Denison council accepts 2024–25 comprehensive financial report with unmodified audit opinion

The Denison City Council on March 16 accepted the city’s 2024–25 annual comprehensive financial report after an auditor presented an unmodified opinion on the city’s financial statements.

John Manning of Patilio Brown and Hill LLP reviewed highlights of the ACFR and told the council the firm issued what it calls an "unmodified opinion," the highest level of assurance an external auditor can give. "We are offering what we call an unmodified opinion, meaning we did not have to modify our opinion for things that the city wasn't keeping track of," Manning said.

Manning outlined the city’s financial position as of Sept. 30: roughly $40.5 million in reported assets, liabilities approaching $4 million, and a general fund balance of about $13.2 million. He noted that the city presents three major funds in the report (general fund, debt service, and general capital projects fund) and highlighted that the water and sewer utility funds include substantial capital assets — the presentation described approximately $222 million in utility-related capital assets.

Manning also described reporting practices that support transparency, including an extended management discussion and 10 years of trend data included in the ACFR. He recommended the city apply for or accept the Government Finance Officers Association award of excellence in financial reporting; the auditor said such recognition is common among jurisdictions with robust reporting.

A council member moved to accept the 2024–25 ACFR as presented by Patilio Brown and Hill LLP; the motion was seconded and carried unanimously. No conditions or follow-up tasks were recorded in the meeting minutes related to the acceptance.