Title
Consider approving Resolution No. 2026-046 accepting the Annual Comprehensive Financial Report (ACFR) for the fiscal year ended September 30, 2025, as submitted by Forvis Mazars, LLP; and take appropriate action.
Body
BACKGROUND:
The Annual Comprehensive Financial Report (ACFR) is the City's official annual financial report that provides a detailed overview of the City's financial condition, operating results, and fund balances for the fiscal year. The report is prepared in accordance with standards established by the Governmental Accounting Standards Board and includes audited financial statements reviewed by an independent accounting firm. The ACFR promotes financial transparency and provides important financial information to the City Council, residents, and other stakeholders.
Section 2.18 of the City Charter states the below:
* Sec. 2.18. - Independent annual audit.
Prior to the end of each fiscal year as defined in section 4.01 of this Charter, the Council shall designate certified public accountants who, as of the end of the fiscal year, shall make an independent audit of accounts and other evidences of financial transactions of the City government and shall submit their report to the Council and to the City Manager. Such accountants shall have no personal interest, direct or indirect, in the fiscal affairs of the City government or of any of its officers. They shall not maintain any accounts or records of the city business, but, within specifications approved by the Council, shall postaudit the books and documents kept by the Department of Finance and any separate subordinate accounts kept by any other office, department or agency of the City Government. A copy of such audit shall be kept in the Office of the City Secretary subject to inspection by any citizen and officer during regular office hours.
Forvis Mazars, LLP has completed its independent audit of the financial statements of the City of Farmers Branch for the fiscal year ended Septem...
Click here for full text