The Office of the Metro Auditor released an audit today reporting on the financial condition of Metro. Some highlights of the report are:
- Metro receives revenues from a variety of sources. Total revenues increased 22% in the last 10 years, but some revenues were still affected by the economic downturn.
- Total expenditure increased 16%.
- As the result of two bond measures, Metro increased its spending on assets by purchasing natural areas and making improvements at the Oregon Zoo.
- Most debt is covered by an increase in property taxes approved by voters for natural areas and the Oregon Zoo.
- Most indicators that measure financial health were positive. Decreases in liquidity and depreciable capital assets signal areas to watch.
“Although some of Metro’s services have been affected by the economy,” Metro Auditor Suzanne Flynn said, “Metro’s finances remain strong.” She noted further that “Liquidity has declined, but Metro is well above the desired standard.”
Based on a ten-year period from FY 2003-04 to FY 2012-13, the purpose of the audit was to review long-term trends in the areas of revenues, expenditures, debt, assets and liquidity, and to provide the Metro Council and citizens with an independent assessment of financial health. Measures were based on Metro’s annual financial report, data from financial accounting systems and outside published sources of demographic and economic data.
For more information, contact Suzanne Flynn, Metro Auditor, at 503-797-1891.
Copies of the audit can also be obtained by calling the Office of the Metro Auditor at 503-797-1892. The Metro Auditor will brief the Metro Council on June 26 at 2:00pm.