TOWN STAFF REPORT RECOMMENDATION
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Discuss, consider and act to approve WA Resolution 24-40 Approving the FY 2023-2024 Annual Financial Report for Westlake Academy from BrooksWatson & Co., PLLC, CPAs (Cayce Lay Lamas, Finance Director)
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STAFF: Cayce Lay Lamas, Director of Finance
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 June 30, 2024, BrooksWatson provided an Annual Financial Report in draft format on November 7, 2024, and staff has been able to summarize information and completed the detailed Management Data & Analysis (MD&A) section of the audit report.
A significant change in the 2023-24 AFR is the move from an August 31st year-end to a June 30th year-end. On May 30, 2023, the Board of Trustees approved this change, effective with the 2023-24 fiscal year (WA Res 23-11). The Texas Education Agency (TEA) approved this change on June 21, 2023. Therefore, the 2023-24 AFR will report 10-months of financial operations (September 1, 2023 through June 30, 2024). All future years will report 12-months of financial data.
The Texas Education Agency requires the AFR to be approved by the Board of Trustees and submitted to TEA no later than the 150th day following the end of the fiscal year (TEC, ?44.008), or November 27, 2024.
DISCUSSION:
The Annual Financial Report had no findings, reportable conditions, nor material weaknesses that are reporte...
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