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Portland accepts 2024 annual financial report after clean audit
Summary
The city received an unmodified (clean) audit opinion for the fiscal year ended Sept. 30, 2024, showing about $9.2 million in unassigned general fund balance (roughly five months of reserves); the City Council voted to accept the report.
The Portland City Council voted on March 18 to accept the city’s annual comprehensive financial report for the fiscal year ended Sept. 30, 2024, after auditors delivered an unmodified (clean) opinion.
Kyle Loehr of ABIP, the independent audit firm engaged by the city, told the council the audit found the city’s financial statements are presented in accordance with generally accepted accounting principles and that the auditors did not identify any material weaknesses in internal controls. "We do find the financial statements as presented to be within the generally accepted accounting principle guidelines," Loehr said during the meeting.
Loehr reported the city ended the fiscal year with about $9,200,000 in unassigned fund balance in the general fund, which he said represented roughly five months of operating reserves (best practices generally call for at least three months). Ms. Martin, who presented the report for city staff, told council the on‑time delivery of the audit reflected staff work and cooperation with ABIP.
Councilman Bethel moved to accept the report; Councilman Sutton seconded the motion. The council approved the acceptance by unanimous vote of members present.
The acceptance does not create a new policy or budget allocation; it records the city’s audited financial position for FY2024 and satisfies the independent-audit requirement noted by staff.
