Annual Comprehensive Financial Report

Each year, the Finance Department produces an Annual Comprehensive Financial Report for the fiscal year ending June 30. Oregon Statute 297.405 requires an annual independent audit of the city's accounts and fiscal affairs.  In addition to providing an opinion on the basic financial statements, an independent certified public accountant must provide reports on internal control structure, internal control over financial reporting, compliance with state and federal laws, and compliance with OMB (Office of Management and Budget) circular A-133 as applicable to major federally funded programs.  These reports are included within the city's Annual Comprehensive Financial Report.

Since 1997, the Finance Department had continuously received the Certificate of Achievement for Excellence in Financial Reporting award for its annual financial report. To receive recognition, the city must comply with the highest standards for disclosure and provide pertinent trend information beyond that which is required by the Governmental Accounting Standards Board. The financial report must conform to nearly 600 compliance criteria.