Or. Admin. Code § 166-200-0215

Current through Register Vol. 63, No. 10, October 1, 2024

Section 166-200-0215 - Accounting-Financial Reporting

Accounting documents the financial transactions of the city to ensure the integrity, accuracy and control of city funds. Financial Reporting is used to communicate the financial activities of the city to its staff, leadership and the general public.

(1) Assessment Balance Reports - Minimum retention:

(a) Annual reports or similar cumulative summaries, retain permanently;

(b) All other reports, retain 3 years.

(2) Assessment Dockets, Ledgers, and Registers - Minimum retention: 3 years after final payment.

(3) Audit Reports, External Records - Minimum retention: Permanent.

(4) Balance Status and Projection Reports - Minimum retention: 3 years after annual audit report issued.

(5) Bank Transaction Records* - Minimum retention:

(a) For retention of records documenting grant transactions, see Grant Records in this section;

(b) All other records, retain 3 years after annual audit report issued.

(6) City Improvement Administrative and Financial Records* - Minimum retention:

(a) Records of project cost, retain 3 years after disposal or replacement of facility, structure, or system;

(b) All other improvement records, retain 10 years after substantial completion as defined by ORS 12.135(3).

(7) Emergency Management Assistance Fiscal Reports - Minimum retention:

(a) If used for billing, retain 3 years;

(b) If not used for billing, destroy.

(8) Financial Reports - Minimum retention:

(a) Annual reports, retain permanently;

(b) All other financial reports, retain 3 years after annual audit report issued.

(9) General Ledgers* Records - Minimum retention:

(a) Year-end ledgers*, retain 10 years;

(b) All other general ledger, retain 5 years.

(10) Internal Audit Records - Minimum retention: 10 years

(11) Real Property Transaction Records* - Minimum retention: 10 years after transaction completed and final audit accepted.

(12) Subsidiary Ledgers, Journals, and Registers Records - Minimum retention:

(a) Year-end payroll register, retain 75 years;

(b) Trust fund ledgers, retain 3 years after trust fund closed;

(c) Other subsidiary ledgers, journals, and registers, retain 3 years.

(13) Unclaimed Property Report - Minimum Retention: 3 years after the property is remitted to the Department of State Lands.

(14) Utility Account Change Records - Minimum retention: 2 years.

(15) Utility Application/Disconnect Records - Minimum retention: 3 years.

(16) Vendor Lists - Minimum retention: Until superseded or obsolete.

Or. Admin. Code § 166-200-0215

OSA 2-2014, f. & cert. ef. 8-7-14; OSA 4-2018, minor correction filed 11/28/2018, effective 11/28/2018

Statutory/Other Authority: ORS 192 & 357

Statutes/Other Implemented: ORS 192.005 - 192.170 & 357.805 - 357.895