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External auditors issue unmodified opinion on Denton’s FY2023–24 financial statements
Summary
Weaver and Tidwell delivered an unmodified audit for fiscal year ending Sept. 30, 2024, reporting no material weaknesses, no audit findings and unmodified reports on major federal and state programs, the auditor said to council March 25.
Bridal (Brian) Sanchez of Weaver and Tidwell told the City Council on March 25 that the firm had issued an unmodified opinion on the City of Denton’s financial statements for the fiscal year ended Sept. 30, 2024, and reported no material weaknesses, no significant deficiencies and no audit findings.
Sanchez, the engagement senior manager, said the audit included tests of compliance for major federal and state programs (including ARPA, Community Development Block Grant and the Regional Toll Road/State program) and a single audit under the Uniform Guidance and Texas grant-management standards. He told the council the auditors "identified no uncorrected misstatements" and received written representations from management prior to issuance.
The audit team also performed IT-related procedures and data-analytics work as part of the engagement. Sanchez said the engagement encountered no difficulties with management, no disagreements and no identified or suspected fraud resulting from their procedures. The report on internal control over financial reporting and on compliance was unmodified.
Council members asked about the finance team’s practices and about pension and retiree-health liabilities. Weaver and Tidwell said they reviewed significant accounting estimates — including pension and other postemployment benefits (OPEB) and incurred-but-not-reported liabilities — and concluded the assumptions were reasonable relative to the financial statements.
Assistant controller and city staff thanked the finance team and auditors. Council member Jill Jester and others praised the department for the clean audit and asked whether any near-term improvements were recommended; the auditor responded that no issues rose to reportable matters and that staff is proactive about systems and controls.
Why it matters: An unmodified opinion with no material weaknesses or findings is a routine but meaningful signal to investors, bondholders and ratepayers that the city’s financial statements and grant compliance met professional standards for fiscal year 2023–24. The audit also affirms disclosures and estimates used in the statements.
Next steps: Weaver and Tidwell will finalize and file required audit reports; staff will continue routine financial controls and return to council with any items discovered outside the scope of the audit process.
