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.
Official proposal and impact statementReport2025-501
What is Portland deciding about present audit of the financial statements for the year ended June 30, 2025 and related communications?
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.
Official impact statementSee the official legal title
Present audit of the financial statements for the year ended June 30, 2025 and related communications
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Official matter recordThis proposal concerns budget, taxes & finance and requires action through Portland’s public legislative process.
Official matter classification and recordReporting 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.
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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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Official documents1 sources
Final legal actionReport 2025-501
The operative official record after Council action.
Open at Portland.govRead the full official text
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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Placed on fileAgenda item 10
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- First discovered
- Aug 13, 2026, 1:08 PM PDT
- Last checked
- Sep 13, 2026, 2:27 AM PDT
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