Budget & Finance

THPRD is required to adopt its annual budget by June 30, the close of the preceding fiscal year. The annual budget is intended to serve as a financial plan, operational plan and operations guide for THPRD’s activities.

The budget is prepared and adopted by fund and organizational unit or division. Most budget changes after adoption require either a resolution by the board of directors or a supplemental budget process.

Schedule for preparing the 2019/20 budget:

February 7 - Publish notice & post notice on THPRD website
February 19- Midyear Budget Review Meeting (public input)
April 4 - Publish notice & post notice on THPRD website
April 9 - Deliver proposed budget to budget committee
April 16 - Budget Committee Work Session (public input)
May 2 - Post notice on THPRD website
May 21 - Budget Committee Meeting to Approve Budget (public input)
June 6 - Publish notice and summary & post notice on THPRD website
June 18 - Hold Public Hearing to Adopt Budget (public input)
July 15 - Tax levy certified by Washington County

Latest News

THPRD wins budget presentation award for 13th consecutive year

THPRD has been honored for the quality of its budgeting process for the 13th consecutive year, once again receiving the Distinguished Budget Presentation Award from the Government Finance Officers Association of the United States and Canada (GFOA).

The Tualatin Hills Park & Recreation District has been honored for the quality of its budgeting process for the 13th consecutive year.

THPRD once again received the Distinguished Budget Presentation Award from the Government Finance Officers Association of the United States and Canada (GFOA). The award reflects a commitment to meet the highest principles for budget transparency and communication with the public.

The district’s 2016-17 fiscal year budget was judged for its effectiveness as a policy document, financial plan, operations guide, and communications device.

The GFOA is a nonprofit, professional association serving more than 18,000 government finance professionals throughout North America.

“This one is especially meaningful because we had some key staffing changes right before and during preparation of the 2016-17 budget,” said Keith Hobson, THPRD director of Business & Facilities. “I especially want to single out Ann Mackiernan, our chief financial officer, for her leadership to not only get us through the process but to do so in a high-quality manner that GFOA has come to expect from us.”

Receipt of the award comes as staff are preparing the 2017-18 budget (THPRD operates on a July 1-June 30 fiscal year cycle). The first meeting with the THPRD Budget Committee is scheduled for Feb. 21 at 7 pm. All budget committee meetings are open to the public.

About THPRD

Formed in 1955, THPRD is the largest special park district in Oregon, spanning 50 square miles and serving about 240,000 residents in the greater Beaverton area. The district provides year-round recreational opportunities for people of all ages and abilities. Offerings include thousands of widely diverse classes, 95 park sites with active recreational amenities, nearly 70 miles of trails, eight swim centers, six recreation centers, and about 1,500 acres of natural areas. For more information, visit www.thprd.org or call 503-645-6433.

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Contact:
Bob Wayt
Director – Communications
503/614-1218 (direct)
503/686-5134 (cell)

Date: February 13, 2017
FOR IMMEDIATE RELEASE
Click here for official release (PDF).

Bond measure refinancing boosts taxpayer savings to $31 million

Moving aggressively to take advantage of opportunities in the financial markets, THPRD has reduced the fiscal impact of the 2008 bond measure. Through favorable bond sales and refinancings, the district has reduced taxpayer liability by $31 million.

Almost eight years after voter approval, the Tualatin Hills Park & Recreation District’s $100 million bond measure has produced a plethora of new and improved parks, trails, natural areas and upgraded recreational facilities for residents throughout the greater Beaverton area.

During that time, the district has also moved aggressively to take advantage of opportunities in the financial markets to reduce the fiscal impact of the bond measure on those same voters.

According to Keith Hobson, THPRD director of Business & Facilities, the true cost of the $100 million bond measure over the 20-year payback period was originally scheduled to be $173 million. Through favorable bond sales and refinancings, the district has now reduced that liability to $142 million – a $31 million savings for taxpayers, or 18%.

In their latest effort, park district staff this month completed the refinancing of a portion ($8.7 million) of the 2011 bond issue that totaled about $40 million of the 2008 bond measure. The move reduced the debt service on that amount by more than 8%.

When the bond measure was approved in November 2008, it was to cost property owners within the district 37 cents per $1,000 of assessed valuation, to be paid over the course of 20 years. Now the rate is 31 cents per $1,000, and the term has been reduced to 18 years.

Hobson said the savings are attributable largely to continuing low interest rates and a favorable borrowing market. But the district’s strong credit rating also has played a major role.

“As part of our refinance this month, we had a credit rating update,” he said. “Moody’s reaffirmed our Aa1 rating on general obligation bonds, which is the second highest rating possible.”

Said Doug Menke, THPRD general manager, “It’s a great story for district taxpayers, due not only to lower interest rates but also to the hard work of our staff and the fiscal policy set by our board of directors.”