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Bellaire accepts FY2025 audit; Whitley Penn issues clean opinion
Summary
Council accepted the city's fiscal year 2025 audit and annual comprehensive financial report after a presentation by Whitley Penn showing a $75.2 million net position and positive general fund results; auditors reported no material weaknesses and no single audit was required.
The Bellaire City Council unanimously accepted the fiscal year 2025 audit and annual comprehensive financial report following a presentation by the city's external auditors, Whitley Penn.
Andrew Jeanette, audit senior manager with Whitley Penn, told the council the firm issued an unmodified, or "clean," opinion on the city's financial statements. "We're happy to report that this is the opinion that the city of Bellaire received on its fiscal year 2025 financial statements, the clean or unmodified opinion," Jeanette said during his presentation. The audit shows total assets and deferred outflows of $194,800,000 and a net position of $75,200,000 as of Sept. 30, 2025, an increase of about $5.7 million (8.25%) from the prior year.
Terrence Beaman, the city's chief financial officer, stressed the result reflected citywide collaboration. "We always want to pursue and seek a clean audit," Beaman said, thanking staff and the audit finance board. Jeanette also noted there were no material weaknesses or significant deficiencies, no management letter issued, and the city did not trigger the federal single audit threshold (federal expenditures below $1,000,000 in 2025). Council members praised the finance team and gave general consent to accept the audit; no formal roll-call tally was required.
Why it matters: A clean audit and strong fund balance signal the city can rely on its financial statements for budgeting and capital decisions. Jeanette and Beaman highlighted stable operating results in the general fund (revenues $28.2M; expenditures $27.7M) and improved working capital in the enterprise funds, including water and sewer, which returned to policy compliance after rate adjustments.
What’s next: Staff will submit the ACFR for GFOA consideration by the March 31 deadline to pursue the Government Finance Officers Association award for the city's reporting.
