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Auditors give Lewisville an unmodified opinion; town shows growth in reserves
Summary
Gibson & Company issued a clean (unmodified) opinion on Lewisville’s FY2024–25 financial statements; finance staff reported revenues above budget, a rising fund balance and completed ARPA transfers into the general fund.
The town’s auditors told the Town Council that Lewisville’s annual comprehensive financial report for the fiscal year ended June 30, 2025, received an unmodified (clean) opinion.
Monty Pendry of Gibson & Company said, “in the opinion of Gibson and Company, based on the audit, that the financial statements of the town of Lewisville present fairly in all material respects the financial position of the town of Lewisville and the changes in net position of the town for the fiscal year ended 06/30/2025.” He added that auditors found no internal control deficiencies, no matters of noncompliance and no budget violations.
Finance Director Pam (surname not given in the public record) presented highlights: general fund revenues totaled $7,051,084; property tax revenue was $3,875,000 (exceeding budget by $105,000 after a property tax rate change from 17.7¢ to 21.7¢ per $100 valuation); sales tax revenue was $1,290,000; total expenditures for all departments were $6,176,040; and the general fund balance at June 30 was $8,412,610. The town’s “available fund balance as a percentage of expenditures” was 121 percent, which staff said represents roughly 14 months of operating expenditures and exceeds the town’s fund balance policy of 65 percent.
Pam said positive variances came from stronger property tax and investment earnings, lower waste management costs and salary vacancies that reduced overtime and benefit spending. She also reported the final ARPA transfer of $374,752 into the general fund (used to reimburse salaries and benefits) and noted the town has enrolled the comprehensive annual financial report for a Government Finance Officers Association award.
Council members thanked the finance director and auditor for the work and asked no follow‑up questions. The clean opinion and improved reserve position were presented as evidence of the town’s strong fiscal management heading into next year’s budget process.
