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2009 Annual Financial Report Presented to Council and Budget Committee

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	City of Tigard 13125 SW Hall Blvd. Tigard, Oregon 97223	Press Release April 1, 2010
For Immediate Release
Contact:	Toby LaFrance Director of Financial and Information Services 503 718 2406 toby@tigard-or.gov

2009 Annual Financial Report Presented to Council and Budget Committee
The City's Comprehensive 2009 Annual Financial report was presented to the City Council and Budget committee on March 30, 2010 and reflects the challenge of most cities in the state; providing services to citizens when revenues aren't keeping pace with the cost of providing those services.

Grove, Mueller, and Swank, (GMS) P.C. audited the city's financial statements for the year ending June 30, 2009. Staff from the firm reviewed and tested transactions recorded by all departments within the city and gave the city an unqualified opinion on its financial statements. This is the highest mark granted on municipal audits. Internal controls over financial reporting were also reviewed and no deficiencies were noted. Tom Glogau, partner with GMS acknowledged that all departments in the city, without exception, had properly monitored expenses over the audit period.

In his presentation, Glogau advised that the city closely monitor the General Fund. As allowed under law, the city uses General Fund dollars for city services such as police, library, and parks that aren't supported by fees or rates. About half of the General Fund comes from property taxes which are paid in November each year. Since the City's financial year begins July 1, it's important that the General Fund balance be sufficient to pay the cost of providing services until property taxes are collected in November.

Since the downturn in the economy, revenues have been flat at best with an increase in the cost of providing services which has the effect of reducing the General Fund balance. The City is currently developing the fiscal year 2010 - 11 budget in light of these issues.

Oregon Budget law requires the City Manager, serving as the City's Budget Officer, submit a balanced budget to the Budget Committee for review. City Manager Craig Prosser will present his proposed budget to the Budget Committee at their first meeting scheduled for Monday evening May 3, 2010.