HomeMy WebLinkAbout(P2) Port Arthur - Audit Presentation 07152025_updatedFinancial Statement Audit
Presented to City Council
July 15, 2025
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:
•2024 - $30.7 million
•2023 - $19.8 million
•2022 - $11.6 million
•Major programs:
•2024 – American Rescue Plan Funds; Clean Water State Revolving Fund (TWDB); Hazard Mitigation Grant Program
•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
AUDIT RESULTS
Single Audit Report
•Material Weakness – Financial Statements
•Noncompliance – None
•Schedule of Findings and Questioned Costs
•Unmodified Opinion
AUDIT RESULTS
Water and Sewer Fund
Cash and Net Position - Unrestricted (in millions)
FINANCIAL HIGHLIGHTS
0.0
20.0
-8.8-2.9
40.0
-13.7
1.9
61.0
-6.3
-20.0
-10.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
Cash-Unrestricted Cash-Total Net Position-
Unrestricted202420232022
2023: Decrease in Net Position-Unrestricted $7.5m
2024: Increase in Net Position-Unrestricted $4.9m
GENERAL FUND BALANCE NUMBER OF MONTHS AVAILABLE AND AS A PERCENTAGE OF EXPENDITURES
FINANCIAL HIGHLIGHTS
General Fund
(Unassigned)
2024 2023 2022
4.9 months
40.73%
$28.7m
5.9 months
49.44%
$33.7m
4.0 months
33.33%
$23.8m
General Fund expenditures
- 2024 $71.5m; 2023 $70.3m; 2022 $68.2m
DISCUSSION
Thank you!
Discussion