Shady Cove FY2023 Audit Report

To all residents of Shady Cove. Please mark your calendars for the January 15th City Council meeting. The audit results for 2023 are now available, and the Auditor will be making a presentation to the Council on Jan. 15th. 

Let’s just say the results are very, very interesting. The Auditors restated the City’s fiscal year 2022 ending balance, increasing it from $1.18M to $2.94M. It is very unusual for an auditor to correct a prior year’s ending balance. We must wonder what happened that the City suddenly found almost $1.7M. 

At the end of the year, the City’s account balances showed:

1. $3.18M in cash and investments
2. $1.2M in general fund ending balance
3. $595K in street fund ending balance
4. $150K in capital improvement funds
5. $415K in system development funds. 

Scroll down to find a copy of the audit below. (All recent audits are also available here Oregon Secretary of State Audits Division: Audit Report Search).