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Colleyville Council Unanimously Accepts FY2024 Annual Audit, Approves Consent Agenda
Summary
Council adopted a consent resolution that included approval of minutes and acceptance of the fiscal year 2024 audit; auditors issued an unmodified (clean) opinion and staff said finances remain healthy.
The Colleyville City Council on March 11 unanimously approved a consent resolution that included accepting the annual audit for the fiscal year ending Sept. 30, 2024, and approving routine consent items including minutes from the March 4 meeting.
Jennifer of the auditing firm (identified in the meeting packet) presented the audit. She said the auditors performed the work in accordance with generally accepted auditing standards and Government Auditing Standards and issued an unmodified opinion. "We noted no significant deficiencies and no material weaknesses in internal controls or in compliance," she told the council. The auditors also performed required compliance testing on state financial assistance (the Texas FMAS wildfire assistance noted in the packet) and reported no findings, no uncorrected misstatements and no audit adjustments.
City staff and council praised the finance team. The packet shows governmental fund balance at $56,600,000 and enterprise net position of $79.4 million with an unrestricted portion noted as 43.7 (units not restated in the packet). The finance director said property tax collections were strong for the period presented and reminded council that quarterly hotel-occupancy receipts were recorded in January; staff said sales-tax figures for March collections were not yet available.
A public hearing was opened and closed with no speakers. Council member Alfonso moved to approve Resolution R-25-5024, and a second was recorded; the motion passed 5-0.
Staff also presented the city's monthly financials for February and noted the municipal budget process begins the following day. Staff said about 41.7% of the fiscal year had elapsed and that general fund revenue receipts were higher than year-to-date budgeted expectations mainly because property tax collections were received in January and February. The city manager said the budget process will return to council with preliminary numbers in about six to eight weeks.
The council vote recorded approval of the consent resolution by a 5-0 tally.
