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Council hears audit presentation, S&P downgrade explanation and awards new independent-audit contract
Summary
Staff and auditors presented the FY2024 capital outlay findings and S&P Global’s downgrade to AA+ from AA minus; council approved an audit contract award to Lyle & Carter and emphasized completing future audits on schedule to restore rating upward momentum.
EAGLE PASS, Texas — City staff and the city’s auditor presented an explanation of the fiscal-year 2024 capital outlay reporting, and staff briefed council on Standard & Poor’s recent credit-rating action and its causes. The council then approved awarding the independent-accounting and audit-services contract to Lyle & Carter.
Audit presentation and capital outlay: An auditor explained the difference between fund-level (cash-basis) reporting used for budgeting and government-wide full-accrual statements required under GASB, showing how approximately $20.4 million in capital outlay was allocated between capitalized assets and expense items in the…
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