On November 21, City Council engaged Whitley Penn, LLP - an independent external auditor - to conduct a review of the calculations performed related to the financial neutrality of the annexation of Greatwood and New Territory.  The agreed-upon procedures were enumerated as follows:

• Acquire calculations used to develop the debt service fund impact of annexation prepared by City Management and presented to City Council.
• Trace and agree calculations to supporting documentation and assumptions.

• Identify and document changes made to the calculations over the time period described.  
• Agree changes to presentations to City Council.
• Recalculate the calculations to determine if the annexation has a net neutral impact on the City’s debt service fund.
• Trace and agree the amounts included in the calculations to the amounts included in the fiscal year 2018 budget document.
• Recalculate impact of changes of tax rate allocation for fiscal year 2018 debt service budget.
• Obtain annexation analysis packet prepared by Councilmember and compare those calculations to the calculations prepared by City management.

Whitley Penn will distribute the report, which will not be provided to the City Council or staff in advance of the meeting, and present findings at the meeting.