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City accepts FY 2024 audit; auditors report no material findings, single‑audit work underway
Summary
The City Council accepted the fiscal year 2024 audit presentation from Corvus Mazars; auditors reported revenue increases, higher expenditures tied to personnel and no material audit adjustments or internal‑control findings; ARPA funds were spent and the single‑audit will be finalized within 30 days.
The Anna City Council unanimously accepted the City’s fiscal year 2024 audit on May 27 after an audit presentation from Corvus Mazars and remarks from Finance Director Amy Ray Ferguson.
Auditor Rachel Ormsby, who led the engagement for Corvus Mazars, told council the firm performed its first year as the city’s independent auditor and had no material audit adjustments to report. Ormsby said the audit work to date shows revenues increased roughly $4.7 million year over year—driven by property tax, sales tax and charges for services—while expenditures rose primarily because of increased headcount and merit pay. The city’s utility fund position increased roughly $11 million driven by operating revenues and developer fees; utility expenses rose principally because of contract services and depreciation.
Ormsby said the city spent more than $750,000 in federal awards during the year (related to ARPA funding) and so is subject to the single‑audit requirements; auditors reported the ARPA funding had been fully expended as of Sept. 30, 2024 and said the single audit work had no internal‑control or compliance findings to date. City staff said the audit presentation occurred earlier in the calendar year than in recent prior years and praised finance staff for the year‑end close improvements.
Ferguson told council the city’s transparency ratings were affirmed (Moody’s A2 issuer and general‑obligation limited‑tax ratings were affirmed) and that the city had been recognized by the Texas Comptroller as a transparency “trailblazer.” Ormsby told council Mazars expects to issue an unmodified (clean) opinion when the audit is finalized and that management representations and final review processes would be completed in the coming weeks.
Council asked for additional breakdowns (department‑level salary impacts, three‑year variance on revenue categories and other follow‑up items) and the auditors and staff agreed to provide those detail items after close. The council then voted unanimously to accept the audit presentation and to file the audit.
