PORTLAND -- City leaders are trying to figure out what to do next after a new Portland budget report shows they may have millions of extra dollars to spend, according to a newspaper report.

A quarterly budget report released last week found that Portland may have as much as $11 million in excess funds from the 2012-2013 fiscal year, the Oregonian report said.

City budget documents showed that the surplus accounted for about 2 percent of the $494 million in general fund revenue the city expects to collect this fiscal year.

Mayor Charlie Hales said he wants to use part of the money to pay down the city's debt.

Commissioner Steve Novick told the Oregonian he agreed with the idea, but added that there was also a big transportation funding package to consider in the future.

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