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FIN-2.05 - Financial Reporting

FINANCIAL REPORTING

Binding City Policy

BCP-FIN-2.05


 

Policy

 

The City shall maintain a system of financial monitoring, control and reporting for all operations, funds and agencies to provide effective means of ensuring that overall City goals and objectives will be met and to assure the City's citizens, partners and investors that the City is well managed and fiscally sound.

 

Financial Reporting

 

The City will maintain its accounting records and report on its financial condition and results of operations in accordance with state and federal law and regulations, Generally Accepted Accounting Principles (GAAP) and standards established by the Governmental Accounting Standard Board (GASB).  Budget reporting will be in accordance with Oregon Local Budget Law.

  

•  A qualified independent firm of certified public accountants will perform an annual financial and compliance audit of the City's financial statements. The firm's opinions will be presented in the City's Comprehensive Annual Financial Report (CAFR), in the single audit report as required by the Single Audit Act of 1984 and in the independent auditor's Report on Compliance and on Internal Control over Financial Reporting.
The CAFR will be designed to communicate with citizens about the financial affairs of the City.
As an additional independent assessment of the quality of the City's financial reporting, the City annually will seek to obtain the certificate of achievement for excellence in financial reporting from the Government Finance Officers Association.
The City will minimize the number of funds. The funds will be categorized by standard GAAP functional classifications but also may be referred to by City of Portland fund types. The City will list current funds and their related GAAP functional classification as well as their City fund type in the Comprehensive Annual Financial Report.

 

Responsibility

 

The Accounting Division of the OMF Bureau of Financial Services will implement this policy and report to the Chief Financial Officer on compliance issues.  The Accounting Division will also develop and maintain Accounting Administrative Rules published in the Portland Policy Documents.

 


HISTORY

 

Resolution No. 35005, adopted by City Council June 17, 1992.

Replaced by Ordinance No. 181829, passed by City Council May 14, 2008 and effective July 1, 2008.