Or. Admin. Code § 162-010-0010 - Definitions

The following definitions describe terms within the context of their application to Municipal Audit Law.

(1) "Independent Auditor" means the Accountants whose names are included in the roster prepared and maintained by the Oregon Board of Accountancy and defined in ORS 297.405.

(2) "Municipal Audit Law" means the laws enacted by the Oregon Legislature and prescribed in Oregon Revised Statutes (ORS) Chapter 297.405 to 297.740 and 297.990.

(3) "Municipal Corporation" means any public entity subject to audit defined in ORS 297.405.

(4) "Cash basis or modified cash basis" means a basis of accounting that the entity uses to record cash receipts and disbursements and modifications of the cash basis having substantial support, such as recording depreciation on capital assets. The cash basis of accounting is the only special purpose framework allowable under Oregon law.

(5) "Fiscal year" means for a municipal corporation with the power to impose ad valorem property taxes, the fiscal year commencing on July 1 and ending on June 30, and for all other municipal corporations, an accounting period of 12 months ending on the last day of any month.

(6) "Documentation" means the written record of procedures performed, relevant evidence obtained, and conclusions the independent auditor reached.

(7) "Governing body" means the city council, board of commissioners, board of directors, county court or other managing board of a municipal corporation including a board managing a municipality owned public utility or a dock commission.

(8) "Management" means the person(s) with executive responsibility for the conduct of the municipal corporation's operation and may include some or all of those charged with governance; for example the elected or appointed public officials.

(9) "Legally adopted budget" means the statutory budget required by Oregon law prescribed on ORS Chapter 294.305 to 294.565 (Local Budget Law) and intergovernmental entities formed under ORS Chapter 190.

(10) "Expenditures" for the purpose of ORS 297.435 and 297.485 and throughout OAR 162-010 and 162-040 includes the amount reported as expenses on the government-wide Statement of Activities; or, in the case of a municipal corporation that reports only proprietary funds, expenditures include total operating and non-operating expenses reported on the proprietary fund operating statement.

Notes

Or. Admin. Code § 162-010-0010

SD 104, f. 2-20-76, ef. 7-1-76; DOA 3-1986, f. & ef. 5-29-86, Renumbered from 165-030-0665; DOA 1-1991, f. 3-8-91, cert. ef. 7-1-91; DOA 2-1995, f. 3-1-95, cert. ef. 7-1-95; AUDIT 2-2001, f. 4-26-01, cert. ef. 7-1-01; AUDIT 1-2007, f. 6-7-07, cert. ef. 6-30-07; AUDIT 1-2014, f. & cert. ef. 2-13-14; AUDIT 3-2024, amend filed 06/03/2024, effective 7/1/2024

Statutory/Other Authority: ORS 297

Statutes/Other Implemented: ORS 297.465