Title
Approving a resolution accepting the Fiscal Year 2022 audit.
Summary
The City of Pflugerville charter requires that an independent audit be conducted at the end of each fiscal year. On July 11, 2018, the City Council selected Pattillo, Brown, and Hill, LLP to perform the audit for fiscal year 2018 with the option to continue for each of the following four years. In September 2022, the City engaged Pattillo, Brown, and Hill, LLP to conduct the fiscal year 2022 audit.
The Independent Auditor’s Report states that in Pattillo, Brown & Hill, LLP’s 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, 2022, 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 FY22 audit:
· The assets and deferred outflows of resources of the City exceeded its liabilities and deferred inflows of resources as of September 30, 2022, by $344,561,198 (net position). Of this amount, $81,328,759 (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 $170,165,768, an increase of $55,828,842 in comparison with the prior year. Most of this increase can be attributed to the issuance of debt during the fiscal year.
· At the end of the 2021-2022 fiscal year, unassigned fund balnace in the general fund was $29,165,187 or 63% of general fund operating expenditures. The City Charter requires a fund balance equivalent to 25# of operating expenditures each fiscal year. For fiscal year 2022, t...
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