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Wylie council accepts clean audit for fiscal year 2023–24
Summary
The Wylie City Council voted unanimously to accept the city's annual comprehensive financial report for fiscal year 2023'24 after a presentation by auditors from Weaver LLP, who issued a clean opinion and reported no material weaknesses or significant deficiencies.
The Wylie City Council on Jan. 28 unanimously accepted the City of Wylie's Annual Comprehensive Financial Report (ACFR) for fiscal year 2023'24 following a presentation by Weaver LLP.
Weaver audit partner John DeBurrow told council members the firm issued an unmodified (clean) opinion on the city's financial statements and reported no findings on internal controls or compliance. "There were no findings, no material weaknesses or significant deficiencies," DeBurrow said during the presentation.
The audit covered governmental activities, the general fund and enterprise (water and sewer) funds. DeBurrow said total governmental revenues for fiscal 2024 were about $78.7 million, a roughly $2 million increase from the prior year driven primarily by a $3.5 million rise in ad valorem tax revenue and an $800,000 increase in sales tax; intergovernmental revenues declined as one-time ARPA funds were spent in the prior year.
Governmental fund expenditures rose to $97.8 million, largely because capital outlay increased from about $2.8 million to $19.8 million as several capital projects were active during the year. The governmental fund balance as of Sept. 30 was $78.9 million, a decline of $16.1 million from the prior year that DeBurrow said was mainly timing related to project spending.
On the city's enterprise side, DeBurrow said the water and sewer fund's net position rose by about $7 million year over year, reflecting higher operating revenues from rate increases and increased consumption offset in part by higher operating costs for water and wastewater treatment.
Mayor Matthew Porter thanked the finance team and auditors. After the presentation, Mayor Pro Tem Jeff Forrester moved to approve acceptance of the ACFR "as presented," Councilman Scott Williams seconded, and the motion carried 7'0'00.
The council packet contains the ACFR and supporting schedules for members of the public seeking more detail.
Why it matters: An independent clean audit provides third-party assurance that the city's financial statements are fairly presented and that the finance office's internal controls did not contain material weaknesses during the year. Council acceptance of the ACFR is a routine but important step for transparency and financial stewardship.
