Laserfiche WebLink
Internal accounting controls are designed to provide reasonable, but not absolute, assurance of the safeguarding of assets against <br />loss from unauthorized use or disposition and reliable financial records for preparing financial statements and maintaining <br />accountability for assets. The concept of reasonable assurance recognizes that the cost of a control should not exceed the benefits <br />likely to be derived. <br />All internal control evaluations occur within this framework. The Finance Department's staff believes the City's internal control <br />structure adequately ensures compliance with laws and regulations and reasonable assurance for safeguarding of assets. <br />Debt <br />The following schedule outlines the outstanding City debt as of 09-30-24: <br />Issue <br />2013 C.O. (TWDB) <br />2016 G.O. Bonds <br />2017 G.O. Bonds <br />2018 G.O. Bonds <br />2020 Tax and Rev. C.O. (Civic Center) <br />2020 G.O. Refunding Bonds <br />2020 Tax Notes <br />2021 Tax and Rev. C.O. <br />2022 GO Pension Bonds <br />2022 Water & Sewer System Rev. Bds. <br />2023 GO Refunding Bonds <br />2024 Tax and Rev. C.O. <br />Financed Purchases-Firetrucks <br />Total <br />Independent Audit <br />Revenue <br />Tax Supported Supported Fund Maturity <br />Moody's <br />Investors <br />Rating Insured <br />$ - <br />$ 1,260,000 <br />06-15-32 <br />N/A <br />- <br />5,840,000 <br />12-15-36 <br />Aa3 <br />6,950,000 <br />- <br />06-15-37 <br />Aa3 <br />- <br />520,000 <br />06-15-38 <br />Aa3 <br />- <br />935,000 <br />06-15-30 <br />N/A <br />1,210,000 <br />- <br />12-15-29 <br />Aa3 <br />390,000 <br />- <br />06-15-26 <br />N/A <br />12,875,000 <br />27,885,000 <br />12-15-50 <br />Aa3 <br />- <br />11,180,000 <br />06-15-42 <br />Aa3 <br />- <br />26,420,000 <br />06-15-51 <br />Aa3 <br />20,570,000 <br />- <br />12-15-43 <br />Aa3 <br />- <br />42,790,000 <br />06-15-54 <br />Aa3 <br />288 902 <br />- <br />01-28-26 <br />N/A <br />$ 42,283,902 <br />$ 116,830,000 <br />The City Charter requires an annual audit to be made of the accounts, financial records, and transactions of all administrative <br />departments of the City by a certified public accountant selected by the City Council. The requirement has been complied with, <br />and the Independent Auditors' Report has been included in this report. <br />Acknowledgment <br />The preparation of this report could not have been accomplished without the full support and efficient and dedicated efforts of <br />the entire staff of the Finance Department and the competent services of the independent auditors, McClanahan and Holmes, <br />I-5 <br />