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would not provide complete revenue replacement to the state during economic difficulties, but would <br />provide some cushion for existing general fund programs if funding were to drop precipitously. <br />State-shared revenues could also be protected during an economic downturn if such a fund was in <br />place. The State's current financial difficulties would clearly have been lessened if, in more <br />prosperous times, the legislature had set aside surplus revenues in such a fund. <br /> <br /> Recommendation: <br /> <br /> 1. Support the adequate Local Government Revenue <br /> <br /> funding of a state ~rainy- <br /> day fund" to provide <br /> revenue stability in the · Support the adequate funding of a state ~Rainy <br /> event of economic Day Fund" to provide revenue stability in the <br /> downturn. However, in event of economic downturn. However, in <br /> stabilizing state revenue, the State should avoid <br /> stabilizing state revenue, <br /> the State should avoid destabilizing local revenue. <br /> destabilizing local <br /> revenue. ·Any new exemptions, deferrals or forgiveness <br /> of property taxes should be granted by local <br /> governments rather than through Legislative <br /> 2. STATE TAX STRUCTURE action because of the direct impact that such <br /> exemptions have on local government revenue. <br /> <br /> Proposals to restructure or change <br /> the State's tax system must allow ·If the State grants an exemption that results in a <br /> local governments to finance the revenue loss to local governments, they should be <br /> level of services demanded by reimbursed for the revenue loss. <br /> their citizens. Cities must <br /> maintain local flexibility to initiate ·The Legislature should revisit all property tax <br /> revenue sources with local voter exemptions in light of the new revenue <br /> approval, and to retain local environment for local government. <br /> apportionment of revenue from <br /> State gas, liquor, beer and wine ·Oppose any exemption from taxation for the <br /> taxes, and other revenues, intangible personal property of centrally assessed <br /> companies. If such an exemption is granted, the <br /> Recommendation: state should reimburse cities for lost revenue. <br /> <br /> 1. Oppose any efforts to <br /> erode local flexibility in <br /> initiating revenue sources. <br /> <br /> 3. LOCAL AUTHORITY <br /> <br /> Local governments and the State are partners in serving the needs of Oregon's citizens. <br /> Local and state governments recognize the distinct role each plays, and that certain <br /> <br />City of Eugene Legislative Policies, 2005 Session 8 <br /> <br /> <br />