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 May, LORA's FY 2013-14 Proposed Budget was released to the Budget Committee. The budget is balanced and funds the continuation of most of the Agency's core services.
The following are significant steps in a budget process:
- May 2013 – The LORA's Proposed Budget is completed. This represents the first official step in the process and provides a starting point for discussions.
- May 2013 - The Budget Committee deliberates on the Proposed Budget.
- May 9, 2013 – The first of a few Budget Committee meetings scheduled for public review and consideration of the document. The Budget Committee is made up of the seven board members and seven non-elected citizens.
- May 2013 - The Budget Committee approved the Proposed Budget, which may include some amendments, for recommendation to LORA's board. (For 2013-14 the Budget Committee did not recommend any changes to the Proposed Budget.)
- June 3, 2013 – 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.
July 1 – Implementation of the FY 2013-14 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 public Library.
The following documents can be downloaded via Adobe Acrobat below: