TOWN STAFF REPORT RECOMMENDATION
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Act to approve WA Resolution 24-27 accepting the Westlake Academy Fiscal Year 2022-2023 Annual Audit Report from BrooksWatson & Co., PLLC (Cayce Lay Lamas, Finance Director)
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STAFF: Cayce Lay Lamas, Finance Director
BACKGROUND:
One of the main objectives of the Finance Department is to provide the Board of Trustees with an Annual Financial Report (AFR) for Westlake Academy for review, discussion, and approval. In compliance with the accounting requirements established by the Governmental Accounting Standards Board (GASB), the purpose of the AFR is to provide useful and transparent information on the financial position of the Academy, both at the Government-Wide and General Fund levels.
At the June 21, 2022 Town Council meeting, BrooksWatson & Co., PLLC was approved to perform Westlake Academy's independent auditing services for a 3-year period. For fiscal year ending August 31, 2023, BrooksWatson performed the required audit procedures and prepared an Annual Financial Report.
BrooksWatson issued an unqualified opinion and had no findings, reportable conditions, nor material weaknesses that are required to be reported to the Texas Education Agency (TEA) for fiscal year ending August 31, 2023. Findings may include material weaknesses in TEA compliance or insufficient internal controls, etc. Any findings require an explanation with corrective measures be submitted to TEA along with the annual financial report and reviewed in subsequent years to ensure correction and/or compliance in the area of the reported weakness.
DISCUSSION:
BrooksWatson's Audit Manager, Louis Breedlove, will present an overview and summary report regarding the Westlake Academy Annual Financial Report. The Board of Trustees will have the option to discuss and ask any questions regarding the audit of Mr. Breedlove and Town Staff. A resolution is presented for the Board's consideration.
STAFF RECOMMENDATION:
Staff recommends the Town Council approve...
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