Present audit of the financial statements for the year ended June 30, 2025 and related communications
Report Document 2025-501
Present audit of the financial statements for the year ended June 30, 2025 and related communications
Derived from official scheduling fields
1 Council session appearance; latest Dec 18, 2025.
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- TO THE COUNCIL: I am pleased to present the results of the annual audit of the City of Portland’s financial statements for fiscal year 2024-25.The City received a clean audit opinion from the public accounting firm Baker Tilly that conducted the audit.
- Auditors, however, found material weaknesses in the internal controls over financial reporting that will be detailed in Baker Tilly's letter to you, called Communications with Those Charged with Governance.Portland is required by state law to have an annual audit of its financial statements.
- By Charter, the City Auditor oversees the selection of the outside audit firm and manages their contract.Baker Tilly Principal Keith Simovic will present more detailed audit results at the December 18, 2025 meeting of the City Council.The audit report will also be included within the Annual Comprehensive Financial Report, which is prepared by management and will be available on the website of the Accounting Division after December 16, 2025: https://www.portland.gov/accounting/finance-reports.
- This is a presentation to Council of the results of the independent financial audit conducted by Baker Tilly of the City’s Annual Comprehensive Financial Report (ACFR) for the fiscal year ended June 30, 2025.No legislation is being proposed.
Not found in the reviewed official text.
- Not applicable Reporting the outcome of the independent annual audit of the City’s financial statements to City Council and the public will benefit Portland community members by improving City accountability.The objectives, scope, and methodology of the financial audit are driven by the requirements of City Charter as well as state and federal law.
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TO THE COUNCIL: I am pleased to present the results of the annual audit of the City of Portland’s financial statements for fiscal year 2024-25.The City received a clean audit opinion from the public accounting firm Baker Tilly that conducted the audit. This would mean the statements are an accurate reflection of the City’s finances. Auditors, however, found material weaknesses in the internal controls over financial reporting that will be detailed in Baker Tilly's letter to you, called Communications with Those Charged with Governance.Portland is required by state law to have an annual audit of its financial statements. Staff from the Accounting Division in the Office of the Chief Financial Officer prepares the financial statements, also called the Annual Comprehensive Financial Report. The outside public accounting firm audits them. By Charter, the City Auditor oversees the selection of the outside audit firm and manages their contract.Baker Tilly Principal Keith Simovic will present more detailed audit results at the December 18, 2025 meeting of the City Council.The audit report will also be included within the Annual Comprehensive Financial Report, which is prepared by management and will be available on the website of the Accounting Division after December 16, 2025: https://www.portland.gov/accounting/finance-reports. No Council action is requested.
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Official impact statement
Money & effects
This is a presentation to Council of the results of the independent financial audit conducted by Baker Tilly of the City’s Annual Comprehensive Financial Report (ACFR) for the fiscal year ended June 30, 2025.No legislation is being proposed. No Council action is requested on the financial audit.Portland is required by state law to have an annual audit of its financial statements. Management prepares the financial statements and an outside public accounting firm audits them. By Charter, the City Auditor oversees the selection of the outside audit firm and manages the audit contract.
Not applicable
Reporting the outcome of the independent annual audit of the City’s financial statements to City Council and the public will benefit Portland community members by improving City accountability.The objectives, scope, and methodology of the financial audit are driven by the requirements of City Charter as well as state and federal law. As a result, it is a legal requirement that these audits be conducted independently and in accordance with Government Auditing Standards. Direct public involvement was not applicable in conducting financial audit work.
This presentation on the financial audit does not have a financial or budgetary impact.The cost of this financial audit was reported to Council with Ordinance No. 190726 on March 2, 2022 to approve Contract No. 30008009 with Moss Adams (now post-merger Contract No. 30009238 with Baker Tilly) to conduct the financial and federal compliance audits relating to fiscal year 2021-22 through fiscal year 2025-26. The cost of the City’s financial audit is covered by the current budget for the Office of the City Auditor.
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Follow-through
Implementation & accountability
Responsible organization
Audit ServicesAuditor's Office
Direct public involvement was not applicable in conducting financial audit work.
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- DOCUMENT PUBLISHED
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- Council Action
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