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Finance director gives audit update; council discusses audit & investment committee
Summary
Finance staff said Cherry Beckert and Weaver received trial balances and expect to complete the city audit in December or January; staff proposed forming an audit & investment committee to strengthen oversight and to prepare to engage rating agencies once the audit is complete.
Finance staff told the council that Cherry Beckert and Weaver have been engaged to complete the city's audit and that trial balances were submitted; staff said a final audit is likely in December or January.
Aaron (finance presenter) said new processes are in place and that the external accountants will be present for the Dec. 9 meeting to discuss specifics. He recommended preparing to meet with Hilltop Securities and rating agencies (Moody’s and S&P) once the audit is finalized and proposed creating an audit & investment committee made up of accounting‑knowledgeable stakeholders (5–7 members, potentially including CPAs and council members) to meet quarterly to strengthen internal controls and reporting.
Councilmembers expressed support for preventing repeated late audits and discussed engaging legal counsel on committee membership and legislative issues; the Texas Municipal League circulated the city's position on audit law and distributed the mayor's press release, staff said.
Staff will present the external accountants at the Dec. 9 meeting and follow up on committee formation if the council agrees.
