Should Portland accept the City Annual Comprehensive Financial Report for fiscal year ended June 30, 2025?

TO THE COUNCIL:I am pleased to submit for your consideration and acceptance, the City of Portland Annual Comprehensive Financial Report for Fiscal Year Ended June 30, 2025. This report comprises the annual, audited financial statements for the City of Portland. It provides the actual financial results of City operations and presents information in accordance with generally accepted accounting principles (GAAP) and Governmental Accounting Standards Board (GASB) requirements. The audited financial report was published on December 15, 2025 and is attached as Exhibit A.Portland is required by state law to have an annual audit of its financial statements. City management prepares the financial statements, which are then audited by the outside Certified Public Accounting firm Baker Tilly. Baker Tilly conducted the audit and concluded the financial statements are a materially accurate reflection of the City’s financial condition. Baker Tilly's required communication to you is also included as Exhibit B to the Council package.Upon request to the City Controller, Council offices may receive a printed copy of the Fiscal Year 2024-25 Annual Comprehensive Financial Report, which is currently available on the City of Portland’s website Annual Financial Reporting | Portland.gov. I will be presenting the Fiscal Year 2024-25 Annual Comprehensive Financial Report to the Finance Committee on January 5, 2026 as well as to City Council at a January 2026 Council meeting. Thank you for your consideration.