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Wylie council reviews FY2023–24 comprehensive financial report; auditors issue clean opinion
Summary
Weaver LLP presented the City of Wylie's annual comprehensive financial report for fiscal year 2023–24 and issued an unmodified opinion with no findings. Council heard highlights of revenue, expenditure, and fund-balance changes and a motion to accept the ACFR was made and seconded during the meeting.
Weaver LLP auditors told the Wylie City Council on Jan. 28 that the city's fiscal year 2023–24 financial statements are presented fairly in all material respects and that their review found no material weaknesses or significant deficiencies.
John DeBurrow, audit partner with Weaver LLP, said the firm issued two reports: an independent auditors' report giving an unmodified (clean) opinion on the financial statements and a report on internal control and compliance. "There were no findings, no material weaknesses or significant deficiencies," DeBurrow told the council.
The presentation covered the audit approach and key financial highlights. Governmental revenues totaled about $78.7 million for FY2024, up roughly $2 million from the prior year, driven primarily by an increase in ad valorem taxes (about $3.5 million) and higher sales tax receipts (about $800,000), the auditors said. Intergovernmental revenues declined by about $2.3 million, primarily reflecting reduced ARPA receipts compared with the prior year.
Auditors also said governmental funds expenditures rose to roughly $97.8 million, largely because of capital outlay timing: capital outlays increased about $17 million (from roughly $2.8 million to about $19.8 million). The governmental funds fund balance was reported at about $78.9 million as of Sept. 30, a decrease of about $16.1 million from the prior year that auditors attributed mainly to capital spending timing. The unassigned general fund balance was reported at $26.2 million, representing 43.8% of general fund expenditures.
On the enterprise side, the water and sewer fund's net position rose by about $7 million year over year. Operating revenues increased about $1.7 million, driven by rate changes and higher consumption; operating expenses rose about $1.9 million, largely from higher water and wastewater treatment costs; and transfers and capital contributions were lower by about $1.7 million, the auditors said.
DeBurrow told the council that the audit was performed in accordance with generally accepted auditing standards and government auditing standards, using a risk-based approach that focused procedures on higher-risk areas such as revenue recognition, capital projects, purchasing, and long-term liabilities. He said the city's federal financial assistance expenditures were below the threshold requiring a federal single audit this year.
Lauren Futch, audit manager for Weaver LLP, and city finance staff were present to answer technical questions, and the city indicated the ACFR is available in the meeting packet for public review. Mayor Pro Tem Jeff Forrester made a motion to approve the acceptance of the annual comprehensive financial report as presented; Councilman Scott Williams seconded.
Council proceeded to the next agenda item after the presentation and motion.
Documentation: the audit presentation and ACFR packet are included in the Jan. 28 meeting materials available from the City of Wylie.
