Title
Consideration of and action on authorization to accept the Fiscal Year 2022-2023 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 Annual Comprehensive Financial Report, which shall be filed within 180 days after the last day of the City’s fiscal year.
For Fiscal Year 2022-2023 (October 1, 2022 - September 30, 2023), the Annual Comprehensive Financial Report must be filed by Thursday, March 31, 2024. 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, 2023…in accordance with accounting principles generally accepted in the United States of America" (unmodified opinion). The auditors will present the results of the audit and their findings to the City Council.
Additionally, because the City expended more than $750,000 in federal awards during the most recent fiscal year, a single audit was required for the fiscal year ended September 30, 2023 in accordance with the provisions of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
Staff is waiting to receive the final documents from the auditors which includes the covers and signatures. All documents are marked as “draft” at this time; however, no significant changes are expected.
Fiscal/Budgetary Impact:
N/A.
Recommended action
Approve and accept the Fiscal Year 2022-2023 Annual Audit.