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City auditor: Portland received clean FY2024-25 audit but internal controls need fixes
Summary
City Auditor Simone Reddy and outside auditors Baker Tilly said Portland's FY2024-25 financial statements earned a clean opinion but identified deficiencies in capital-asset accounting and internal controls; the chief financial officer said a plan of action will return to committee in January.
The city's financial statements for the year ended June 30, 2025, received a clean audit opinion, the auditor told the Portland City Council on Thursday, but outside auditors also flagged deficiencies in internal controls that city staff must correct.
"The city received a clean audit opinion on the financial statements," City Auditor Simone Reddy said during the presentation. Baker Tilly, the outside audit firm, presented the results and detailed a series of audit adjustments related to construction work in progress, assets placed in service and missed depreciation.
The audit team said the adjustments did not change the overall audit opinion but do signal weaknesses in internal control over capital-asset accounting. "We identified material audit adjustment in relation…
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