Denison council accepts 2023–24 annual comprehensive financial report after auditor presentation

Denison City Council on Monday accepted the city’s 2023–24 annual comprehensive financial report after a presentation by auditors from Patillo, Brown & Hill.

John Manning, an auditor with Patillo, Brown & Hill, told the council the firm issued an unmodified opinion on the city’s financial statements and highlighted multi‑year trend information included in the voluntary ACFR. The presentation noted roughly $39 million in total city assets, about $12 million in general‑fund reserves and approximately $37 million in net position in the utility fund.

The report matters because an unmodified audit opinion is the highest level of assurance auditors provide and is relied on by bondholders, grantors and rating agencies. Manning also said the city’s ACFR is submitted for voluntary review by the Government Finance Officers Association and that the city’s report had only minor comments that were corrected.

Manning summarized key points from the ACFR: major funds (general and debt‑service) were identified under GASB 34; cash, investments and receivables were largely confirmed with outside parties; and the utility (water and sewer) fund showed substantial capital assets and net position. He also pointed to recent debt issuances shown in the notes.

City staff indicated the ACFR provides 10 years of trend data useful to users of the financial statements. After questions and brief discussion, Mayor Pro Tem Adams moved to accept the report; Councilman Courtenay seconded. The council voted in favor and the motion carried.

The approved ACFR will remain part of the city’s public financial records and is the document Patillo, Brown & Hill will submit for GFOA review.