External auditors issue clean opinion on Georgetown’s financial statements

Finance staff summarized the city’s Annual Comprehensive Financial Report and said assets rose $428 million year over year, including $335 million in capital additions and $216 million in work‑in‑progress. The report noted increases in property‑tax and sales‑tax collections and elevated investment income.

Adam McCain, engagement partner with Weaver and Tidwell, presented the audit results and said the firm issued an unmodified (clean) opinion on the financial statements and an unmodified opinion on internal control over financial reporting. "We have issued an unmodified or clean opinion on the financial statements," McCain told the council, and he reported no material misstatements, no material weaknesses in internal control and no independence matters for the engagement.

McCain described the audit procedures and the three significant audit risks the firm considered in planning—management override of controls, improper revenue recognition (with attention to property tax), and inappropriate movement of expenses between budget categories—and said the audit found no reportable issues in those areas. He also noted the firm performs single‑audit procedures for federal awards and reviewed coronavirus recovery funds spent by the city as part of the year’s compliance procedures.

Council members and the mayor thanked the finance and accounting teams for the work that enabled a timely audit; one councilor drew attention to statistical section data including inspection and permit totals over the last decade. Staff and auditors said they would follow up on council questions outside the meeting.

Next steps: The city will publish the ACFR and associated materials; the auditors and staff remain available for follow‑up questions as the council reviews the detailed report.