New City financial reports available

ROSEBURG, Ore. – The City of Roseburg’s financial position has improved from the previous year – an accomplishment reflecting a financially sound, stable city that residents can learn about in two reports now online.

The City’s total “net position,” or total financial worth, increased $7.42 million from $216.7 million on June 30, 2021, to $224.1 million a year later due to a reduction in the City’s net pension liability and an increase in the City’s cash and investments. The net position shows the City’s assets and deferred outflows exceeded liabilities and deferred inflows, according to two reports outlining the City’s financial condition for the fiscal year that ended June 30, 2022.

Those reports, which are available on the City’s website, are the City of Roseburg’s FY 2022 Annual Comprehensive Financial Report – commonly referred to as the “audit” – and the Popular Annual Financial Report, which is a pared-down, streamlined audit summary. The reports were submitted to Mayor Larry Rich, the City Council and residents on Monday, Dec. 19.

“The continuation of the City’s strong financial position is a direct result of a team focus on being good stewards of taxpayers’ monies – from the City Council down to our first line workers,” said Finance Department Director Ron Harker.

Following state law, the annual audit of the City’s financial records was performed by independent licensed public accountants – specifically, Neuner Davidson & Co. City administrative management provided a narrative introduction, overview and analysis in the form of Management’s Discussion and Analysis, which can be found in the Annual Comprehensive Financial Report.

The reports show the City’s governmental funds -- or total money, assets and property that the City owns – ended at a combined balance of more than $27 million – a $7.04 million increase largely driven by an increase in cash and investments. The City’s business activities reported a combined ending net worth of $89.8 million – an increase of $949,000 from the previous year.

The City’s financial reports have consistently won national recognition from the Chicago-based Government Finance Officers Association (GFOA), which promotes best practices in public finance. On Nov. 1, the FY2021 Annual Comprehensive Financial Report earned the Finance Department’s 29^th Certificate of Achievement for Excellence in Financial Reporting and the Popular Annual Financial Report won its seventh consecutive Award for Outstanding Achievement in Popular Annual Financial Reporting.