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Angleton accepts clean (unmodified) audit for fiscal 2024; modest net position gain noted
Summary
Independent auditor Crowe LLP issued an unmodified opinion on Angleton’s 2024 financial statements; the city council approved the audit after a brief presentation and questions about transfers and recommendations.
Angleton officials accepted the city’s 2024 audit after a presentation by Stephanie Harris, audit partner with Crowe LLP, who said the firm issued a clean, unmodified opinion on the city’s financial statements.
Harris highlighted a modest increase in the city’s overall net position (about $387,000) and noted a notable decline in the net pension liability driven by actuarial assumptions and projected investment earnings. She said the city’s federal expenditures were below the single-audit threshold for the 2024 fiscal year (under $750,000) and that the federal threshold for single-audit reporting will rise to $1,000,000 in the 2025 fiscal year.
Council members asked whether Crowe issued management recommendations; Harris said there were informal recommendations discussed during the audit but no formal management letter for council action. Finance staff and council members recognized work by Susie (city finance) in cleaning up prior-year issues. Councilman Smith moved to approve the audit; Councilman Sarton seconded. The motion carried.
Why it matters: an unmodified audit provides the highest level of assurance that the city’s financial statements are materially correct and properly disclosed; council and staff also discussed transfers and ongoing fiscal plans to improve fund balance.
