November 17, 2017
Mary Hull Caballero, City Auditor
Office of the City Auditor
1221 SW 4th Avenue, #140
Portland, OR 97204
Dear Auditor Hull Caballero,
Thank you for the opportunity to review and comment on the audit entitled Prosper Portland: Disciplined Property Management Needed to Achieve Future Revenue Goals, Equitable Outcomes, which Prosper Portland requested in order to strengthen the agency’s asset management practices and the agency transitions.
Prosper Portland takes its stewardship of public resources seriously and the audit helps identify areas of improvement that would benefit the agency’s operations and delivery of services to the public. We appreciate the time and effort invested by your staff, and the thoroughness of the review conducted. In addition, we appreciate the consideration of additional information throughout the audit process and the openness of our dialogue.
Prosper Portland’s 2015-2020 Strategic Plan demanded a significant shift in the way the agency approaches its work and achieves its goals. This strategic plan, and the associated draft long-term financial sustainability plan the Prosper Portland Board will consider for approval in early 2018, point toward a fundamental transition in the way that the agency manages its assets and investments over the next decade. Specifically, financial sustainability necessitates moving away from a historical property management (property-level) approach toward an asset management (portfolio-based) approach.
We generally agree with the audit’s conclusions and recommendations. The remainder of this letter details several of the actions already under way to address the recommendations and explains how the transition toward portfolio-based asset management will institutionalize the actions recommended in the audit.
Ultimately, Prosper Portland requested this audit to both manage its transition and guide and inform the steps necessary to ensure that as a key agency it continues to achieve the City’s goals around economic development and equity. On behalf of the Prosper Portland Audit committee, please extend our thanks and appreciation to the Audit Services staff for their effort on this audit.