Title
Conduct a presentation and discuss and consider action approving a resolution accepting the Fiscal Year 2024 audit.
Summary
The Independent Auditor’s Report states that in un-modified (clean) opinion, the financial statements present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the City as of September 30, 2024, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Financial Highlights from the Fiscal Year 2024 audit:
• The assets and deferred outflows of resources of the City exceeded its liabilities and deferred inflows of resources as of September 30, 2024, by $449,728,351 (net position). Of this amount, $54,101,927 (unrestricted net position) may be used to meet the City’s ongoing obligations to citizens and creditors.
• As of the close of the current fiscal year, the City’s governmental funds reported combined ending fund balances of $495,310,586, an decrease of $11,306,974 in comparison with the prior year. Most of this decrease can be attributed to the spending down of cash on capital projects.
• At the end of the fiscal year, unassigned fund balance in the general fund was $21,027,041 or 31% of general fund operating expenditures. The City Charter requires a fund balance equivalent to 25% of operating expenditures each fiscal year. For FY24, that amount was $17.1 million.
• The City’s total bonded debt increased by $138,615,228 (17%) during the current fiscal year as a result of debt issuances and payments made during the year.
The attached report is still marked draft as it is still going through internal reviews within the audit firm. The auditor has advised that the final report will be issued by the City Council meeting date and if in the rare case anything significant changes, this will be communicated to council during the presentation.
A representative from Weaver and Tidwell, L.L.P will be presenting the Annual Comprehensive Financial Report for period ending September 30, 2024 (FY24).
Prior City Council Action
N/A
Deadline for City Council Action
March 25, 2025 to meet reporting deadlines
Funding Expected: Revenue __ Expenditure __ N/A _X_
Budgeted Item: Yes __ No __ N/A _X_
Amount: ___N/A_____
1295 Form Required? Yes __ No _X_
Legal Review Required: N/A _X_ Required ___ Date Completed: _______
Supporting documents attached:
Resolution FY24 Audit
FY24 Annual Comprehensive Financial Report
Recommended Action
Approve the resolution accepting the Fiscal Year 2024 audit.