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City accepts FY2024 audit; auditors report no material findings and praise finance staff’s year‑end improvements
Summary
Anna’s City Council unanimously accepted the fiscal year 2024 audit. Independent auditors from Corvus Mazars reported no material audit adjustments or findings and said the city’s finance team made notable improvements in the year‑end close process. Staff said ARPA funds have been expended and the city will finalize required single‑audit reporting.
Anna — The City Council unanimously accepted the fiscal year 2024 financial audit after a presentation by the city’s auditor, Corvus Mazars, and staff from the finance department.
Finance Director Amy Ray Ferguson gave an overview of highlights: Moody’s affirmed the city’s A2 issuer and general-obligation limited-tax rating, the Texas Comptroller recognized Anna as a transparency “trailblazer” and the city received a GFOA award for its 2023 annual comprehensive financial report. Ferguson also said Corvus Mazars was engaged under a five‑year contract that began with the 2024 audit.
Auditor Rachel Ormsby, Corvus Mazars audit partner, told the council the audit’s objective is to form an opinion on whether the financial statements are fairly presented and to evaluate internal controls; she said the firm found no material audit adjustments and no internal control findings that rose to reportable status in the audit. Ormsby also reported the city spent more than $750,000 in federal awards this year, triggering a single‑audit requirement; she said those federal awards (primarily ARPA funds) were fully expended as of Sept. 30, 2024 and the single audit would be finalized in the coming weeks.
Why it matters: A clean audit and external confirmation of internal controls strengthens fiscal transparency and supports the city’s credit profile and borrowing capacity. Ormsby told the council the year‑end close process had improved compared with prior years and that staff provided timely documentation during the first year of the firm’s engagement.
Council members asked questions about revenue increases, the makeup of utility‑fund results and personnel costs. Ormsby and Ferguson said revenues increased about $4.7 million from the prior year, driven by property tax, sales tax and charges for services; utility fund net position improved by roughly $11 million, in part because of operating revenues and developer fees. Ferguson committed to provide more granular department‑level salary/merit increases and multi‑year comparisons to council on request.
Ormsby said the auditors will issue a clean (unmodified) opinion once the remaining review steps are complete and the management representation letter is signed. The council voted 7‑0 to accept the audit presentation and accompanying financial statements.
What’s next: staff will finalize the ACFR (annual comprehensive financial report) and publish updated financial pages on the city website; the single audit reporting for federal award expenditures will be completed in the coming weeks.
For background: state law (Texas Local Government Code chapter 103) and the city charter require an annual independent audit; the new auditor engagement covers five years per staff procurement.
