The report, presented at the March 20 City Council meeting, examined Missouri City’s Fiscal Year 2021-22 budget and found it to be “free from material misstatement” and that there was a reasonable basis for rendering an unmodified or “clean” opinion. According to the report, the audit used Generally Accepted Auditing Standards and those issued under the U.S. comptroller general.
The report goes on to say that Missouri City ended FY 2021-22 with a positive total net position $19 million higher than when the fiscal year started. For FY 2021-22, total revenues exceeded expenses by $13.7 million.
In the ongoing FY 2022-23, Missouri City is expected to maintain a budget of 59.2% of estimated recurring expenditures which is 20%-30% higher than policy parameters, the report said.
Total longterm outstanding debt held by the city equals $200.6 million, according to the report. The report also notes that the city’s bonds ratings were recently elevated at the nation's three largest credit rating agencies.
Weaver and Tidwell also noted the city received a reward for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada for FY 2020-21, and has applied for the award again for FY 2021-22.
According to Weaver and Tidwell, 2021 was the 40th consecutive year that Missouri City received the award. Missouri City also received the GFOA’s Distinguished Budget Presentation Award for FY 2021-22, which is the 34th consecutive year the city has received the award, according to the audit.
