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Council accepts towns 2024 financial report; consent agenda items 1—6 approved unanimously
Summary
After an auditor presentation that issued an unmodified opinion with no findings, the council accepted the Town of Flower Mounds 2024 annual comprehensive financial report and approved the consent agenda by unanimous votes.
The Flower Mound Town Council voted unanimously on March 17 to accept the towns annual comprehensive financial report for the fiscal year ended Sept. 30, 2024, after an audit presentation that reported a clean, unmodified opinion and no findings.
Why it matters: A clean audit demonstrates the towns financial statements were prepared in accordance with generally accepted accounting principles and that staff provided accurate records in support of that opinion. Council acceptance concludes the formal audit cycle for the prior fiscal year and supports transparency for bond, budget and policy discussions.
Key presentation points: Kevin Randolph, CPA and senior manager with audit firm EideBailey, told council the firm issued an unmodified (clean) opinion on the 2024 financial statements and found no material weaknesses, significant deficiencies or instances of noncompliance in its audit procedures, including the required single‑audit review of federal grant spending (the town expended more than $750,000 in federal grant funds, primarily American Rescue Plan/SLFRF program dollars). Randolph said the audit turned up no required adjusting entries and commended the towns finance staff for timely responses to information requests.
Financial highlights presented by staff and the auditor included: total cash and investments of roughly $173.7 million across governmental and enterprise activities; a general‑fund unassigned fund balance of about $33.5 million (roughly 32.4 percent of general fund expenditures, approximately four months of reserves); and a year‑end general fund decrease of about $7.3 million driven largely by a one‑time land purchase of $7.5 million recorded during the fiscal year.
Budget context: Finance staff explained to council that government‑wide financial statements use different accounting and measurement bases than the annual operating budget and advised council where to look in the ACFR to explain apparent differences between budgeted and actual figures. Staff said the town plans to publish a popular annual financial report to make the numbers more accessible to lay readers.
Council action: A motion to approve the annual comprehensive financial report was made and seconded; the roll call vote recorded all members as “aye.” Earlier in the meeting council also voted to approve consent agenda items 1 through 6 as presented; that motion likewise passed by a unanimous roll call.
Votes at a glance: - Consent agenda items 1–6: motion to approve passed by unanimous roll call (aye: Taylor; Jure; Martin; Schistel; Warner). Specific consent‑item details were not read aloud in the transcript and are recorded in the meeting agenda packet. - Annual Comprehensive Financial Report (fiscal year ended 09/30/2024): motion to approve passed by unanimous roll call (aye: Taylor; Jure; Martin; Schistel; Warner). Auditor Kevin Randolph said the firm issued an unmodified opinion and found no material findings.
Whats next: Council accepted the report; staff will publish summary information and follow through on suggested outreach and a popular annual financial report to help residents understand budget‑to‑actual variance and capital expenditures.
