Finances in Taylor’s second year weathering the COVID-19 pandemic received a clean audit.
On March 24, the Taylor City Council received and accepted the comprehensive annual financial report for the 2020-21 fiscal year. Michael Brooks, of BrooksWatson & Company PLLC, said the city’s audit received the company’s highest mark.
“We have issued a clean unmodified audit opinion on the city’s financials, which is the highest level of assurance that we can give,” said Brooks. “These financials are free of any material misstatement and all footnotes are disclosed.”
Brooks said an important part of the report is the auditor’s opinion. The opinion types, ranked lowest to highest, include adverse disclaimed, qualified and unmodified.
Taylor was also recently recognized by the Government Finance Officers Association of the United States and Canada with the Certificate of Achievement for Excellence in Financial Reporting for the 13th consecutive year.
“We fully anticipate that the current report will also receive this award,” said Brooks.
The presentation included a look at changes in revenue and expenses.
“Across the board, revenues went up generally in most cases, and this is pretty much a sign of the city’s growth,” said Brooks. “As the city is growing, the revenues are increasing and the corresponding expenditures are also increasing.”
The city of Taylor website with the agenda packet for the March 24 meeting. For links to the packet as well as the full video discussion, visit http://www.taylortx.gov. The Certificate of Achievement is the group’s highest form of recognition in the area of governmental accounting and financial reporting. Its attainment is touted as representing a significant accomplishment by a government and its management.
The GFOA aims to advance excellence in government finance by providing upward practices, professional development, resources and practical research for more than 21,000 members and the communities they serve.
