Financial Statement and Summary
Reserves That Protect, Strength That Lasts
In 2024, CIS maintained our robust financial foundation. By maintaining this financial strength, we ensure stability in risk financing and provide essential loss prevention services — benefiting cities and counties across Oregon.
At the close of the year, our consolidated net position — assets minus liabilities — reached $228 million, reflecting a $10.9 million, or 5% increase over the prior year. This growth, driven largely by improved investment returns, reinforces our commitment to leveraging financial strength for the benefit of members. Unlike private entities with shareholders, CIS operates solely for our members, ensuring that all resources are reinvested into the organization to enhance coverage and services.
The CIS Board of Trustees carefully benchmarks our net position within actuarially determined ranges to protect our financial stability. The combined Property and Liability funds, along with the city employee benefits fund (EBS) and the county employee benefits fund (AOCIT), all fall within their respective capitalization targets. This disciplined approach ensures that we are well-positioned to address unforeseen challenges, while maintaining robust coverage for our members.
Having strong reserves provides one key advantage because it gives us the ability to stabilize rates and provide cost relief for members.
In 2024, we subsidized member contributions for healthcare and property programs, shielding members from steep rate increases. This financial flexibility is critical during periods of economic uncertainty or fluctuating market conditions.
In addition to stabilizing rates, our reserves act as a vital buffer against catastrophic claims, economic volatility, and reinsurance market fluctuations. This financial security enables us to respond quickly and effectively to emerging risks while continuing to provide comprehensive coverage for our members.
As we look ahead to 2025, our financial strength ensures that we can navigate future uncertainties and continue to support you, our members. By fostering safer, stronger, and healthier communities, our commitment to sound fiscal management remains a vital resource for Oregon’s cities and counties.
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, 2024, 2023, and 2022; 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, 2024, therefore, is not a substitute for reading the Financial Statements with Independent Auditor’s Report for the Fiscal Years Ended June 30, 2024, 2023, and 2022.
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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.
