The City’s Bureau of Revenue and Financial Services has once again released its Comprehensive Annual Financial Report (CAFR). This report includes information on the City’s financial priorities, project funding, health and investments. It’s not a light read, but it’s an important one. This report provides community members a detailed look into the City’s approximately $4.5 billion budget.
Located with the CAFR’s 428 pages, community members can also read an audit on the City’s financial state. Earlier this year the City adopted new core values, which include transparency and financial responsibility.
Given the financial uncertainties due to the COVID-19 pandemic, the report arrives at a critical time to provide a glimpse into the City’s financial stability and its efforts to support the community. Also due to the pandemic, for the first time in history, the report was completed remotely because staff are working from home.
“This year the report and the audit were both completed remotely, which we’ve never done before,” said Ashley Tuttle, Accounting Supervisor for the Bureau of Revenue and Finance. “And they were still completed within our accelerated and ambitious timeline.”
The Bureau of Revenue and Finance’s Accounting Division completed the report just four months after the end of the 2019-20 fiscal year, which concluded on June 30, 2020. The State of Oregon requires completion within six months of the fiscal year end, but the Accounting Division has consistently submitted the report early. This is no small feat given the unprecedented nature of the last budget cycle.
The City’s CAFR has been awarded the Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting for the past 39 consecutive years. This award is given to states and local governments that go above and beyond in their CAFR reporting practices by submitting thorough, timely information that promotes government transparency and accountability. Although the City eagerly awaits to hear whether it will win an award for the 40th consecutive year, being able to provide timely and detailed reporting to Portlanders is a special prize of its own.