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Quinta das Amoras, Vinho Tinto 2009
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Garda Chiaretto Rose
Columbia Crest, Two Vines Vineyard 10 White
Chateau Ste. Michelle, Pinot Gris, Columbia Valley 2009
L'Hortus, Rose de Saignee 2010
Maculan, Pino & Toi 2008
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Gran Sasso, Sangiovese, Terre di Chieti 2009
Garda, Classico Chiaretto Rose
Beaulieu, Cabernet, Rutherford 1999
Picos del Montgo, Tempranillo 2008
Chateau de Montmirail, Vacqueyras 2008
La Granja 360, Syrah 2009
Montgras, Carmenere Reserva 2009
Lange, Pinot Gris 2009
Columbia Crest, Horse Heaven Hills Cabernet 2008
Kirkland, Pinot Grigio 2010
Trader Joe's Coastal Syrah 2009
Columbia Crest, Horse Heaven Hills Merlot 2008
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Vieux Papes Red
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Santa Rita, Cabernet, Medalla Real 2007
Penfold's, Koonunga Hill Shiraz Cabernet 2008
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Columbia Winery, Merlot 2007
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Maquis Lien 2006
Scott Paul, Pinot Noir, Le Paulee 2007
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B.R. Cohn, Cabernet, Silver Label 2006
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Palo Alto, Reserve Red 2008
Menguante, Garnacha 2008
Lange, Pinot Gris 2009
Felsina Berardenga, Vin Santo 1997
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Mount Defiance, Hellfire (White) 2008
Root: 1, Cabernet 2008
Columbia Crest, Two Vines Pinot Grigio 2009
Columbia Crest, Two Vines, Vineyard 10 White, 2008
Columbia Crest, Two Vines, Vineyard 10 Rose, 2007
Abacela, Grenache Rose 2009
Avia Cabernet 2004
Lemelson Pinot Noir, Thea's Selection 2007
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Emma McLaughlin & Nicola Kraus - The Nanny Diaries
Brian Selznick - The Invention of Hugo Cabret
Sharon Creech - Walk Two Moons
Keith Richards - Life
F. Sionil Jose - Dusk
Natalie Babbitt - Tuck Everlasting
Justin Halpern - S#*t My Dad Says
Mark Herrmann - The Curmudgeon's Guide to Practicing Law
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Miles run year to date: 54
At this date last year: 50
Total run in 2011: 113
In 2010: 125
In 2009: 67
In 2008: 28
In 2007: 113
In 2006: 100
In 2005: 149
In 2004: 204
In 2003: 269
Comments (10)
Patience! S&P barely finished with PGE. They're just now starting to dig into Sam's "suggestions".
Posted by Chris Snethen | December 11, 2006 1:55 PM
You won't believe this, but I highly doubt that anything "funny" is going on. Preparing financial statements for an entity as large as the City of Portland is incredibly complex. Add to that the constantly shifting requirements imposed by the Governmental Accounting Standards Board and AICPA and you get an insanely complex task. Finally, the financial statements are totally unintelligible to most people working in government (including the rating agencies like Moody's and Standard & Poor's) - its not like the City needs more time to make them confusing.
Seriously, it is pretty typical for local governments to take 5-6 months from fiscal year end to complete the audit and prepare financial statements. Start wondering if they don't show up by December 31st.
Posted by Brian | December 11, 2006 5:40 PM
The city financials may be like the PDC financials, slow to come or never to come. When the PDC attorney/financial officer was asked about NM URA financils that is required by state law, he merely replied; "We think we have complied to the intent of the state statute, in our opinion." The PDC financials provides no performance audit of how URA's perform in accordance to Oregon's statutes. It would be helpful if some accounting knowledgeable bloggers could review PDC's "financials". And it would be interesting if the State Attorney could investigate whether the statute is being met.
Posted by Jerry | December 11, 2006 9:17 PM
Jack,
I think this time you are fishing for a problem when likley none exists. If the city changed auditors this year, it could be taking longer to get the financial statements done. They have used Moss Adams as their auditors in the past, and they are a large regional accounting firm.
You may have answered your own question: "Last year, the city's money gurus (one of whom has since abruptly retired)" If the city accounting staff has had turnover, this can delay the statements. Staff is relied upon to provide the numbers and the schedules, the auditors "audit" those numbers.
They are not due to the Secretary of State's office until December 31, plus an extension is available.
Plus the city does not just do financials, they submit a CAFR, which takes extra time to prepare. Also, based on the report that you linked, their CAFR has been award winning (the GFOA's Certificate of Achievement for Excellence in Financial Reporting).
I appreciate when you do find problems Jack, but I wouldn't link the filing date to a smoking gun just yet.
Posted by Tex | December 11, 2006 10:32 PM
We'll never know until we see them. Some years they'd be six weeks old by now.
Posted by Jack Bog | December 12, 2006 5:34 AM
"I think this time you are fishing for a problem when likley none exists."
Two things:
1) A $2B corporation has to have audiot info by a set date or the stockholders/legal entities get upset.
2) CoP has strung together so many house of cards deals, they have to do a lot of covering to bury stuff under deep cover. THe more complex the deals, the more likely to go south, the more they need to cover.
Posted by Steve | December 12, 2006 6:16 AM
Steve, the problem with your theory is that it assumes the City accounting folks are smart enough to construct the coverup. If Enron's accountants can't do it, I don't see the City's accountants pulling it off.
Posted by Miles | December 12, 2006 3:45 PM
Nothing to see here, Jack. Move along.
/sarc
Posted by mac | December 12, 2006 7:42 PM
Miles,
If you rent the movie, Enron the smartest people in the room, you will see that Enron accountants and their partners in Arthur Anderson and the investment banks on NYC did pull it off for many many years.
Posted by Swimmer | December 12, 2006 10:22 PM
Hmmm, any sign of the 2006 CAFR yet? It is not yet on the Office of Management and Finance website.
Posted by Mark in Roseway | December 21, 2006 12:53 PM