Lewisville auditors told the City Council on March 17 that they issued an unmodified ("clean") opinion on the city's fiscal 2024 financial statements, and the council accepted the annual comprehensive financial report as part of the consent agenda.

The audit engagement partner, John Devereaux of Weaver, said the firm issued an "unmodified opinion on the financial statement," describing it as the highest level of assurance on a set of financial statements. Lauren Butch, the engagement manager, and Dave Erb, director of finance for the City of Lewisville, joined the presentation and described the audit process and highlights.

Why it matters: an unmodified opinion indicates the external auditors found the financial statements fairly presented in all material respects under the applicable accounting standards. The report also included audits of major federal and state programs, internal-control reviews and the condensed popular annual financial report (PAFR) intended for public distribution.

Audit findings and figures: auditors reported no material weaknesses or findings in internal control or compliance. Highlights the presentation cited: governmental fund revenues of about $231.7 million (an increase of $27.8 million over FY2023), governmental fund expenditures of $318.2 million (an increase driven largely by $59.6 million in capital outlay), and governmental fund balances of $233.1 million (a decrease of $53.4 million, attributed to timing in capital projects). Enterprise funds (water/sewer/stormwater) ended the year with a combined net position of about $33.8 million, up $13.1 million from the prior year.

The auditors also noted implementation needs for upcoming accounting pronouncements (including GASB changes) that the finance staff will implement in fiscal 2025. Director of finance Dave Erb recognized his accounting team by name during the presentation.

Council action: the audit report and the ACFR were included on the consent agenda and were approved unanimously as part of a 5-0 consent vote.

What comes next: staff will proceed with the disclosures and any implementation tasks required for the new accounting standards noted by the auditors. The PAFR and ACFR are available to the public as part of the city's fiscal records.

Ending: The auditors and finance staff answered council questions following the presentation; the council then advanced the audit acceptance through the standard consent motion.