The Argyle Town Council convened on June 16, 2025, to discuss key financial matters, including the acceptance of the annual comprehensive financial report for the fiscal year ending September 30, 2024. The meeting featured a presentation by Mr. Vail from Veil and Park, PC, who outlined the audit results and emphasized the importance of compliance with Texas local government code.

Mr. Vail began by detailing the objectives and scope of the audit, which is mandated by Texas law requiring municipalities to have their financial records audited annually. He highlighted that the upcoming legislative changes, specifically SB 1851, will impose financial penalties on municipalities that fail to meet audit and reporting deadlines. This new law, effective September 1, 2025, will restrict cities from setting property tax rates higher than their no-new-revenue tax rate if they do not comply.

The audit was conducted in accordance with generally accepted auditing standards, and Mr. Vail reported that the town received an unmodified opinion, indicating a clean audit. He provided insights into the financial highlights, including a comparative analysis of the current and previous fiscal years, and discussed various financial statements that detail the town's assets, liabilities, and fund balances.

Mr. Vail also pointed out that the financial statements include capital assets such as roads, which are depreciated over time. He encouraged council members to review specific sections of the report for a deeper understanding of the town's financial position.

The meeting concluded with a commitment to begin the planning and internal control documentation earlier in the year to ensure compliance with the new legislative requirements. The council acknowledged the importance of these financial reports in maintaining transparency and accountability within the town's governance.