The City of Devine received an unmodified opinion for Fiscal Year 2018-2019 from accounting firm Coleman, Horton & Company, LLP.
An unmodified opinion is the highest that can be received.
Stephen Horton delivered the news during the Regular Devine City Council meeting held last Thursday, April 23.
As of September 2019, the City had over $21 million in assets and over $15 million in liabilities, including over $11 million of long-term debt, leaving it in a positive net position of $6.7 million.
In the governmental fund, which includes the General Fund, revenues totaled $3.9 million. The bulk of that revenue came from taxes, including property tax, sales tax, and franchise tax.
Governmental fund expenditures totaled about $4.6 million, including over $1 million in the police department, and over $700,000 each in health and sanitation, the golf course, and administration.
The governmental fund finished in the red to the tune of about $650,000, though the fund balance remained around $1.5 million.
“Years past, the City’s always kind of broken even on this particular page,” Horton said. “But this past year, my recollection is that the golf course expenditures was a new endeavor, and [the City] had a lot of expenditures accounted for prior to the golf course operations for the year.”
The water and sewer fund brought in revenues over $2.3 million, with expenditures just north of $2 million, for an overall operating income of $271,000. Investment earnings of over $200,000 increased the fund’s net position to $483,000.
“The general fund, governmental funds, lost some ground this past year,” Horton said, “but your water/sewer still shows a positive, adding financial resources to your net position.”
Council voted unanimously to accept Horton’s report, as well as to retain Coleman, Horton & Company for the Fiscal Year 2019-2020 audit.
By Marly Davis