As part of our Regional Roundup beat, we are starting to feature the work of other audit shops. Check out the recent financial condition audit released yesterday by the City of Portland Auditor’s Audit Services Division.
The Financial Condition report, produced by the Portland City Auditor’s Office every other year, focuses on historical trends over five years and allows decision-makers to visualize the City’s course, consider options, and make adjustments to improve the City’s long-term financial health.
Auditors found that although Portland’s financial condition is stable, the City must address long term challenges.
Some City assets are losing value faster than the City can make repairs. While the City is making significant investments in water, sewer and stormwater assets, most transportation infrastructure is in fair to poor condition.
The City has also seen a declining net position – partly due to increased liabilities, such as the City’s pension system for police and fire, as well as policy changes for the Oregon Public Employees Retirement System.
Have an audit you would like featured? Let us know!