Title
Consider/Discuss/Act on the Annual Audit Results, the Acceptance of the Annual Comprehensive Financial Report (ACFR) and the Federal/State Single Audit Reports for the Fiscal Year Ended September 30, 2024
Summary
COUNCIL GOAL: Financially Sound Government
4A: Provide funding and organizational framework to ensure continual economic improvements
MEETING DATE: March 4, 2025
DEPARTMENT: Financial Services
CONTACT: Mark Holloway, Chief Financial Officer
Trudy Mathis, Director of Finance
ITEM SUMMARY:
• City’s external audit firm to present the results of the City’s Annual Audit
• The ACFR includes the basic and combined financial statements for all City of McKinney funds and component units.
• The City received an unmodified or “clean” opinion meaning the financial statements present fairly, in all material respects, the City’s financial position.
• The Federal Single Audit Report presents the activity and compliance of all applicable federal awards.
• The State Single Audit Report presents the activity and compliance of all applicable state awards.
BACKGROUND INFORMATION:
• An annual independent audit of the City’s funds and account groups is required by Section 26 of the City of McKinney Charter.
• On February 4, 2025, the Audit Committee convened an audit review meeting with the City’s external audit firm Weaver.
o Jennifer Ripka, Partner and Claire Wootton, Manager, presented their audit findings and the overall financial position of the City.
o The Committee is comprised of Council members Patrick Cloutier, Geré Feltus and Charlie Philips.
• At the February 18, 2025, City Council Work Session, Claire Wootton presented a summary of the audit process and findings to City Council.
• Staff is pleased to provide this quality document to the Council and citizens.
FINANCIAL SUMMARY:
• The City received an unmodified or “clean” opinion
BOARD OR COMMISSION RECOMMENDATION: N/A