Farmers Branch council accepts FY2024 comprehensive financial report

The Farmers Branch City Council on April 22 unanimously approved a resolution accepting the City’s annual comprehensive financial report for the fiscal year ended Sept. 30, 2024, after external auditors said the report received an unmodified (clean) opinion and that there were no reportable findings in the federal single-audit.

The auditors from Forvis Mazars, LLP told the council their work was conducted in accordance with generally accepted auditing standards and government auditing standards and that "we issue unmodified or clean opinions," a summary statement made by audit partner Dan Barone during his presentation. Barone also said there were no reportable findings on internal controls over financial reporting or on compliance for major federal programs, including the coronavirus State and Local Fiscal Recovery Funds, which the audit team treated as a major program.

The city’s finance director, Leanne Huddleston, presented highlights from the report and thanked staff. Huddleston said taxable assessed value (net of exemptions) was about $9.3 billion, an increase of roughly $3 billion in just over three years; general fund revenues rose 6.4% over the prior year; the general fund balance ended the year at $45.8 million with $22.2 million unassigned; the water and sewer fund had an unrestricted net position of $27 million with $14 million identified for capital; and the hotel tax fund finished with a $3.1 million balance after accounting for $1.3 million due back to the general fund.

Audit manager Tyler Hoffman reviewed forthcoming Governmental Accounting Standards Board pronouncements the council should expect to analyze in future fiscal years (including changes related to compensated absences, certain risk disclosures, and capital-asset disclosures). The auditors also noted their cybersecurity risk assessment as part of the engagement and reported no cyber events for the year.

After questions from council members—including thanks for making the material accessible—the council member (mover) made a motion to approve the resolution, a second was recorded, and the motion passed unanimously.

The council’s approval authorizes the city to file and publish the annual report and to use the audited financials as a basis for the city manager’s 2025–26 operating and capital budget work.

Documents related to the report, including the footnotes referenced by the auditors (pension and OPEB liabilities, subscription-based IT arrangements and PPPs), were discussed during the presentation and will be available with the CAFR.