859-2021

Date: December 8, 2021

To: Mayor Ted Wheeler and City Council

From: Michelle R. Kirby, Chief Financial Officer

Subject: Accept the City of Portland Annual Comprehensive Financial Report for Fiscal Year Ended June 30, 2021, and corresponding financial audit

I am pleased to submit for your consideration and acceptance, the City of Portland Annual Comprehensive Financial Report for Fiscal Year Ended June 30, 2021. 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. Moss Adams’ required communication to you is attached as Exhibit B.

All Council Offices will soon be provided with a printed copy of the 2021 Annual Comprehensive Financial Report, which is currently available on the City of Portland’s website https://www.portlandoregon.gov/omf/?c=26053.

I will be presenting the 2021 Annual Comprehensive Financial Report, along with my colleagues, City Controller, Ron Vaught, and Accounting Supervisor, Ashley Tuttle. We will be joined by independent auditors Amanda McCleary-Moore and Keith Simovic of Moss Adams. At that time, I will also discuss the health of the City’s financial condition, including the various impacts of the COVID-19 pandemic and associated economic challenges on the City’s financial condition.

Thank you for your consideration.