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Council accepts unmodified audit and single-audit for fiscal 2024; city posts healthy fund balances
Summary
The council accepted the city’s 2024 Annual Comprehensive Financial Report and single-audit; auditors issued unmodified opinions and reported a positive increase in net position and a healthy general fund balance.
The Jersey Village City Council accepted the 2024 Annual Comprehensive Financial Report and the required single-audit at its May 14 meeting after a presentation from the city’s auditors.
Stephanie Harris of Crow (auditor) told council the firm issued an unmodified opinion on the city’s financial statements — the highest level of assurance — and an unmodified opinion on compliance for the city’s major federal programs. The city reported roughly $32.7 million in total expenses for fiscal 2024 and collected just over $21.6 million in general revenues. After grants and contributions and other activity, the auditors said the city showed a net positive increase in net position of approximately $3.9 million for the year.
On a fund basis, the auditors reported an ending general fund balance of about $7.9 million — roughly six months of operating expenditures and above typical 25%/90-day benchmarks used by outside reviewers. The city also reported approximately $23.4 million in the capital bond project fund. The auditors noted the city performed a single audit due to federal expenditures exceeding the $750,000 threshold; tested federal programs included flood mitigation and disaster assistance.
Council approved the resolution accepting the report without further discussion.
