As required by Local Government Code 103.001, an independent audit has been completed by the certified public accounting firm of Whitley Penn, LLP for the year ended September 30, 2017.  Annual financial statements have been prepared based on the audit, including the auditor’s opinion, and 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 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. City staff and the auditors met with the Finance/Audit Committee on February 8, 2018 to review the financial statements and Auditor’s Opinion.

The Comprehensive Annual Financial Report (CAFR) contains information that can be utilized to evaluate the City’s financial condition and its operational and fiscal accountability for the year. The CAFR 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 CAFR 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 CAFR 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 CAFR 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.

A draft copy of the report will be shared with the City Council prior to the meeting and will be available to the public after it has been finalized and received by the City Council. 

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.

A Single Audit Report has also been prepared based on Federal guidelines for the City's receipt in excess of $750,000 in federal funds during the reporting period ending September 30, 2017.

The results of the FY17 audit will be presented by Christopher Breaux, CPA of Whitley Penn, LLP and Alka Shah, Chief Accountant.