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Independent auditor gives Lake Jackson a clean opinion; general fund shows $17.6M ending balance
Summary
Crowe LLP delivered an unmodified (clean) opinion on the City of Lake Jackson's annual financial statements; the auditor reported a roughly $17.6 million ending general-fund balance (about $11.8M unassigned) and no material findings, and noted compliance with the statewide audit timing rule.
Crowe LLP presented the City of Lake Jackson's annual comprehensive financial report at the April 6 council meeting and issued an unmodified opinion on the financial statements, the firm's managing director of audits said.
"The biggest thing to note here is that we've given your city an unmodified opinion," Ben Cohen said, calling it the highest level of assurance Crowe can give. Cohen told council there were no material audit adjustments, no significant deficiencies, and no difficulties with management. He reported a net increase in the city's net position and an ending general fund balance of about $17,600,000, of which roughly $11,800,000 was unassigned.
Council members asked about auditor rotation and the impact of recent legislative deadlines for audit issuance; Cohen said the firm rotates partners and noted the audit was issued on time by the March 28 statutory deadline. Cohen also said one new accounting standard applied to compensated absences but had no material effect on the financial statements. No formal council action was required beyond receiving the report.
