1. City of Alamo Heights, Texas
Annual Comprehensive Financial Report
Fiscal Year Ended September 30, 2023
2. What’s in the ACFR
• Introduction
• Transmittal Letter from the City Manager
• GFOA Certificate of Achievement Award for Excellence in
Financial Reporting for the Fiscal Year Ended September 30, 2022
• Independent Auditor’s Report
• Management’s Discussion and Analysis
• Government-Wide and Fund Financial Statements
• Notes to the Financial Statements
• Required Supplementary Information
• Other Supplementary Information
• Combining & Individual Financial Statements
• Statistical Tables
3. Independent Auditor’s Report
• Audit standards to follow
• Generally Accepted Auditing Standards
• Purpose
• To form an independent opinion on whether the financial
statements are presented in accordance with Generally Accepted
Accounting Principles (GAAP).
• Independent opinion on the financial statements
• Audit is “unmodified”
• This is the best opinion that can be given for an independent audit.
It means we have no modifying statements in our opinion letter.
4. Management’s Discussion and Analysis
• Financial Highlights
• Overview of the Financial Statements
• Government-Wide Financial Analysis
• Financial Analysis of the City’s Funds
• Budgetary Highlights
• Capital Assets and Debt
• Requests for Information
5. Financial Highlights
• Government-Wide Financial Statements
• Assets of the City exceeded its liabilities (Net Position) by $28.8
million at September 30, 2023.
• Governmental Activities - $17.4 million
• Business-type Activities - $11.4 million
• Net Position increased by $2.5 million from 2022.
• Governmental Activities - $2.3 million
• Increase in sales taxes and property tax and the revenue from the
American Rescue Plan Act
• Business-type Activities - $230 thousand
• Includes budgeted transfer of $93 thousand to General Fund
6. Financial Highlights (Continued)
• Fund Financial Statements
Governmental Funds:
• The General Fund’s fund balance at the end of the 2023 fiscal
year was $6.3 million, an increase of $20 thousand from 2022.
• Unassigned fund balance was $6.2 million
• Approximately 7 months operating reserve
• The combined fund balance for all funds was $26 million, an
increase of $2 million from 2022.
• The City’s fund balances at September 30, 2023 were as follows
• Restricted - $15.8 million
• Committed - $3.2 million
7. Financial Highlights (Continued)
• Fund Financial Statements (Continued)
Proprietary Fund:
• Water fund net position increased $230 thousand to $11.4
million.
• Unrestricted Net Position was $2.5 million
• At September 30, 2023 the City had working capital of $3 million
for the utility operations; a decrease of $400 thousand from prior
year’s working capital ratio.
• Almost 9 months operating reserves in working capital
8. Letter on Conduct of Audit
• Accounting Policies
• Accounting Estimates and Disclosures
• Difficulties in Performing the Audit
• Misstatements
• Disagreements
• Management Representations
• Consultations with other Independent Accountants
• Compliance with the Public Funds Investment Act
