Coppell receives clean audit: independent auditor issues unmodified opinion; council accepts ACFR

Claire Wooten, director with Weaver, presented the results of the fiscal 2024 financial statement audit and reported an unmodified (clean) opinion on the city's Annual Comprehensive Financial Report (ACFR).

Wooten told the council the auditors also issued an opinion on internal control over financial reporting with no material weaknesses or significant deficiencies and an unmodified opinion on compliance for each major federal program tested (the city's ARPA funds). She described the audit process, interim and final field work and noted there were no audit adjustments, no findings and no difficulties obtaining needed records.

Wooten summarized key financial highlights from the report: general fund revenues for fiscal 2024 totaled about $89.8 million (a $2.2 million or 2.5% increase over 2023) driven by a $1.4 million increase in property taxes and a $1.2 million increase in sales taxes; general fund expenditures totaled about $62.2 million (a 5% increase over 2023) primarily due to a $1.1 million increase in public-safety salary costs. The water and sewer enterprise fund net position increased by about $4.3 million in fiscal 2024. Wooten also noted upcoming GASB standards (GASB 101 and 102) with limited expected impact.

Council thanked the finance team and auditors for the quick turnaround and clean results. The council then moved to accept the ACFR: the motion to accept item 10 was made by Councilmember Carroll, seconded by Councilmember Walker, and passed with Walker, Carroll, Nevills, Prem Kumar and Matthew Hill recorded in favor.

The ACFR acceptance affirms the city's audited statements for the fiscal year ended Sept. 30, 2024 and completes the reporting required under the city charter (section 7.13).