A certified public accounting firm completes an independent audit at the end of each fiscal year. Annual financial statements, including the auditor’s opinion, are prepared based on the audit. The audited annual financials – Annual Comprehensive Financial Report (ACFR) must be filed with the City Secretary within 180 days after the last day of the fiscal year to be compliant with Local Government Code 103.003.
The ACFR contains information that can be utilized to evaluate the City’s financial condition and its operational and fiscal accountability for the year. The ACFR consists of a comprehensive summary of the City’s finances and other relevant information for the audit year, including economic overviews, financial analyses, financial statement note disclosures, budgetary and other compliance schedules, and other statistical data. The ACFR is prepared in conformity with accounting principles generally accepted in the United States of America and is audited by the City’s independent auditor.
The ACFR goes beyond the minimum requirements of generally accepted accounting principles to prepare a financial report that evidences the spirit of transparency and full disclosure. The ACFR consists of three sections:
- Introductory — Orients and guides the reader through the report.
- Financial — Includes the government-wide financial statements, basic financial (fund level) statements, notes to the statements and the independent auditor's report.
- Statistical — Provides additional financial and statistical data, including data about financial trends that may better inform the reader about the government's activities. Information presented in the statistical section is unaudited.
The audit for the fiscal year ended September 30, 2024 has been completed by Weaver and Tidwell, LLP (Weaver), the City’s currently engaged independent auditor. The City entered into a five-year professional service contract with Weaver in 2020 based on the result of the RFP process and the recommendation of the Finance/Audit Committee. Engagement letter for each subsequent annual audit is to be approved by the City Council. In June 2024 the City Council approved the engagement with Weaver for professional audit services for the fiscal year 2024.
The audited financial statements, which include the auditor’s unmodified, or clean opinion, will be presented to the Mayor and City Council and provided to the City Secretary for filing. The auditors met with the Finance/Audit Committee on February 6th, 2025 and reviewed the single audit, financial statements, and Auditor’s Opinion.
The City’s focus on resiliency and innovative constraint has enabled us to maintain our financial strength and continue providing the high-quality services that are important to our residents. Accountability and transparency are important, and the City’s commitment to these efforts is recognized through the audited financial statements, which report future obligations of the City, such as long-term debt, pension obligations, and other post-employment benefits.
The City participates in the Certificate of Achievement for Excellence in Financial Reporting Program established by the Government Finance Officers Association. This is the highest recognition program in the area of governmental accounting and financial reporting. The City has received the Certificate of Achievement for Excellence in Financial Reporting annually since Fiscal Year 1983.
In conjunction with the annual financial audit, a review of federal funds was conducted, and a compliance report (or Single Audit) has been issued for FY24. This report will be distributed to the appropriate agencies through the single audit clearinghouse.