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This section includes
the latest financial developments such as information on
the Budget Committee, new accounting pronouncements, and
recent finance presentations.
The Audit for 2008 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.
City Finances Upgraded to the Highest Credit Rating Available - Triple A
- On September 29, 2006, Moody's upgraded the City to Aaa
- On October 2, 2006, Standard & Poor's udgraded the City to AAA
Passport Services are available at your Finance Dept in City Hall
- US Dept of State has authorized us as a Passport Acceptance Facility
- Mexico & Canada borders now require passports for travel by air
- e-Passports are being issued by the US Dept of State as well
- 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
- You can contact your local City Hall for all your passport needs
2010 Payroll Updates:
- Oregon's Minimum Wage Rate, effective January 1, 2009, is $8.40 per hour (remains the same for 2010)
- Deferred Comp maximum increases to $16,500, if over age 50 increase to $22,000
- Social Security maximum increases to $106,800
- IRS Mileage Rate is 50 cents per mile, effective January 1, 2010
- Mass Transit (Metro) reimbursement limit is $110 per month
- Dependent Care deferral maximum is $5,000
Update: PERS
The 2007 Actuarial Valuation is available from PERS reflecting the new employer contribution rates that became effective July 1, 2009.
Citizens' Budget
Committee
The Citizens' Budget Committee will return to reviewing and approving the City's
proposed budget annually, beginning with fiscal year 2009-10. For the period of 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 Council.
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 recent presentations on various
topics compiled by the City's Finance Department.
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