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Bend MPO audit returns clean opinion; net position falls after COVID grant spending
Summary
Bend MPO auditors issued an unmodified opinion on the fiscal year ended June 30, 2024, and the board accepted the audited financial statements. Staff reported a $577,000 decrease in net position tied mainly to spending of prior COVID-19 grant funds and outlined where balances sit.
The Bend Metropolitan Planning Organization Policy Board accepted the MPO's audited financial statements for the fiscal year ended June 30, 2024, after hearing a presentation from the City of Bend finance staff on the audit results.
Kimala Lutz, assistant finance director for the City of Bend, told the board the auditors from Moss Adams LLP issued an "unmodified or clean opinion," meaning the financial statements were presented fairly and without material misstatement. Lutz said the auditors also reported no compliance issues and no material weaknesses in internal controls under Oregon minimum standards.
Lutz said the MPO's net position decreased by about $577,000 in FY 2024, "mainly due to the spending of the COVID‑19 grant funding that we received back in fiscal year '22," partially offset by interest income earned on fund balances. She reported total MPO assets of roughly $1,500,000, which the audit showed included about $89,000 in an ODOT grant receivable and about $1.4 million of cash and investments.
Board members asked how the change from a prior practice of operating at a near‑zero net position would affect the MPO. Lutz said the difference largely reflects unspent grant balances that roll forward and noted there is "no disadvantage or advantage" inherent in a nonzero net position; it simply reflects leftover revenues at year end. She added that interest income on those balances gives "a little more flexibility" and that no formal investment policy is currently in place for those funds.
During questions, staff clarified the cash and investments include leftover COVID funding and some state highway funds. Board discussion reiterated appreciation for the City of Bend serving as the MPO's fiscal agent and for the finance staff that manage the audit process.
The motion to accept the fiscal year 2024 Metropolitan Planning Organization annual financial report passed unanimously.
