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Council accepts FY 2023–24 audit; city posts healthy reserves and improved pension funding
Summary
The council accepted the fiscal year 2023–24 audit from Brooks, Watson & Company, which reported an unmodified opinion, an increase in net position of roughly $3.1 million and an improved funded ratio for the city's pension to about 90%.
The Fair Oaks Ranch City Council on March 20 accepted the fiscal year 2023–24 annual audit and comprehensive annual financial report prepared by Brooks, Watson & Company.
Summer Fleming, the city's director of finance, introduced the report. Auditor John Watson presented highlights, telling council the firm issued an unmodified opinion — the highest level of assurance under generally accepted auditing standards — and that governmental funds reported a…
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