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Council accepts FY2025 audit: clean opinion, strong fund balances reported
Summary
The council unanimously accepted the FY2025 annual comprehensive financial report and single audit after the auditor reported a clean (unmodified) opinion, two major-program tests (ARPA and North Texas TAG Center), no material weaknesses, and a healthy general fund above the city's 33% policy.
City auditors presented the fiscal year 2025 annual comprehensive financial report and single audit; the audit partner, Rachel Ormsby, told the council the firm issued "clean, unmodified opinions" and identified two major programs for single-audit testing: ARPA (Coronavirus State and Local Fiscal Recovery Funds) and the North Texas TAG Center. Ormsby said the audit included a small number of non-material audit adjustments and one isolated single-audit reporting matter that has been corrected with the granting agency.
Ormsby highlighted strong fiscal metrics: the city met and slightly exceeded its internal unassigned general fund target (33%) and reported an unrestricted utility-fund net position of about $24 million. She also noted the city received a certificate of achievement for excellence in financial reporting for 41 consecutive years and that the audit was completed about two months earlier than in prior years. "A clean opinion on your financial statements ... is the highest level of assurance that a government can achieve," the auditor told the council.
Councilmember Parks moved and councilmember Blake seconded a motion to accept the FY2025 ACFR and single audit; the motion passed unanimously, 7-0.
