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Independent auditors give Seagoville a clean opinion; reserves declined in 2024 fiscal year
Summary
Brooks Watson and Company issued an unmodified audit opinion on the City of Seagoville's fiscal year ending Sept. 30, 2024, while city officials heard that general-fund and capital balances declined from the prior year.
Mike Brooks, an audit partner with Brooks Watson and Company, told the Seagoville City Council that the firm issued an unmodified (clean) audit opinion on the city's financial statements for the year ending Sept. 30, 2024.
Brooks summarized key figures from the annual comprehensive financial report: total assets exceeded total liabilities by about $77 million; combined governmental fund ending fund balance was about $16.8 million, a decrease of roughly $5.9 million from the prior year; and total governmental revenues were just over $40 million, a year-over-year increase Brooks attributed largely to contributed capital tied to development activity.
Brooks said the unassigned portion of the general fund totaled just under $8.9 million. In his presentation he described that amount as approximately 45 percent of annual general-fund expenditures (he later referenced a figure near 53 percent while discussing reserves). He noted the city had budgeted for a larger deficit than actually occurred: the final budget had anticipated a $4.6 million use of fund balance, while the actual deficit was about $1.3 million, producing a favorable variance due mainly to higher-than-expected revenues.
Brooks outlined the audit process and the components of the city's annual comprehensive financial report, highlighting the management discussion and analysis, basic financial statements and a statistical section that provides multi-year comparisons. He told the council the city had submitted the report for the Government Finance Officers Association's certificate of achievement and that the city had received that award in prior years.
Brooks also reported that the city was in compliance with the Public Funds Investment Act, noting required training, an adopted investment policy and quarterly reporting were all in order. He closed by offering to take questions and to provide follow-up information if council members wanted additional detail.
The presentation was informational; the transcript did not record a formal council vote to accept the report during the meeting.
