Texarkana, TX 53° View Live Radar Fri H 61° L 43° Sat H 48° L 27° Sun H 46° L 31° Weather Sponsored By:

Texas side receives clean audit for 2017

Texas side receives clean audit for 2017

April 16th, 2018 by Karl Richter in Texarkana News

An audit of Texarkana, Texas' most recent annual financial statements revealed no problems, a local accounting firm has reported to the City Council.

At the council's April 9 meeting, Rhonda Jones of Holliday, Lemons and Cox said the city's 2017 Comprehensive Annual Financial Report passed muster.

"Our firm was able to issue an 'unmodified' opinion on the financial statements, which is a clean opinion. It's the kind of opinion you want. It says that your financial statements are presented fairly in all material respects" and that they comply with certain laws, standards and internal controls, Jones told the council.

The city's net position—how much its assets and deferred outflows of resources exceed liabilities—is about $171 million, but only a small portion of that amount is not already spoken for.

"The unrestricted portion of that is $4.6 million, so you can see that much of the city's net position is either tied up in mixed assets or it's restricted because it's unspent bond money or grants, that type of thing," Jones said.

The net positions of both the city's governmental and business-type activities increased last year.

"Primarily that increase, which was quite larger than last year, is due to your interest in the joint ventures at the airport, the Bi-State, those joint ventures. Your business-type activities, which is Texarkana Water Utilities, also increased by $2 million, and the total increase is $6.5 million," Jones said.

A Comprehensive Annual Financial Report is "a set of financial statements for a state, municipality or other governmental entity that comply with the accounting requirements established by the Governmental Accounting Standards Board (GASB). It must be audited by an independent auditor using generally accepted government auditing standards," according to the Texas Comptroller of Public Accounts.

All of Texarkana, Texas' financial reports are available on the city's website at ci.texarkana.tx.us/350/Financial-Reports.

On Twitter: @RealKarlRichter

Getting Started/Comments Policy

Getting started

  1. 1. If you frequently comment on news websites then you may already have a Disqus account. If so, click the "Login" button at the top right of the comment widget and choose whether you'd rather log in with Facebook, Twitter, Google, or a Disqus account.
  2. 2. If you've forgotten your password, Disqus will email you a link that will allow you to create a new one. Easy!
  3. 3. If you're not a member yet, Disqus will go ahead and register you. It's seamless and takes about 10 seconds.
  4. 4. To register, either go through the login process or just click in the box that says "join the discussion," type your comment, and either choose a social media platform to log you in or create a Disqus account with your email address.
  5. 5. If you use Twitter, Facebook or Google to log in, you will need to stay logged into that platform in order to comment. If you create a Disqus account instead, you'll need to remember your Disqus password. Either way, you can change your display name if you'd rather not show off your real name.
  6. 6. Don't be a huge jerk or do anything illegal, and you'll be fine.

Texarkana Gazette Comments Policy

The Texarkana Gazette web sites include interactive areas in which users can express opinions and share ideas and information. We cannot and do not monitor all of the material submitted to the website. Additionally, we do not control, and are not responsible for, content submitted by users. By using the web sites, you may be exposed to content that you may find offensive, indecent, inaccurate, misleading, or otherwise objectionable. You agree that you must evaluate, and bear all risks associated with, the use of the Gazette web sites and any content on the Gazette web sites, including, but not limited to, whether you should rely on such content. Notwithstanding the foregoing, you acknowledge that we shall have the right (but not the obligation) to review any content that you have submitted to the Gazette, and to reject, delete, disable, or remove any content that we determine, in our sole discretion, (a) does not comply with the terms and conditions of this agreement; (b) might violate any law, infringe upon the rights of third parties, or subject us to liability for any reason; or (c) might adversely affect our public image, reputation or goodwill. Moreover, we reserve the right to reject, delete, disable, or remove any content at any time, for the reasons set forth above, for any other reason, or for no reason. If you believe that any content on any of the Gazette web sites infringes upon any copyrights that you own, please contact us pursuant to the procedures outlined in the Digital Millennium Copyright Act (Title 17 U.S.C. § 512) at the following address:

Copyright Agent
The Texarkana Gazette
15 Pine Street
Texarkana, TX 75501
Phone: 903-794-3311
Email: webeditor@texarkanagazette.com