At the Feb. 20 Leander City Council meeting, City Council voted to accept the audit, which found that general fund revenue for the city outpaced expenditures by $9.8 million, according to a presentation to council.
Dig deeper
Roger Tovar, an audit partner with Whitley Penn LLP, said the accounting firm did not examine all city transactions for the year; it focused on areas determined by a risk assessment conducted early in the audit process.
The audit was an evaluation of the reliability of financial statements, not an assessment of the city’s economic well-being, Tovar said. The highest rating a city’s finances could get would be an unmodified opinion.
“We did issue an unmodified opinion, again, that is the highest level of assurance that you can obtain on your financial statements, so what that means is that your financial statements are presented fairly in all material respects,” Tovar told council.
What else?
The audit considered fund balances as of Sept. 30.
When comparing the budget to actual expenses for the city’s general fund, Tovar said the city brought in more money than it expected to and spent less than it expected to.
The general fund saw a revenue of $72.2 million, $4.1 million higher than expected, and it had expenditures of $62.4 million, coming in at $5.7 million less than expected.
Tovar said the general fund balance as of Sept. 30 was $37.3 million, of which $23.9 million was unassigned, the highest unassigned fund balance in the last five years for the city.
