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Council accepts FY2024 audit and financial highlights; town earns GFOA recognition
Summary
The council accepted the Town’s audited financial statements and the condensed financial highlights for the fiscal year ending Sept. 30, 2024. Auditors issued a clean, unmodified opinion and reported no findings in the federal single-audit; staff noted GFOA awards for excellence in financial reporting.
The Little Elm Town Council voted to accept the town’s independent audit report (annual comprehensive financial report) and the condensed financial highlights for the fiscal year ended Sept. 30, 2024.
Finance staff and the town’s external auditor presented the results. The auditor, Rachel Ormsby of Forvis/Mazars, told the council the town received a clean, unmodified opinion on its financial statements and that the single-audit of federal grant programs (including ARPA and SAFER funding) found no material weaknesses or findings. “We received a clean, unmodified opinion,” Kelly (finance staff) said during the presentation. The auditor also noted the town had no material misstatements and commended staff cooperation.
Councilors were briefed on key financial highlights: general fund unassigned fund balance substantially exceeded the town’s minimum policy (25% of budgeted expenditures) and industry-recommended targets. Staff noted revenue increases driven by rising property values, a $9.3 million ARPA spend-down reflected in the single-audit, capital contributions from new development, and favorable investment income. The town also reported increased business-type revenues (water and solid waste) tied to rate adjustments and higher consumption.
Council accepted the audit and the condensed financial highlights by voice vote. The town was recognized by the Government Finance Officers Association (GFOA) for excellence in financial reporting and for outstanding achievement in popular annual financial reporting for fiscal year 2022–23.
Actions taken: The council approved acceptance of the independent audit report and authorized staff to file the report with required third parties and pursue GFOA submission for the FY2024 award. The council also accepted the financial highlights report with a minor correction to a figure noted during the meeting; staff agreed to revise the published copy before posting.
What this means: The clean audit indicates the town’s financial statements and internal controls met audited standards for FY2024. Staff said they plan to use available fund balance in multi‑year financial planning and to present any budgetary adjustments through the normal budget process.
