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EDC approves clean 2023–24 audit but flags late reconciliations
Summary
The Bandera EDC accepted the auditors' unqualified opinion on the 2023–24 financials, hearing that the fund balance restricted for economic development stands at $1,243,434; auditors noted a material weakness because bank reconciliations were not prepared timely.
The Bandera Economic Development Corporation on a special meeting approved the 2023–24 audit after staff summarized the report and auditors' recommendations. Allison (S5), who presented the highlights, said the auditors issued an unqualified opinion: "It's an unqualified opinion, which is good. That means it's a clean audit." The board then voted to accept the audit.
Allison told the board the EDC ended the year with $1,243,434 in a fund balance restricted for economic development and reported a year-end increase in fund balance of $214,349. She also said the budget-to-actual variance produced a positive $638,350 because prior budgets had planned to spend more than actual outlays.
The presentation included a material-weakness finding: bank reconciliations had not been performed timely and did not fully reconcile to the general ledger. Allison warned that if reconciliations are not kept current this could appear as a finding again in future audits but added that reconciliations are now up to date: "So right now, we're all up to date for the reconciliations." The board discussed instituting year-end closing procedures recommended by the auditors.
A board member moved to approve the audit and the motion passed; the minutes record no opposing votes. Staff was directed to provide the full audit report in the packet and to follow up with the auditor for any additional questions or clarifications.
The EDC will track implementation of the recommended year-end closing procedures and continue to monitor reconciliations ahead of next year's audit.
