Accept City of Portland Annual Comprehensive Financial Report for fiscal year ended June 30, 2023
| Date: | December 6, 2023 |
| To: | Mayor Ted Wheeler and City Council |
| From: | Ronald Vaught, City Controller |
| Subject: | Accept the City of Portland Annual Comprehensive Financial Report for Fiscal Year Ended June 30, 2023 |
I am pleased to submit for your consideration, the City of Portland Annual Comprehensive Financial Report for Fiscal Year Ended June 30, 2023. This report comprises the annual, audited financial statements for the City of Portland. It provides the actual financial results of City operations and presents information in accordance with generally accepted accounting principles (GAAP) and Governmental Accounting Standards Board (GASB) requirements. The audited financial report is attached as Exhibit A.
Portland is required by state law to have an annual audit of its financial statements. City management prepares the financial statements, which are then audited by the outside Certified Public Accounting firm. Moss Adams LLP, the firm that conducted the audit, concluded the statements are an accurate reflection of the City’s financial condition.
All Council Offices will soon be provided with a printed copy of the 2023 Annual Comprehensive Financial Report, which is currently available on the City of Portland’s website https://www.portland.gov/omf/brfs/accounting/finance-reports.
I will be presenting the 2023 Annual Comprehensive Financial Report at the December 6, 2023, Council Session, along with and Accounting Supervisor Kevin Sanders. We will be joined by independent auditor Keith Simovic of Moss Adams.
Thank you for your consideration.
Official Record (Efiles)
Impact Statement
Purpose of Proposed Legislation and Background Information
Accept the City of Portland Annual Comprehensive Financial Report for Fiscal Year June 30, 2023.
Financial and Budgetary Impacts
There are no financial or budgetary impacts associated with this legislation.
Community Impacts and Community Involvement
This report is comprised of the annual, audited financial statements for the City, and provides City Council and interested community members with information related to the City’s overall financial health in accordance with generally accepted accounting principles and Governmental Accounting Standards Board requirements. The report is available on the City of Portland’s website. The Council presentation will include remarks from City Controller Ron Vaught and Accounting Supervisor Kevin Sanders, of the Bureau of Revenue and Financial Services, as well as remarks from the Moss Adams audit partner.
100% Renewable Goal
Not applicable.
Financial and Budget Analysis
No fiscal impact to accept the report.
Document History
Item 1013 Time Certain in December 6, 2023 Council Agenda
City Council
Accepted
- Aye (5):
- Mingus Mapps
- Carmen Rubio
- Dan Ryan
- Rene Gonzalez
- Ted Wheeler