Recent Audit Reports City Finances in Good Health

by Tony Vindell/LFN

The financial standing of the City of Los Fresnos is as good as it gets for a municipality this size, a 2016-17 comprehensive annual financial report reveals.

For the fiscal year that ended Sept. 30, 2017, the city had assets of more than nearly $16 million, compared to more than $9.7 million during fiscal year 2015-2016.

In liabilities, the city ended the 2017 fiscal year with more than $9.8 million, compared to a little more than $5 million the year before.

That resulted in a net difference of more than $9 million, compared to a net of more than $4.8 million the year before, the report shows.

In its general fund, the city took in more than $3.7 million in revenues against more than $3.5 million in expenses.

The city, however, received money from the Federal Emergency Management Agency and other government entities of more than $2.2 million dollars, ending its total fund with more than $6.8 million.

Quentin Anderson, an accountant with Carr, Riggs & Ingram who gave an overview of the report during a city council meeting, said Los Fresnos is a recipient of significant federal grants.

The city received more than $1 million from FEMA during the fiscal year and invested all the funds into projects of infrastructure.

Quentin said the city of Los Fresnos continues to excel in all aspects of financial management.

Proof of this is that the Government Finance Officers Association of the United States and Canada awarded the city a certificate of achievement for excellence in financial reporting for the ninth consecutive year, the report states.