Form LB 30, Expenditure Summary PDF Oregon Gov Oregon
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People also ask
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What is the budget law contingency in Oregon?
Contingency transfers of up to 15% of total fund appropriations • Creates a new appropriation category or fund. Changes overall appropriation authority (i.e. changes the overall footprint of the budget). May or may not require a hearing.
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What is the contingency fund in the budget?
A contingency fund is a designated amount of money set aside in the project budget to cover unforeseen costs. It serves as a safety net to protect against cost overruns, provide a buffer for surprises, and enable continuation despite issues.
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What is the Oregon Budget Committee?
Who is on the budget committee? The budget committee consists of the members of the local governing body (such as county commissioners or school board members) and an equal number of citizens at large. The citizens are appointed by the governing body and serve terms of three years.
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What is the difference between a budget and a contingency?
In project management, a project contingency typically refers to extra potential costs that you factor into the project budget. After calculating the potential costs, a contingency reserve is what you add on top of that by accounting for risks and additional expenses.
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What is the budget contingency amount?
For most industries, the most common method of determining a contingency budget is using a flat percentage of the total estimated project cost. Depending on the type of project and industry you're in, a percentage-based contingency may be anywhere from 5 to 15 percent of the estimated total cost of the project.
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What is Oregon's approved budget?
The legislatively adopted budget (LAB) for the 2023-25 biennium is $121.261 billion total funds, which is a decrease of $4.494 billion, or 3.6%, from the 2021-23 legislatively approved budget of $125.755 billion.
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