Bel Air CFO presents City’s fiscal year 2024 audit with zero findings

During the Bellaire City Council meeting on March 17, 2025, key discussions centered around the city's financial health and ongoing lease agreements, highlighting the importance of fiscal responsibility and transparency in local governance.

The meeting began with a review of the city's public works facility lease, which has approximately three and a half years remaining. Council members discussed the potential for utilizing a new property during its construction phase, contingent on the current tenant vacating. This property is currently generating revenue for the city, emphasizing the dual focus on operational efficiency and financial gain.

The primary focus of the meeting was the presentation of the Fiscal Year 2024 Annual Audit and Comprehensive Financial Report by Terrence Beeman, the city's Chief Financial Officer. Beeman reported that the city had a successful audit year, achieving zero audit findings, which indicates strong financial management practices. The audit, conducted by Whitley Penn, confirmed that the city's financial statements were presented fairly, earning an unmodified or "clean" opinion. This clean report reassures residents and stakeholders that the city's financial health is stable and reliable.

Key financial highlights from the audit included a total net position of $69.5 million, reflecting a $1 million increase from the previous year. The city’s total assets were reported at approximately $189.9 million, with liabilities totaling $120.4 million. The council noted a decrease in long-term liabilities, which is a positive indicator of the city’s financial management.

The meeting also touched on the city’s compliance with financial regulations, including the Texas Local Government Code, which mandates annual audits. Beeman emphasized the importance of maintaining transparency and accountability in financial reporting, which is crucial for public trust.

Additionally, discussions included the city’s debt management, with council members clarifying figures related to bonded debt and lease obligations. The council is aware of the complexities surrounding these numbers and aims to ensure clear communication with the public regarding the city’s financial commitments.

In conclusion, the Bellaire City Council meeting underscored the city’s commitment to fiscal responsibility and transparency. The successful audit results and ongoing discussions about property leases reflect a proactive approach to managing the city’s resources effectively. As the council moves forward, they will continue to prioritize financial health and community engagement in their decision-making processes.