PRESENTER: Presenter
Sandy Paulos, Director of Finance
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SUBJECT: Title
Discuss and consider the acceptance of the FY 2024 Audit and Annual Comprehensive Financial Report performed by Crowe, LLP.
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DEPARTMENT: Finance
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COUNCIL DISTRICTS IMPACTED: None
BACKGROUND INFORMATION:
Annually, the City of New Braunfels engages an external firm to conduct a comprehensive audit of its financial records. For the fiscal year ending September 30, 2024, this audit was performed by Crowe, LLP, resulting in an unmodified opinion. The findings have been documented in the City of New Braunfels, Texas Annual Comprehensive Financial Report for the Year Ended September 30, 2024.
The Annual Comprehensive Financial Report serves to provide detailed financial data and supplementary schedules, enhancing transparency for the City Council and residents. Over the past 16 years, the City has submitted this report to the Government Finance Officers Association of the United States and Canada (GFOA) for consideration in its Excellence in Financial Reporting Program. The City has consistently been recognized with the Certificate of Achievement for Excellence in Financial Reporting each year since first awarded for the fiscal year ending September 30, 2008. This prestigious recognition is awarded to governments that produce reports meeting high standards of readability, organization, adherence to generally accepted accounting principles, and compliance with applicable legal requirements. The City plans to submit the current report for GFOA review once again.
Additionally, Crowe, LLP has prepared an Independent Auditors’ Report for the Mayor and City Council. This report provides their professional opinion on the City’s financial standing, based on audit findings from the preceding fiscal year. In their review of the Fiscal Year 2024 financial statements, Crowe, LLP concluded that the City of New Braunfels’ financial position is fairly represented, with no formal findings requiring attention. Additionally, they provide constructive feedback on financial policies and practices, ensuring continued improvement and compliance.
STRATEGIC PLAN REFERENCE:
☐Economic Mobility ☐Enhanced Connectivity ☐Community Identity
☒Organizational Excellence ☐Community Well-Being ☐N/A
FISCAL IMPACT:
N/A
Recommendation
RECOMMENDATION:
Staff recommends acceptance of the FY 2024 Audit and Annual Comprehensive Financial Report.