TOWN STAFF REPORT RECOMMENDATIONS
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Discuss, consider and act to approve Resolution 24-74 accepting the Town of Westlake 2023 Audit Report; and take appropriate action (Cayce Lay Lamas, Director of Finance)
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STAFF: Cayce Lay Lamas, Director of Finance
BACKGROUND:
The Town of Westlake is required by State law to engage an independent accountant to perform an audit on the Town's financials. The Fiscal Year 2022-2023 audit was performed by Brooks Watson for the second year in a three-year engagement. Brooks Watson was also engaged to audit Westlake Academy and Westlake Academy Foundation; the Academy audit has been completed.
The result of the audit for Fiscal Year 2022-2023, as presented for Council's acceptance, is an unmodified opinion. This means that the auditors have found that the financial statements present fairly, in all material aspects, the financial position of the Town of Westlake at September 30, 2023.
DISCUSSION:
The Town of Westlake experienced an delay in receiving the audit report due to the issues converting to a new financial software at the Academy and challenges for the auditor to perform due diligence on the discreetly presented component unit. The final report, dated October 31, 2024, consists of the audited financial statements and narrative overview to communicate the Town's financial performance for Fiscal Year 2023. Highlights include:
* The assets and deferred outflows of the Town exceed its liabilities and deferred inflows by $90,402,476.
* The total net position increased by $17,511,488; the majority is invested in capital assets or restricted for specific purposes.
* The Town's governmental funds reported combined ending fund balances of $46,173,278, which is an increase of $9,808,079 from the prior fiscal year.
* Unassigned fund balance for the General Fund was $30,834,998, as of the fiscal year end.
The Town's financials include Westlake Academy operating activities, as a blended component unit, presented as a major...
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