Marshall City Audit Confirms Strong Financial Health for 2023
UPDATE: The City of Marshall has just received a clean financial audit for the fiscal year ending December 31, 2023, confirming its robust financial health. The audit, conducted by the CPA firm Pattillo, Brown & Hill, indicates no discrepancies in financial practices, highlighting the city’s commitment to transparency and fiscal integrity.
Travis Rogers, CPA audit manager, presented the findings to the Marshall City Council, stating, “This is what we refer to as an unmodified or a clean opinion, meaning there were no material departures from generally accepted accounting principles.” This high level of assurance is critical for the city, providing confidence to residents and stakeholders in Marshall.
Why This Matters: The audit’s positive outcome is essential for securing future grants and funding opportunities. Christina Hamilton, Marshall’s assistant director of finance, emphasized the importance of the audit, stating, “Having this done and having it done timely, having an unmodified opinion is all very important in securing those grant opportunities for us.” She noted that audits also serve as a valuable opportunity for the finance office to evaluate internal controls and implement recommended improvements.
Key Financial Highlights:
– The City of Marshall’s assets exceeded its liabilities by an impressive $99,114,226 at the end of the fiscal year.
– The city’s governmental funds reported a combined ending fund balance of $23,651,382, with approximately 64% available for discretionary spending.
– The unassigned fund balance for the general fund stood at $15,184,557, accounting for 59% of total general fund expenditures.
– The Water and Sewer Fund reported an unrestricted net position of $22,829,590, significantly covering its operating expenses of $7,568,734.
Rogers praised the city’s financial position, stating that the unassigned general fund amount of $15.1 million is ideal for local governments. He explained, “The classic rule of thumb is to aim for a three-to-six month minimum for fund balance. A seven-month reserve is indicative of a healthy financial status.”
Residents can review the complete fiscal year audit on the city’s official website at www.marshalltexas.net under the “departments” and then “finance” section. This transparency not only reflects the city’s commitment to sound financial practices but also assures citizens that their government is managing resources effectively.
As Marshall continues to thrive financially, the city is poised for future growth and development, ensuring that residents benefit from a stable economic environment. This audit serves as a solid foundation for ongoing financial health and community trust in local governance. Stay tuned for further updates on how these financial developments will impact the City of Marshall moving forward.
