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Amarillo council files draft annual financial report after CLA finds no material issues
Summary
The Amarillo City Council voted to file a draft Annual Comprehensive Financial Report (ACFR) prepared by CliftonLarsonAllen, after CLA said it expects to issue an unmodified (clean) opinion on the final statements; council asked staff to reconcile quarterly investment holdings, CIP work-product and bond-reserve figures before final adoption.
Scott Kerschnak of CliftonLarsonAllen presented a draft Annual Comprehensive Financial Report for the period 10/01/2024–09/30/2025 and offered to answer council questions. He described the document as a draft "subject to changes" and said CLA expects to render an unmodified opinion on the final financial statements once staff reconciliations are complete.
Mayor Stanley told council the draft was recently distributed and that several council members had not reviewed a hard copy. He asked CLA to help reconcile apparent differences between the quarterly investment holdings report and the ACFR so council can identify restricted versus…
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