Financial Reports

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Welcome! Thank you for taking the time to learn about the City of Hillsboro’s financial health and structure.

Each year, the City produces four financial reports. The City’s Annual Comprehensive Financial Report (Annual Report) provides financial, economic, demographic, and statistical information for all City funds including its component unit, the Hillsboro Economic Development Council (HEDC). The City also produces separate reports for HEDC, the Joint Water Commission (JWC) and Barney Reservoir Joint Ownership Commission (Barney). The City of Hillsboro is the managing partner for JWC and Barney and is responsible for the financial transactions of these joint ventures.

The Reports show how money entrusted to the City is received and how it is spent. They are produced as part of the annual audit and are required under Oregon Law. The Reports show financial transactions at an aggregate level and provide a high-level summary of each fund’s activity for the fiscal year. The Annual Report is used extensively by bond rating agencies and bondholders to assess the financial health of the City.

The City of Hillsboro is committed to maintaining its financial stability to ensure it can continue to provide vital services to the community.

Financial Reports

Past Financial Statements and Awards

Certificate of Achievement for Excellence in Financial Reporting

The City of Hillsboro has received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association (GFOA) of the United States and Canada every year since Fiscal Year 1995-96 for its financial report. The Certificate Program is designed to recognize and encourage excellence in financial reporting by state and local governments. The certificate is presented to governments whose comprehensive annual financial reports achieve the highest standards in government accounting and financial reporting.

Get more information on the GFOA Financial Reporting Program.

Annual Comprehensive Financial Report

Per Oregon Municipal Audit Law, all municipalities are required to order an audit of its accounts and financial affairs at least once a year.

The City contracts with an external, independent audit firm to perform its annual audit. The City’s Audit Committee provides oversight of the City’s audit and independent auditors. The Committee works to ensure management, independent auditors, and the governing board meets their respective responsibilities in providing sound financial reporting, internal controls and overall accountability in a public sector environment. Learn more information about the Audit Committee.

Audited reports are available 6 months after the June 30 fiscal year end. Prior year reports are available below.

Hillsboro Economic Development Council

The Hillsboro Economic Development Council (HEDC) is a component unity of the City of Hillsboro and is managed by the City. It is the urban renewal agency of the City of Hillsboro and was organized in 1989 to assist in the redevelopment of targeted areas of the City through tax increment financing.

HEDC’s basic financial statements include all activities and organizations over which it exercises authoritative appointment of governing authority or where financial dependency on the HEDC exists.

The HEDC is included in the City’s Annual Financial Report and has its own separate report.

Past year financial statements:

Joint Water Commission

The Hillsboro‐Forest Grove‐Beaverton‐Tualatin Valley Water District Joint Water Commission (JWC) was organized under Oregon Revised Statute (ORS) 190 and the joint venture was established by an agreement between the cities of Hillsboro, Forest Grove, and Beaverton, and the Tualatin Valley Water District (TVWD). JWC is governed by three members from each joint venturer. JWC’s purpose is to operate raw water intake facilities, the water treatment plant, and storage and transmission facilities to the joint venturers. The Commission is managed by the City of Hillsboro.

Learn more about JWC.

Past year financial statements:

Barney Reservoir Joint Ownership Commission

The Barney Reservoir Joint Ownership Commission (BRJOC) was organized under Oregon Revised Statute (ORS) 190 and the joint venture was established by an agreement between the cities of Hillsboro, Forest Grove, and Beaverton, Tualatin Valley Water District (TVWD), and Clean Water Services (a Component Unit of Washington County). The purpose of the Commission is to own and operate the J.W. Barney Reservoir. BRJOC is managed by the City of Hillsboro.

Past year financial statements:

Oregon Secretary of State: Audits Division

The Oregon Secretary of State Audits Division operations a Municipal Audit Program which collects and reviews annual financial statements from all local governments as required by Oregon law. The Audits Division maintains all reports they receive on their website, dating back to 2004. You can find additional years of reports for the City and other entities Statewide, and more information about the Audits Division here: