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Audit firm issues clean opinion on College Station’s 2024 financial report; net position up about $70 million
Summary
At a March 13 presentation, City Finance staff and new auditors said the city’s annual comprehensive financial report for the fiscal year ended Sept. 30, 2024, received an unmodified (clean) opinion; auditors reported no material weaknesses and no material noncompliance for tested federal programs.
College Station — City staff and auditors presented the fiscal year 2024 Annual Comprehensive Financial Report (ACFR) to the City Council on March 13 and reported a clean audit opinion and improved net position.
Michael DeHaven, the city’s assistant finance director, said the government-wide net position — a GAAP measure comparable to net worth — was $970,975,012 at year-end, an increase of roughly $70 million from the prior year. DeHaven said drivers included investment income, permit fees, grants and utility revenues.
"That is broken down into specific pieces," DeHaven told the council, citing unrestricted net position of about $314.8 million, restricted net position near $98.3 million, and net investment in capital of about $557.0 million.
Weaver and Tidwell, the city’s external auditors for the year, issued an unmodified opinion on the financial statements and an unmodified report on federal financial assistance, audit partner John DeBurrow said. The single-audit testing covered two major programs this year: the Community Development Block Grant (CDBG) Section 108 loan guarantee program and the Coronavirus State and Local Fiscal Recovery Funds (ARPA) program.
"I'm happy to report that we've issued an unmodified opinion on the city's financial statements," DeBurrow said. He also reported no material weaknesses, no significant deficiencies in internal control and no material instances of noncompliance in the tests conducted.
DeHaven and DeBurrow also reviewed liabilities: the net pension liability totaled about $36.8 million and was 91% funded; the city reported an OPEB (retiree insurance) liability of roughly $378,000 that is funded at 95 percent; and compensated absences recently began to include accrued sick-leave valuation at about $12.3 million.
The audit work, completed Feb. 21, 2025, included the ACFR and the single-audit and was reviewed by the council’s audit committee on March 6, which accepted the reports. DeHaven said the ACFR will be submitted to the Government Finance Officers Association for the certificate of achievement program; the city has a multi-decade record of receiving that recognition.
No council action was required at the March 13 meeting because the audit committee had already accepted the reports. Council members asked technical questions during the presentation, including about Tax Increment Reinvestment Zone (TIRZ) projections for an East Medical District and the composition of capital assets and outstanding long-term debt.
Why it matters: An unmodified auditor opinion and the financial metrics presented support transparency and can influence creditworthiness, budget planning and long-term capital decisions.
