Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget And Audit topic
No spam. Unsubscribe anytime.
City Council accepts FY2023–24 comprehensive financial report; auditors issue unmodified opinion
Summary
External auditors presented the annual comprehensive financial report for the year ended Sept. 30, 2024, delivering an unmodified opinion; council voted to approve the report and accepted staff explanations about reserves and investment earnings.
External auditors presented the City of South Padre Island’s annual comprehensive financial report for the fiscal year ended Sept. 30, 2024, and told the council the audit produced an unmodified opinion on the financial statements and an unmodified opinion on the federal and state programs tested.
Jonathan Hall, a partner with Cartridge & Ingram (CRl), summarized the audit findings and told the council the financial statements “present fairly in all material respects” in accordance with U.S. generally accepted accounting principles. Hall said the auditors issued no findings related to internal control that required reporting and that compliance testing of the federal and state grant programs audited also received an unmodified opinion.
The nut graf: The council approved the annual report as required by the Home Rule Charter; auditors described the city’s financial position as healthy, highlighted fund balances and restricted hotel/venue reserves, and noted roughly $3 million in investment interest earnings for the year.
Hall reviewed highlights including total assets reported at about $129 million, noncurrent liabilities around $25.9 million, and total net position of roughly $102.9 million. He pointed to the general fund balance of approximately $12.2 million (with roughly $11.9 million unrestricted) and noted that, on current expenditure levels, the city holds more than nine months of operating reserves in the general fund. The auditors also described capital investment activity, including construction in progress for street projects and the issuance of tax notes for vehicles and equipment.
Council discussion included confirmation from council members and staff that higher interest earnings—approximately $3 million across city investments for the year—contributed materially to the positive change in fund balance. Council voted to approve the comprehensive financial report; no opposing votes were recorded in the meeting transcript.
