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Independent auditors issue clean opinion on Victoria’s FY2024 financial statements
Summary
External auditors issued an unmodified opinion on the City of Victoria's fiscal year ending Sept. 30, 2024, reporting no material weaknesses, no compliance findings in the single audit and noting an increase in general fund balance.
City auditors from Harrison, Waldrop and Uherek (as presented) reported an unmodified (clean) opinion on the City of Victoria’s financial statements for the fiscal year that ended Sept. 30, 2024.
Melissa Terry, CPA and partner with the audit firm, presented an overview of the audit process and highlights. She said the firm completed fieldwork and issued opinion letters on April 21, 2025. The auditors found no material weaknesses in internal control over financial reporting, no fraud or illegal acts noted, and no compliance issues or deficiencies in internal control over compliance in the single-audit performed for federal and state grant expenditures.
Terry highlighted the city’s Management’s Discussion and Analysis (MD&A) as the place to review comparative audited information and narrative context. She said the general fund balance increased by $1.5 million in FY2024 to $24.8 million, with $900,000 designated for carryover purchase orders into FY2025. The water fund’s net position rose by about $139,000 while the environmental services fund’s net position declined by about $537,000 for the year.
She explained differences between working capital figures in budget documents and net position in the ACFR arise from accounting for capital outlay, pension and OPEB liabilities, leases and compensated absences. The city was required to adopt GASB Statement 100 for the period; auditors said it had no effect on FY2024 financial statements. The firm said they encountered no significant difficulties and had no independence issues to report.
Council thanked the audit team and staff; the full ACFR was posted to the city website and staff said it would be submitted for the GFOA certificate of achievement.
