Financial Statement and Summary

CIS Reserves Remain Strong in 2023

Strength and Stability in 2023

CIS maintains a strong financial foundation as we provide a stable source of risk financing and loss prevention services for our members.

The financial condition of the pool is strong and stable, as our consolidated net position (assets minus liabilities) of $217 million increased $5.1 million or 2.4%, primarily due to improved investment return from the market.

As a public entity with no shareholders, CIS’ resources are set aside for your benefit — and the benefit of every CIS member. Because you're a member, your entity owns a part of our capital.

As such, we benchmark our net position within actuarially determined ranges, which are approved by the CIS Board of Trustees. The combined Property and Liability funds are within the combined capitalization target, as is the city employee benefits fund (EBS), and the county employee benefits fund (AOCIT).

EBS and AOCIT are CIS’ city and county employee benefits insurance trusts, which cover more than 23,000 member employees and their families.

The reason that CIS remains strong is because of your investment in the Trusts’ capital. This investment is important because it ensures strong coverage regardless of any calamities.

The Board works to protect the Trusts’ capital positions to ensure we continue to have strong reserves to stabilize rates for you and all CIS members. Capital helps minimize the impact of catastrophic claims, economic conditions, and volatile markets, particularly for investments and reinsurance. This year we subsidized member contributions for our healthcare and property programs to ensure more stable rates.

As we prepare for more uncertainty in 2024, CIS’ financial strength stands with you. CIS will continue to help cities and counties be stronger, safer, and healthier.

Financial Statements and Summary

The Summary Financial Information is unaudited and has been derived from the Financial Statements with Independent Auditor’s Report for the Fiscal Years Ended June 30, 2023, 2022, and 2021; which is readily available at http://www.cisoregon.org/About/TrustDocs.

CIS’ Financial Statements with Independent Auditor’s Report is also filed annually with the Oregon Secretary of State-Audits Division and those filings are available at: https://secure.sos.state.or.us/muni/public.do. Search for government name starting with “CIS.” The Summary Financial Information is unaudited and does not contain all the disclosures, Management’s Discussion and Analysis and other required supplementary information required by generally accepted accounting principles as established by the Governmental Accounting Standards Board who considers that information an essential part of financial reporting for placing basic financial statements in an appropriate operational, economic or historical context. Reading the Summary Financial Information at June 30, 2023, therefore, is not a substitute for reading the Financial Statements with Independent Auditor’s Report for the Fiscal Years Ended June 30, 2023, 2022, and 2021.

Click on the financial statement to the right and on the following page to open and view it larger.

This summary financial information is included along with further discussion and analysis in our annual financial report. There you will find our audited financial statements and supplementary information required by generally accepted accounting principles.

Our annual financial report is readily available online on the CIS website at https://www.cisoregon.org/About/TrustDocs and the Oregon Secretary of State-Audits Division website at https://secure.sos.state.or.us/muni/public.do.