Financial Reports

Annual Comprehensive Financial Report

This is the official annual financial report prepared by the City. The report conforms to required accounting and reporting standards and is audited each year by the Washington State Auditor’s Office. The report includes all activities that are controlled by, or dependent on, the City. View Washington State Auditor’s Accountability Audit Report (PDF).

Quarterly Financial Report

The full City Council reviews the City’s financial condition each quarter (typically at the 2nd business meeting following the end of a quarter). This report is prepared in a presentation format and provides additional analysis of economic trends, City programs performance and other elements not found in the monthly report. View the Quarterly Financial Report (PDF).

Quarterly Investment Profile Summary

The City invests temporarily idle cash in accordance with Council direction as described in the City’s Investment Policy (PDF). The priorities identified in the policy are (in order) the safety of principal, liquidity so that cash is available to meet needs and maximizing the rate of return. The investments are managed consistent with oversight provided by the Investment Committee. The Quarterly Investment Profile (PDF) is a snapshot of the quarterly statistics for the City’s portfolio as of the last quarter. 

Debt Manual

The Debt Manual (PDF) provides information on the City’s outstanding debt, authority to issue debt and the policies and procedures that guide the City in the debt issuance process. Included in the manual are listings of current outstanding debt, maturity schedules, policies and other miscellaneous information regarding the City’s debt position.

Long Range Financial Strategy

The City Council sets the policy framework for future City budgets through its Long Range Financial Strategy (LRFS). The LRFS was first developed in 2005 and helped the Council analyze and determine how to best meet the community’s needs given the various resource options available. Council reviewed and updated the LRFS in February of 2018.

City Receives AAA Rating

Standard and Poor’s (S&P) Global Ratings service has assigned its AAA long-term rating on the City’s 2022 limited-tax general obligation (GO) refunding bonds and its 2021 utility system revenue refunding bonds.  This rating is the highest rating obtainable from S&P and is a testament to the City's financial strength and policies.