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Bellaire Council accepts clean FY2024 audit; auditors report no findings
Summary
The Bellaire City Council unanimously accepted the city's FY2024 Annual Comprehensive Financial Report after auditors issued an unmodified (clean) opinion and reported no audit findings.
The Bellaire City Council unanimously accepted the city's fiscal year 2024 Annual Comprehensive Financial Report and independent audit report during its March 17 meeting, City Chief Financial Officer Terrence Beeman said.
Beeman introduced Whitley Penn's audit team and noted the city is required by Texas Local Government Code 103.001 to obtain an annual independent audit. Andrew Jeanette, the audit manager on the engagement with Whitley Penn, told the council the firm issued an unmodified, or "clean," opinion on the city's financial statements and reported no material audit findings.
"This is the opinion that the city received on its financial statements, the unmodified or clean opinion," Jeanette said during his presentation. He summarized that the city's total assets and deferred outflows were about $189.9 million, with net position of roughly $69.5 million, an increase of about $1 million from the prior year.
Jeanette described the audit process, including interim fieldwork, year-end substantive testing and confirmation with third parties. He said auditors found no disagreements with management, no difficulties in performing the audit and no material misstatements that required correction. He also thanked city staff for cooperation.
Beeman told the council the city's general fund ended FY2024 with a roughly $9 million fund balance, and that the city met its policy of retaining the equivalent of 60 days of operating expenditures in unassigned general fund balance (the city ended the year at about 34% or roughly 124 days). For enterprise (water/sewer/solid waste) activities, days in working capital were 45 days; Beeman said the city has an implementation plan to meet its 60-day policy in FY2025.
No council member raised objections. The council voted unanimously to accept the FY2024 audit and Annual Comprehensive Financial Report.
Why it matters: an unmodified audit opinion and no findings provide assurance to residents, bondholders and state reviewers that the city's books are materially correct and that finance staff complied with accounting standards.
Votes at a glance: Acceptance of FY2024 Annual Audit and ACFRA — outcome: approved unanimously.
