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Fort Worth posts clean audit opinion for FY2024; city reports $766.9 million positive change in net position
Summary
Finance staff presented the annual comprehensive financial report and said auditors issued an unmodified (clean) opinion with no findings; highlights included increased net position, bond debt totals and notes on risk fund deficits.
City finance officials reported an unmodified (clean) opinion from external auditors for fiscal year 2024 and summarized key financial highlights for council at the Feb. 18 work session.
The presentation by the city'7s financial reporting team noted a positive change in the citywide net position of $766.9 million for FY2024, attributed to additional revenues, decreases in certain pension and OPEB liabilities and other adjustments. The city'7s outstanding bonded debt was cited at approximately $2.5 billion, with more than half related to water and wastewater.
Finance staff reported that the General Fund027s fund balance increased by roughly $51 million on a budgetary basis; culture and tourism and the water and sewer enterprise funds also showed positive results. The risk financing internal-service fund ended FY2024 with a $10.3 million deficit; council previously approved a $5 million transfer that staff said will reduce the FY2025 deficit projection to about $5.3 million, and staff indicated the risk fund will be discussed further during budget planning.
Tony Russo, deputy director of finance, told the council there were no material weaknesses or significant deficiencies in the audit and no audit findings for FY2024—continuing a multi-year trend to zero findings. Staff also noted awards received for procurement excellence and financial reporting.
Staff said final actuarial and retirement board results will be presented to council later in spring after the actuarial reports are finalized.
