Troutdale Urban Renewal Agency receives FY2024–25 impact report; auditors issue clean opinion

The Troutdale Urban Renewal Agency received its annual financial impact report for the fiscal year ending June 30, 2025, and staff reported auditors issued a clean, unmodified opinion.

Eric, a city staff member presenting the audit and report, said the agency is treated as a component unit of the city for GASB and audit purposes and that the auditors issued a “clean audit opinion with no reservations.” The presentation explained that the state requires a separate audit for urban renewal agencies and the agency’s financial statements were included in the city’s overall financial reporting.

The report was presented to satisfy ORS 457.460, which requires an annual financial report on the impact of carrying out an urban renewal plan to be presented and distributed in January following the fiscal year. The staff report summarizes how tax-increment financing (TIF) was used, the dollars received and expended in the reporting period, the agency’s budget for the current fiscal year and the agency’s maximum indebtedness.

According to the presentation, the agency’s originally authorized maximum indebtedness was $7,000,000. Staff said the agency had incurred about $4.6 million through June 30, 2025, leaving roughly $2.4 million of capacity to incur additional indebtedness. Staff also reviewed examples of tax amounts diverted by overlapping jurisdictions to the Urban Renewal Agency, noting figures cited in the report for sample taxing districts. Eric said the Reynolds School District’s diverted property tax in the reporting period was restored through state backfill of school funding and that the financing structure means urban renewal diversion does not in itself reduce state-provided education funding.

The resolution accompanying the report directs staff to distribute the report to overlapping taxing jurisdictions — Multnomah County, Port of Portland, Multnomah County Library District, East Multnomah Soil and Water Conservation District, Multnomah Education Service District, Mt. Hood Community College (referred to in the packet as Mountain Community College) and Reynolds School District — and designates staff to respond to questions from those agencies.

Next steps: staff will distribute the report, make themselves available to answer questions from overlapping jurisdictions and return to the agency if formal follow-up or additional action is required.