City Receives Positive External Audit Report on 2020 City Comprehensive Annual Financial Report
CORPUS CHRISTI, TX – Earlier today, the Corpus Christi City Council Audit Committee received the audit report from Weaver and Tidwell, L.L.P., the City’s external auditor, with the results of the annual external audit on the City’s finances as of September 30, 2020 as reported in the 2020 Comprehensive Annual Financial Report. The external auditors issued an unmodified opinion with no material weaknesses or significant deficiencies on the City’s financial reporting. An unmodified opinion is the highest audit opinion that can be issued.
The financial position for the fiscal year ended September 30, 2020 remained strong. Governmental activities (including the General Fund, Debt Service Fund and special revenue funds) increased their net position by $124.1 million. The business activities (including the enterprise funds) increased their net position by $57.5 million. These increases are especially significant for 2020 because we were in the midst of the COVID-19 pandemic. The City leveraged grant dollars and other federal funds to keep our expenditures at a minimum. We were even able to share about 21% of our Cares Relief Act funding with Nueces County. It was through prudent fiscal management that we were able to end the fiscal year with positive results.
The audit process is done in accordance with auditing standards (Generally Accepted Auditing Standards, Generally Accepted Government Auditing Standards), single audit (Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, Texas Uniform Grant Management Standards), and compliance (laws, regulations and grant agreements).
“The City’s Financial Services team has worked diligently to implement solid internal control and monitoring procedures and worked closely with the external auditors to ensure taxpayer dollars are properly accounted for” said Heather Hurlbert, the City’s Director of Financial Services. “Taxpayers can be assured the City financial policies and reporting are being reviewed internally by and staff externally by the City’s independent auditor,” added Hurlbert.
The 2020 Comprehensive Annual Financial Report can be found on the city website along with multiple financial reports at www.cctexas.com/financial-transparency.