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Boerne PFC audit returns clean opinion; fund balance and investments summarized
Summary
The Boerne Public Facility Corporation received an unmodified (clean) audit opinion for fiscal year ending Sept. 30, 2024. Staff reported a fund balance of about $3.1 million as of that date, noted recent transactions and said the PFC funds are invested with the city's pool at roughly 3.6 percent.
The Boerne Public Facility Corporation on April 8 reviewed its annual audit and financial position. Sarah (finance staff) presented the auditors' report and told the board the PFC's financial records were audited as part of the city's overall audit and that the auditors rendered an unmodified opinion, which she described as a "clean opinion."
Context: the audit presentation is required under the PFC bylaws. Sarah reported that the PFC began the fiscal year with about $719,000 in fund balance and that, after transactions in 2024 including the sale of an Australia interest, the PFC had a fund balance of approximately $3,105,392 as of Sept. 30, 2024.
Sarah said PFC funds are invested in the same pool as the city and are earning about 3.6 percent. She noted recent activity affecting the fund balance, including $50,000 used toward the parking garage and about $50,000 expected in administrative rent. She also noted that the board had approved a $400,000 payment (discussed on the transfer item) that would flow into PFC funds.
No board action was required on the audit presentation.
The board acknowledged the presentation and moved on to the next business; there was no motion or vote recorded for the audit briefing itself, and the meeting adjourned at 5:44 p.m.
