urban renewal projects and activities pursuant to the East End Redevelopment Plan. The plan was adopted by the City Council on Sept. 19, 1986.
The Lake Oswego Redevelopment Agency (LORA) is an urban renewal that is a component unit of the City of Lake Oswego and adopts a budget that is basically the financial plan for the Agency. It forms the basis for budget appropriations and includes any revisions or adjustments made by the Budget Committee.
In April, LORA's FY 2014-15 Proposed Budget was released to the Budget Committee. (The City and LORA Budget Committees have the same members.) The budget is balanced and funds the continuation of most of the Agency's core services. Additional account breakdown is provided here.
The following are significant steps in a budget process:
- April 2014 – The LORA's Proposed Budget is completed. This represents the first official step in the process and provides a starting point for discussions.
- May 1, 2014 – The Budget Committee meeting scheduled for public review and consideration of the document. The Budget Committee deliberates on the Proposed Budget. The Budget Committee is made up of the seven board members and seven non-elected citizens.
- May 1, 2014 - The Budget Committee approved the budget as Proposed for recommendation to LORA's board.
- June 3, 2014 – The Adopted Budget. LORA's board members reviews and considers the Approved Budget, deliberates and, where they determine appropriate, makes further adjustments that are embodied into the Adopted Budget. The LORA budget for 2014-15 was adopted as approved.
- July 1 – Implementation of the FY 2014-15 budget. Any changes in services within the Adopted Budget are implemented.
Any citizen who is interested in reviewing the budget may contact the Finance Department at City Hall. Copies of previous years' adopted budgets are also available for review at the Lake Oswego Public Library.
The following documents can be downloaded via Adobe Acrobat below: