Title
Consider approving Resolution No. 2025-058 accepting the Annual Comprehensive Financial Report (ACFR) for the fiscal year ended September 30, 2024, as submitted by Forvis Mazars, LLP; and take appropriate action.
Body
BACKGROUND:
Forvis Mazars, LLP has audited the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Farmers Branch, as of and for the year ended September 30, 2024, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements. It is their opinion the financial statements present fairly, in all material respects, the respective financial position of the City, as of September 30, 2024.
DISCUSSION:
The draft financial statements for the year ended September 30, 2024, were provided to the City Council on March 28, 2025. Consistent with the requirements of the City Charter, Article III, Section 3.02(8), the City Manager will next report to the City Council, within 90 days, an outline of actions to be taken concerning the auditor’s recommendations, including, but not limited to, specific responses to any internal control weakness identified by the auditors, with expected dates of implementation of any remedial action warranted.
The Annual Comprehensive Financial Report (ACFR) will be available at the Farmers Branch Manske Library and on the City’s website.
The related Continuing Disclosures will be made through its Financial Advisor, Hilltop Securities, Inc., as required by Securities and Exchange Rule 15c2-12 through Electronic Market Access (EMMA) and directly to the TRA.
FISCAL IMPACT:
The Engagement Fees are $119,500 with additional fees for SAS 145, not estimated at the time of engagement.
DISTRICT:
Citywide
POSSIBLE COUNCIL ACTION:
1. I move to approve Resolution No. 2025-058 as presented.
2. I move to approve Resolution No. 2025-058 with modifications.
3. I move to table the issue for further study or take no action.
ATTACHMENTS:
1. Resolution No. 2025-058
2. Draft ACFR for the year ended September 30, 2024
3. Draft Single Audit for the year ended September 30, 2024
4. Forvis Mazars, LLP City Council presentation