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Ingleside council accepts FY2024 audit; unassigned general fund shown at $15.8 million
Summary
Independent auditors gave an unmodified opinion on the city’s FY2024 financial statements; the council accepted the annual financial report and staff and auditors discussed fund balance, reserves and single audit comments.
The Ingleside City Council accepted the City of Ingleside’s annual financial report for the fiscal year ending Sept. 30, 2024, after a presentation by the independent auditors showing an unmodified opinion and a healthy fund balance.
Jeff Pittman of the audit firm presented the audit findings, telling the council the audit returned an unmodified opinion, the highest level of assurance. The auditors reported combined governmental fund balances of about $44.6 million and an unassigned general fund balance of $15.8 million, which the auditor characterized as roughly 12 months of operating expenditures.
The auditors also reported the city spent over $750,000 in federal funds and therefore required a single audit; the report listed 17 internal control and compliance comments from prior years, 10 of which the city has corrected. Auditors said they expect the remaining comments can be cleared with continued staff work.
Council members asked for additional detail about the unencumbered fund balance and emergency reserves. The city manager and auditor clarified the council’s policy target and the city’s internal practice: committed reserves include a 25% resolution; staff said the city’s planning target is to maintain an unencumbered minimum (referenced in the meeting) of about $6 million and that budget planning assumed roughly $8 million as a conservative operating buffer. The auditor reminded the council that many grants are reimbursement‑based and that hurricane season means the city must rely on its own liquidity until reimbursements occur.
Councilor questions included the comparison to the prior year’s unassigned fund balance (the auditor said last year’s figure was about $11.4 million) and how fund balance numbers are presented in management’s discussion and analysis. Auditors thanked city finance staff for improvements and said staff has complied with the Public Funds Investment Act.
Councilman Coates moved to accept the report; Mayor Pro Tem Long seconded. The motion passed on a voice vote.
