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Trust reviews treasurer's report and accepts unqualified audit; assets reported near $987 million
Summary
Board reviewed the treasurer's monthly report showing roughly $987 million in net assets and voted to accept the annual financial audit delivered by Carr, Riggs & Ingram (CRI).
Trustees reviewed the treasurer's report for the month ended Dec. 31, 2024, and received the trust's annual financial audit prepared by Carr, Riggs & Ingram, LLC (CRI). The board voted to accept the audit and authorized staff signatures as needed.
Treasurer's report highlights presented by Louis Meyer of the City of El Paso Controller's Office: total cash and investments were reported at approximately $985,000,000, receivables about $2,700,000, accrued expenses roughly $3,200,000, net assets available for benefits approximately $987,000,000. For the four months ended Dec. 31, total receipts were about $20,700,000, net investment loss for the four months about $307,000, and benefits paid to retirees for the period totaled roughly $27,200,000 (monthly benefits paid to retirees for December reported near $6,800,000).
The audit: trustees were told the audit report presented to the board is an unqualified opinion (no audit findings) prepared by Carr, Riggs & Ingram. Board members discussed that the audit partner who led field work was not present at the meeting but that auditors had presented to the Financial Oversight Committee (FOC) the previous day. The board approved a motion authorizing the chair or executive director to sign the audit documents and accept the draft audit report so it could be finalized and published.
Why it matters: acceptance of the annual audit finalizes the trust's financial statements for the fiscal year and enables required external reporting, including submission of the ACFR and state reporting. Trustees and staff noted the importance of audited numbers before producing final GASB 67/68 disclosures.
Formal action: a motion to accept the draft audit and authorize execution of related documents (mover and second not specified in the transcript) passed by voice vote; the trustees recorded 'Aye' and the motion carried.
Context and next steps: staff said they will submit audited financial statements and related materials to the State Pension Review Board and will use audited numbers for future GASB reporting. Trustees thanked staff and auditors for timely delivery and noted the continuing coordination with city finance and HR for data validation.
