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FIN-2.05 - Financial Reporting


Binding City Policy





The City shall maintain clear, accurate, and understandable financial reporting that provides accountability and transparency for all components of the City’s financial affairs and ensures compliance with applicable statutory and other regulatory requirements. The City’s financial reports must meet requirements established by applicable governmental regulatory oversight organizations.


The City shall also maintain a system of financial monitoring, internal controls, and reporting for all operations, funds, and agencies to provide an effective means of ensuring that overall City goals and objectives are met, as well as to provide Portland’s citizens, residents, businesses, contractors, partners, and investors with accurate and timely financial information that communicates the City of Portland’s economic condition and financial status.


Accounting Practices


The City shall establish and maintain Citywide accounting practices that conform to Generally Accepted Accounting Principles (GAAP) as promulgated by the Governmental Accounting Standards Board (GASB).


Financial Reporting


Comprehensive Annual Financial Report


The City shall prepare a Comprehensive Annual Financial Report (CAFR) each year which must be prepared in accordance with GAAP, GASB, state and federal laws and regulations including Oregon Local Budget Law. The report must also meet the requirements of the Governmental Finance Officers’ Association’s Certificate of Achievement of Excellence in Financial Reporting. The City shall strive to present financial reports following best practices. See FIN 2.05.01 Classification and Reporting of Fund Balances in Governmental Funds.


Annual Financial Audit


The City Auditor shall contract with a qualified firm of independent certified public accountants to perform an annual financial and compliance audit of the City’s financial statements. The firm’s opinions must be presented in the City’s CAFR and the Single Audit Report.


Other City Financial Reports


In order to ensure transparency and consistency Citywide, all other financial reports issued by the City should use the best available data as the basis for reporting, which in most cases should be consistent with audited information as presented in the CAFR. City financial reports should identify the source of the data.


Availability of Reports to the Public


The City’s CAFR, annual financial audit, and other financial reports will be made available for public inspection and, to the extent practicable, be posted on the City’s web site.




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




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.

Amended by Resolution No. 37086, adopted by City Council August 6, 2014.

Amended by Chief Administrative Officer September 25, 2015.