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 revenue from a variety of sources.Total revenue increased 28% in the last 10 years. About half of the increase was from voter-approved measures.
Total expenditure increased 27% in the last 10 years.
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. Increased fixed costs and lower than expected general fund revenue signal areas to watch to maintain Metro’s financial health.
“Metro’s overall financial health is good.” Metro Auditor Brian Evans said, “Diverse revenue sources helped the organization maintain its programs and services during the financial downturn.” He noted further that “Liquidity has declined, but Metro is well above the desired standard.”
Based on a ten-year period from FY 2005-06 to FY 2014-15, 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 Brian Evans, Metro Auditor, at 503-797-1891.