TO: Mayor and City Council
THROUGH: Krishna Namburi, City Manager
FROM: Josh Eggleston, Chief Financial Officer
SUBJECT:
title
Fiscal Year (FY) 2025 Financial Audit of the City of Salem, Oregon.
Ward(s): All Wards
Councilor(s): All Councilors
Neighborhood(s): All Neighborhoods
Result Area(s): Good Governance
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SUMMARY:
summary
The certified public accounting firm of REDW, completed the annual financial audit of the City for the fiscal year ending June 30, 2025. There were no formal findings or recommendations for improvement as a result of the audit.
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ISSUE:
Results of the FY 2025 financial audit of the City of Salem, Oregon.
RECOMMENDATION:
recommendation
Information Only.
body
FACTS AND FINDINGS:
The certified public accounting firm of REDW, LLC, completed the annual financial audit of the City for the fiscal year ending June 30, 2025. There were no formal findings or recommendations for improvement as a result of the audit. The audit opinion letter is included with this report as Attachment 1.
The FY 2025 Single Audit for federal grant compliance resulted in one finding. Reporting of first-tier subawards under the CDBG (Community Development Block Grant) program had not been submitted timely to the FFATA (Federal Funding Accountability and Transparency Act) Subaward Reporting System.
Mr. Ryan Pasquarella, CPA, presented the results of the FY 2025 Annual Comprehensive Financial Report (ACFR) and Federal Grant Compliance Report (FGCR) to the joint meeting of the Salem City Council Finance Committee and the Urban Renewal Agency Finance Committee at their February 17, 2026 meeting. As in prior years, the reports are being provided to City Council as an information item.
The financial reports can be found on the City’s webpage at the link below:
<https://www.cityofsalem.net/government/budget-finance/financial-reports>
BACKGROUND:
Oregon law requires an annual audit of the City’s financial statements and for the results to be presented to the governing body.
Federal regulations require an annual audit of federal grant compliance.
Jeremy Morgan
Financial Reporting Manager
Attachments:
1. Independent Auditors Report - FY 2025 City of Salem