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Independent audit: Friendswood receives unmodified opinion for fiscal 2024; fund balances fell as planned for capital projects
Summary
External auditors issued an unmodified opinion on Friendswood's 2024 financial statements. The city reported $322.4 million in assets and a government-wide net position of $159.4 million; ending fund balance declined largely due to bond construction and hurricane-related expenditures that are expected to be reimbursed.
Auditors from Whitley Penn presented the city’s annual comprehensive financial report for the fiscal year ending Sept. 30, 2024, and issued an unmodified opinion — the highest level of assurance — that the financial statements are fairly stated and in accordance with generally accepted accounting principles.
Nupay Garcia of Whitley Penn told the council that total assets and deferred outflows of resources were $322.4 million at year end, and total liabilities and deferred inflows were about $163.0 million,…
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