City Receives Positive 2021 Annual Financial Report
Finances Remain Strong with Prudent Fiscal Management
CORPUS CHRISTI, TX – At today’s regularly scheduled City Council meeting, City Manager Peter Zanoni reported that the City of Corpus Christi received a clean audit opinion on the City’s finances as of September 30, 2021, as stated in the Fiscal Year 2021 Annual Comprehensive Financial Report.
Weaver and Tidwell, L.L.P., the City’s external auditor, issued an unmodified opinion on the City’s financial reporting, which is the highest audit opinion that can be issued.
The financial position for the fiscal year ending September 30, 2021, remained strong. The General Fund increased its net position by $12.7 million compared to the estimated ending balance prepared in late 2021.
“The City’s Finance 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 Constance Sanchez, the City’s Chief Financial Officer. “Taxpayers can be assured the City's financial policies and reporting are being reviewed internally by staff and externally by the City’s independent auditor,” added Sanchez.
The City continues to receive strong credit ratings from the three Rating Agencies: Fitch, Standard & Poor’s, and Moody’s. Both the City’s General Obligation debt and Utility debt are considered high grade. This keeps interest rates low and saves taxpayer dollars. The City’s credit rating has increased three times since City Manager Zanoni was appointed by the City Council in 2019.
“It was through prudent fiscal management that we were able to end Fiscal Year 2021 with positive results,” said Mayor Paulette Guajardo. “Your City Council and I are committed to making prudent decisions on behalf of the taxpayer. Congratulations to the City Manager, Peter Zanoni, Constance Sanchez, Chief Financial Officer, and all staff for their mindfulness in ensuring Corpus Christi’s strong financial future”.
The 2021 Annual Comprehensive Financial Report can be found on the city website along with multiple financial reports at www.cctexas.com/financial-transparency.
For more information, media representatives can contact Public Information Manager Robert Gonzales at 361-826-3233 or email at firstname.lastname@example.org.