External auditors give City of Victoria a clean opinion on FY2023 financial statements
May 21, 2024 | Victoria City, Victoria County, Texas
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External auditors Harrison, Waldrop and Ehrrick presented Victoria’s fiscal year 2023 audit to council on May 21 and issued an unmodified (clean) opinion dated April 22, 2024.
Melissa Terry, the engagement partner, told the council the auditors found no material weaknesses, significant deficiencies, instances of fraud, irregularities or independence issues and issued a clean single-audit opinion where required for federal spending. She highlighted that the city’s general fund balance for the year ending Sept. 30, 2023, was $23,260,000 — an increase of roughly $2.5 million from the prior year — and noted improvements in enterprise fund net positions.
Auditors discussed the report’s management’s discussion and analysis section and noted the city’s 39-year consecutive submittal of the report for Government Finance Officers Association review. Melissa Terry said the audit follows generally accepted auditing standards and government auditing standards; the audit opinion expresses that the city’s financial statements are materially correct.
Councilmembers asked whether the reported fund balance included outstanding encumbrances and were told yes; staff and the auditors noted approximately $900,000 in encumbrances included in the $23.26M balance. Finance staff reminded council the audit’s figures differ in presentation from the budget document’s working-capital numbers but said the city’s financial position is sound as presented in the audit.
The audit report has been posted on the city’s website and submitted to required agencies.
Melissa Terry, the engagement partner, told the council the auditors found no material weaknesses, significant deficiencies, instances of fraud, irregularities or independence issues and issued a clean single-audit opinion where required for federal spending. She highlighted that the city’s general fund balance for the year ending Sept. 30, 2023, was $23,260,000 — an increase of roughly $2.5 million from the prior year — and noted improvements in enterprise fund net positions.
Auditors discussed the report’s management’s discussion and analysis section and noted the city’s 39-year consecutive submittal of the report for Government Finance Officers Association review. Melissa Terry said the audit follows generally accepted auditing standards and government auditing standards; the audit opinion expresses that the city’s financial statements are materially correct.
Councilmembers asked whether the reported fund balance included outstanding encumbrances and were told yes; staff and the auditors noted approximately $900,000 in encumbrances included in the $23.26M balance. Finance staff reminded council the audit’s figures differ in presentation from the budget document’s working-capital numbers but said the city’s financial position is sound as presented in the audit.
The audit report has been posted on the city’s website and submitted to required agencies.
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