HomeMy WebLinkAbout(P1) Port Arthur - Audit Presentation 12032024Financial Statement Audit
Presented to City Council
December 3, 2024
City of Port Arthur, Texas
1
INTRODUCTION
& AGENDA
Overview of the Audit
Audit results
Financial highlights
Discussion
2
Purpose of the Audit
Audit objectives and scope
Audit performed in accordance with GAS and GAAS
OVERVIEW OF THE AUDIT
3
Independent Auditor’s Report
Management responsible for financial statements
We express an opinion on the financial statements.
Unmodified opinion
AUDIT RESULTS
4
Single Audit Report
Total federal expenditures:
2023 - $19.8 million
2022 - $11.6 million
2021 - $17.9 million
Major programs:
2023 – Special Supplemental Nutrition Program for Women, Infants and Children; Economic Development Cluster; Community Development Block Grant; Federal Transit Cluster; American Rescue
Plan Funds
2022 – Community Development Block Grant; Federal Transit Cluster; American Rescue Plan Funds; Disaster Grants Public Assistance
2021 –Federal Transit Cluster; American Rescue Plan Funds; Disaster Grants Public Assistance; Hazard Mitigation Grant
AUDIT RESULTS
5
Single Audit Report
Material Weakness – Financial Statements
Noncompliance
Federal Transit Program – Timing of Reporting
Schedule of Findings and Questioned Costs
Unmodified Opinion
AUDIT RESULTS
6
Water and Sewer Fund
Cash and Net Position - Unrestricted (in millions)
FINANCIAL HIGHLIGHTS
2023: Decrease in Net Position-Unrestricted $7.5m
2022: Decrease in Net Position-Unrestricted $5.2m
7
GENERAL FUND BALANCE NUMBER OF MONTHS AVAILABLE AND AS A PERCENTAGE OF EXPENDITURES
FINANCIAL HIGHLIGHTS
General Fund
(Unassigned)
2023 2022 2021
5.9 months
49.44%
$33.7m
5.5 months
45.72%
$30.1m
4.9 months
40.73%
$28.7m
General Fund expenditures
- 2023 $70.3m; 2022 $68.2m; 2021 $65.9m
8
DISCUSSION
Thank you!
Discussion
9