PPT Item # 8 - Annual Comprehensive Financial Report FY23

Powerpoint Annual Comprehensive Financial Report

1. City of Alamo Heights, Texas
Annual Comprehensive Financial Report
Fiscal Year Ended September 30, 2023

2. What’s in the ACFR
•Introduction
•Transmittal Letter from the City Manager
•GFOA Certificate of Achievement Award for Excellence in
Financial Reporting for the Fiscal Year Ended September 30, 2022
•Independent Auditor’s Report
•Management’s Discussion and Analysis
•Government-Wide and Fund Financial Statements
•Notes to the Financial Statements
•Required Supplementary Information
•Other Supplementary Information
•Combining & Individual Financial Statements
•Statistical Tables

3. Independent Auditor’s Report
•Audit standards to follow
•Generally Accepted Auditing Standards
•Purpose
•To form an independent opinion on whether the financial
statements are presented in accordance with Generally Accepted
Accounting Principles (GAAP).
•Independent opinion on the financial statements
•Audit is “unmodified”
•This is the best opinion that can be given for an independent audit.
It means we have no modifying statements in our opinion letter.

4. Management’s Discussion and Analysis
•Financial Highlights
•Overview of the Financial Statements
•Government-Wide Financial Analysis
•Financial Analysis of the City’s Funds
•Budgetary Highlights
•Capital Assets and Debt
•Requests for Information

5. Financial Highlights
•Government-Wide Financial Statements
•Assets of the City exceeded its liabilities (Net Position) by $28.8
million at September 30, 2023.
•Governmental Activities - $17.4 million
•Business-type Activities - $11.4 million
•Net Position increased by $2.5 million from 2022.
•Governmental Activities - $2.3 million
•Increase in sales taxes and property tax and the revenue from the
American Rescue Plan Act
•Business-type Activities - $230 thousand
•Includes budgeted transfer of $93 thousand to General Fund

6. Financial Highlights (Continued)
•Fund Financial Statements
Governmental Funds:
•The General Fund’s fund balance at the end of the 2023 fiscal
year was $6.3 million, an increase of $20 thousand from 2022.
•Unassigned fund balance was $6.2 million
•Approximately 7 months operating reserve
•The combined fund balance for all funds was $26 million, an
increase of $2 million from 2022.
•The City’s fund balances at September 30, 2023 were as follows
•Restricted - $15.8 million
•Committed - $3.2 million

7. Financial Highlights (Continued)
•Fund Financial Statements (Continued)
Proprietary Fund:
•Water fund net position increased $230 thousand to $11.4
million.
•Unrestricted Net Position was $2.5 million
•At September 30, 2023 the City had working capital of $3 million
for the utility operations; a decrease of $400 thousand from prior
year’s working capital ratio.
•Almost 9 months operating reserves in working capital

8. Letter on Conduct of Audit
•Accounting Policies
•Accounting Estimates and Disclosures
•Difficulties in Performing the Audit
•Misstatements
•Disagreements
•Management Representations
•Consultations with other Independent Accountants
•Compliance with the Public Funds Investment Act

9. 855-587-4450www.abipcpa.com
Michael Del Toro, CPA
Audit Partner
[email protected]
Selena Jones, CPA
Senior Audit Manager
[email protected]
210-341-2581