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maintained at the major category of expenditure level within each operating -division. All -anticipated expenditures are - budgeted for control purposes. Capital project- funds are appropriated on a project by project basis. Expenditures and/or expenses are directly monitored by the City Council through financial reports provided to them. Internal Controls Internal accounting controls are designed to provide reasonable, but not absolute, assurance of the safeguarding of assets against loss from unauthorized use or disposition and reliable financial records for preparing financial statements and maintaining accountability for assets. The concept of reasonable assurance recognizes that the cost of a control should not exceed the benefits likely to be derived. All internal control evaluations occur within this framework. The Finance Department's staff believes the City's internal control structure adequately ensures compliance with laws and regulations and reasonable assurance for safeguarding of assets. Debt The following schedule outlines the outstanding City debt as of 09-30-23: Independent Audit The City Charter requires an annual audit to be made of the accounts, financial records, and transactions of all administrative departments of the City by a certified public accountant selected by the City Council. The requirement has been complied with, and the Independent Auditors' Report has been included in this report. I-5 Moody's Revenue Investors Issue Tax Supported Supported Fund Maturity Rating Insured 2013 C.O. (TWDB) $ - $ 1,410,000 12-15-32 N/A 2013 G.O. Bonds - 23,520,000 12-15-32 Aa3 2016 G.O. Bonds - 6,205,000 12-15-36 Aa3 2017 G.O. Bonds 7,380,000 - 06-15-37 Aa3 2018 G.O. Bonds - 650,000 06-15-38 Aa3 2020 Tax and Rev. C.O. (Civic Center) 1,080,000 - 06-15-30 N/A 2020 G.O. Refunding Bonds 1,400,000 - 12-15-29 Aa3 2020 Tax Notes 580,000 - 06-15-26 N/A 2021 Tax and Rev. C.O. - 42,645,000 12-15-50 Aa3 2022 GO Pension Bonds - 11,780,000 06-15-42 Aa3 2022 Water & Sewer System Rev. Bds. 26,795,000 06-15-51 A3 Financed Purchases-Firetrucks 461,737 - 01-28-26 N/A SuRRMA Loan 99,178 - 06-29-25 N/A Total $ ....._.11,000,915 $ 113,005,000 Independent Audit The City Charter requires an annual audit to be made of the accounts, financial records, and transactions of all administrative departments of the City by a certified public accountant selected by the City Council. The requirement has been complied with, and the Independent Auditors' Report has been included in this report. I-5