|
This section includes
the latest financial developments such as information on
the Budget Committee, new accounting pronouncements, and
recent finance presentations.
The City of Lake Oswego has received the Government Finance Officers Association (GFOA) Distinguished Budget Presentation Award for its 2010-11 budget. The award reflects the commitment of the governing body and staff to meeting the highest principles of governmental budgeting. In order to receive the budget award, the City had to satisfy nationally recognized guidelines for effective budget presentation. These guidelines are designed to assess how well an entity's budget serves as a policy document; a financial plan; an operations guide; and a communications device.
Annual Report with Budget-in-Brief is available online for 2011-12.
The Audit for 2010 is available online
The
annual audit found that the City’s financial statements
present fairly the City’s financial condition and are in
conformance with generally accepted accounting principles
applied on a consistent basis.
Refinancing Open Space Bond saves property tax payers money - September 2011.
City Finances have the Highest Credit Rating Available - Triple A
- In 2011 Moody's and Standard & Poors reaffirmed the Triple A ratings when the City refinanced an Open Space General Obligation bond (see news release).
- In 2010 Moody's and Standard & Poors reaffirmed the ratings given in 2006
- On September 29, 2006, Moody's upgraded the City to Aaa
- On October 2, 2006, Standard & Poor's upgraded the City to AAA
Passport Services are available at your Finance Dept in City Hall
- US Dept of State authorized us as a Passport Acceptance Facility
- Mexico & Canada borders require passports for travel by air
- e-Passports are being issued by the US Dept of State
- Passport Cards began issuance in Summer 2008, as a cheaper alternative and are only good for land and sea travel to Canada, Mexico, the Caribbean, and Bermuda
2011 Payroll Updates:
- Oregon's Minimum Wage Rate, effective January 1, 2011, is $8.50 per hour
- Deferred Comp maximum contribution is $16,500, if over age 50 maximum is $22,000
- Social Security taxable wage maximum remains $106,800
- IRS Mileage Rate is 51 cents per mile, effective January 1, 2011
- Public Transit reimbursement limit is $230 per month
- Dependent Care deferral maximum is $5,000 (Medical FSA no longer accepts over the counter medication claims unless it includes a doctor’s prescription.)
Update: PERS
The 2007 Actuarial Valuation is available from PERS reflecting the employer contribution rates that are effective July 1, 2009 through June 30, 2011. The Summary of PERS Employer Contribution Rates can be viewed here.
Citizens' Budget
Committee
The Citizens' Budget Committee returned to reviewing and approving the City's
proposed budget annually, beginning with fiscal year 2009-10. For the fiscal years 2003-2009, budgets were prepared bi-annually for 2-year periods each, ending in odd years. The committee consists of seven citizen members in addition
to the Mayor and City Councilors.
Statement
on Auditing Standards 99 (SAS 99)
SAS 99 is a new
statement covering Consideration of Fraud in a Financial
Statement Audit and offers information and guidance
on detecting financial misstatements arising from fraud.
It discusses the fraud triangle and the importance that
auditors exercise professional skepticism.
For a thorough PowerPoint presentation on SAS 99, please
visit Finance Presentations.
Sarbanes-Oxley
Act of 2002
Many
observers would agree that the Sarbanes-Oxley Act of 2002
is the single most important piece of legislation affecting
corporate governance, financial disclosure, and the practice
of public accounting since the US securities laws of the
early 1930s. It is, moreover, a law that came into being
in the glare of a very bright, very hot spotlight.
For
additional information on the Sarbanes-Oxley Act of 2002,
please visit:
http://www.sarbanes-oxley.com
http://www.aicpa.org/info/sarbanes_oxley_summary.htm
For
a quick and brief PowerPoint presentation on the Sarbanes-Oxley
Act of 2002, please visit: Finance
Presentations.
GASB
34
In June 1999, the Governmental Accounting Standards
Board (GASB) adopted sweeping changes in financial reporting
for state and local governments -- the most sweeping in
history. The City of Lake Oswego successfully implemented
these changes with its audit for the year ended June 30,
2003.
Finance
Presentations
For your review, here are some presentations on various
topics compiled by the City's Finance Department.
|
