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Weslaco City Commission accepts Weslaco EDC financial audit showing stronger cash position and prior-period adjustment
Summary
The Economic Development Corporation's audited statements show increased cash and investment balances and a positive net position; auditors discussed a prior-period adjustment and incentive costs while commissioners voted to accept the redacted audit for fiscal year ending Sept. 30, 2025.
Representatives from Garcia & Pena CPAs presented the Weslaco Economic Development Corporation's financial audit for the fiscal year ended Sept. 30, 2025.
Manuel Garcia reviewed highlights: cash and cash investments were about $3 million higher than the prior year; total assets were reported at roughly $33 million versus $31 million in 2024; liabilities decreased and net position increased. He explained a prior-period adjustment related to project development costs and noted there remain 13 lots held for resale valued in aggregate. The audit report also showed a change in net position and incentive-cost items that required restatement across certain fund presentations.
Commissioners asked clarifying questions about the figures and the auditor's restatement. The commission subsequently moved and approved filing the audit as presented.
