Title
Consideration of and action on authorization to accept the FY 2017-2018 Annual Audit.
Body
Summary: Pursuant to state statute and City ordinance, the City shall have its records and accounts audited annually and shall prepare an annual financial statement and report. The audit shall be performed by a certified public accounting (CPA) firm, licensed to practice in the State of Texas. The annual financial statement and report, including the auditor’s opinion, shall be part of an official Comprehensive Annual Financial Report (CAFR), which shall be filed within 180 days after the last day of the City’s fiscal year.
For Fiscal Year 2017-2018 (October 1, 2017 - September 30, 2018), the CAFR must be filed by Friday, March 29, 2019. The audit firm of Belt Harris Pechacek, LLLP performed the annual audit for the City and determined that "the financial statements…present fairly, in all material respects, the respective financial position of…the City as of September 30, 2018…in accordance with accounting principles generally accepted in the United States of America" (unmodified opinion). The auditors will present the results of the audit to the Finance Committee and then at the workshop preceding this regular meeting of the City Council.
Note: because the CAFR is under final review, all documents must be marked “draft” at this time, but no significant changes are expected to the final document.
Fiscal/Budgetary Impact:
N/A.
Recommended action
Accept the FY 2017-2018 Annual Audit.