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Northlake audit: auditors issue clean opinion; town posts healthy reserves
Summary
Auditors Brooks Watson gave the Town of Northlake an unmodified ("clean") opinion on the 2024 financial statements, reporting an ending net position near $128 million and an unrestricted net position around $22 million; staff said the general fund unassigned balance remained well above the town's 33% policy.
Auditors told the Town of Northlake on May 22 that their 2024 financial audit received an unmodified — commonly called a "clean" — opinion.
"We did give an unmodified opinion," audit manager Austin Henderson said during the council briefing, adding that the firm had no independence concerns and that audit adjustments were typical year-end journal entries. The presentation highlighted an ending net position of about $128 million, an unrestricted net position of roughly $22 million and a $32 million increase in total net position for the year.
Finance staff said the town’s internal policy target of holding 33% of expenditures in unassigned fund balance remains well above target, with FY24 ending at about 51% unassigned balance. The report also showed revenues beat budget by about $1.6 million while expenditures exceeded budget by about $966,000, producing a net positive of roughly $663,000 year-to-date, officials said.
Councilors and the auditor discussed internal controls and prior findings; the auditor said internal-control notes have shrunk from multiple items in early audits to "one or two" items this year and described the changes as evidence of improving processes. The audit report and required communications are available on the town website, staff said.
