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Council accepts city audit showing clean opinion; auditors note past capitalization and lease review timing issues
Summary
External auditors issued an unmodified opinion on the city’s comprehensive annual financial report; the auditor flagged a deficiency related to delayed capitalization of capital projects and delayed review of leases/subscription IT contracts, and one single‑audit finding on ARPA retainage that was corrected.
The Amarillo City Council accepted the city’s Comprehensive Annual Financial Report after external auditors issued an unmodified (clean) opinion, while noting a handful of non‑material internal control matters that staff is addressing.
Finance staff member Laura Storrs and Janie Arnold of CMMS CPAs and Advisors briefed council on the 300‑page audited financial statements and accompanying single audit. Storrs said the city prepares financials under generally accepted accounting principles (GAAP) and GASB standards and that Amarillo has received…
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