HomeMy WebLinkAbout(P1) Port Arthur - Audit Presentation 12032024 (2)Financial Statement Audit
Presented to City Council
December 3, 2024
City of Port
Arthur, Texas
INTRODUCTION & AGENDA
•Overview of the Audit
•Audit results
•Financial highlights
•Discussion
Purpose of the Audit
•Audit objectives and scope
•Audit performed in accordance with
GAS and GAAS
OVERVIEW OF THE AUDIT
Independent Auditor’s Report
•Management responsible for financial
statements
•We express an opinion on the financial
statements.
•Unmodified opinion
AUDIT RESULTS
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
Single Audit Report
•Material Weakness –Financial Statements
•Noncompliance
•Federal Transit Program –Timing of Reporting
•Schedule of Findings and Questioned Costs
•Unmodified Opinion
AUDIT RESULTS
Water and Sewer Fund
Cash and Net Position -Unrestricted (in millions)
FINANCIAL HIGHLIGHTS
-2.9
40.0
-13.7
1.9
61.0
-6.3
7.0
69.0
-1.1
-20.0
-10.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
Cash-Unrestricted Cash-Total Net Position-
Unrestricted202320222021
2023: Decrease in Net Position-Unrestricted $7.5m
2022: Decrease in Net Position-Unrestricted $5.2m
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
DISCUSSION
Thank you!
Discussion