Summary: We "didn't have any control or compliance findings... Definitely, your staff is to be commended, we don't see that a lot with cities," was the good report from the City's audit firm during the Annual Audit Report. Although audits may seem as dry as melba toast, with the right amount of butter, audits can have spots of interest.
Latest Update: Wednesday, 15 March, 2023
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Current Willow Park Financial Audit
Although audits may seem as dry as melba toast, with the right amount of butter, audits can have spots of interest. (Anyone else hungry?) An audit is defined as "an examination of records or financial accounts to check their accuracy."
Willow Park Audit Report for year ending 30 September2022.pdf / Cover Letter for Willow Park Audit Report for year ending 30 September2022.pdf
During the 14 March 2023 Council Meeting, (agenda item 5, video time stamp 5:10) the city's audit firm Snow, Garrett & Williams, presented the Annual Audit Report on the Willow Park 2021-22 financial activities. During her final comments (on the Internal Control Letter, page 68) Reba Long, an auditor with Snow, Garrett & Williams, remarked we "didn't have any control or compliance findings... Definitely, your staff is to be commended, we don't see that a lot with cities." The Audit Report cover letter supports her claim; Willow Park had a "clean audit."
The following pages were emphasized during the Audit Report presentation.
Independent Auditor's Report, page 3 - (The Auditor's Opinion is the primary paragraph of the Audit report content. There are four different types of opinions. #3) Willow Park received an unquilified opinion [the best of the four opinions],"In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Willow Park, Texas (the City) as of September 30, 2022, and the respective changes in financial position, and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America."
Management's Discussion and Analysis, on page 6 is an overview of the financial statements in a narrative format. Financial Highlghts
The assets and deferred outflows of resources of the City exceeded liabilities and deferred inflows of resources at the close of fiscal year 2022 by $17,743,837 (net position). Of this amount, $3,829,854 is restricted for specific purposes and $15,343,889 represents unrestricted net position that may be used to meet the City's ongoing obligations to citizens and creditors. As required by GASB Statement No. 34, net position also includes ($1,429,906) that is the net investment in capital assets.
In contrast to the government-wide statements, the governmental fund statements report a fund balance at year-end of $12,255,746, of which $6,044,633 represents restricted fund balance and $6,211,113 represents unassigned fund balance.
The general fund unassigned fund balance of $6,211,113 equals 128% of total general fund expenditures.
The City's total noncurrent liabilities increased by $808,310 during the current fiscal year as a result of the issuance of two new certificates of obligations, offset by scheduled annual debt service payments and a decrease in due to other governments related to an interlocal agreement between the City and the City of Hudson Oaks for the construction of the Fort Worth water line.
Balance Sheet Government Funds, page 18, Ms Long summarized
ended total fund balance of $12.2M
$6M is un-assigned and available in the general fund for city operations.
$6M is restricted for capital projects (details on page 33).
This fund balance is up about $10M (details on page 19).
This found has an increase in revenue over expenses of $338K, "which is what we like to see."
Statement of Net Positions of Proprietary Funds, page 21, review the the water, wastewater and solid waste funds
Changes in net position for Proprietary Funds, page 22
Internal Control Letter, page 68 "didn't have any control or compliance findings... Definitely, your staff is to be commended, we don't see that a lot with cities."
Single Audit Letter, page 74
Willow Park Civics Research
Texas Constitution and Statutes > Local Government Code > Title 4. Finances > Subtitle A. Municipal Finances > Chapter 103 > Audit Of Municipal Finances
Texas Comptroller of Public Accounts > Fiscal Management > Annual Financial Reports
Reading governmental financial statements: A primer, Plante Morgan
WallStreetMojo > Audit Report Contents
Auditor Joke
When does a person decide to become an auditor?
When he realizes he doesn’t have the charisma to succeed as an undertaker.