Audit partner says town will receive clean opinions; council votes to accept FY audit

The Little Elm Town Council accepted the town's independent audit report for the fiscal year ending Sept. 30, 2024, following a presentation from the town's external audit partner.

Rachel Ormsby, the audit partner, told the council the audit team conducted standard testing including internal-control and grant compliance work and did not identify material weaknesses or significant deficiencies. She said the draft had completed quality control and review and the firm stood ready to issue clean opinions on the town's financial statements and on compliance work related to federal funds.

"We did not identify any material weaknesses or significant deficiencies in your internal controls," Ormsby said. "You are gonna get a clean opinion on your financial statements as a whole." She also noted that because the town spends and receives more than $1,000,000 in federal funding, a separate federal single-audit compliance review was required and completed without findings related to the audited grant listed in the packet.

Following the presentation, a council member moved to accept the independent audit report, the annual comprehensive financial statements, and the federal and state single-audit reports for the fiscal year ending Sept. 30, 2024. The motion was seconded and the council approved the motion by voice vote (members responded "Aye").

Council members and staff publicly recognized the finance team's work during a year of turnover and noted the town received GFOA recognition for financial reporting. Speakers thanked staff and the auditors for completing the report in time for required filings.

The council's formal acceptance of the audit completes the town's FY 2024 external audit process; staff said the finalized reports would be filed ahead of the next-week deadline and the town would continue preparing required GFOA submissions and GASB-related updates.