An annual independent audit of the City's funds and account groups is required by Section 2.20 of the City of Allen Charter. Upon completion of the audit, the Comprehensive Annual Financial Report covering the 2020 fiscal year ending September 30, 2020, was prepared.

Also, when federal or state funds received by the City is greater than $750,000, a separate audit is required to determine the City's compliance with requirements of laws, regulations, contracts and grants applicable to federal and state programs. In Fiscal Year 2019-2020, the City did exceed the $750,000 threshold. Therefore, a report on federal and state financial assistance was prepared.

The City received an unmodified opinion or "clean audit" from Weaver and Tidwell, L.L.P., (Weaver) that the financial statements present fairly, in all material respects, the financial position of the City.

In addition to the audit report, the audit firm also prepares a Report on Internal Control over Financial Reporting to bring attention to certain matters involving accounting control structure or other operational matters found during the audit.

The Comprehensive Report is now being submitted to the City Council for formal acceptance. A representative of Weaver will be available at the Council meeting to make a presentation to the City Council concerning the audit and report.

The City will again submit the Comprehensive Report to the Government Finance Officers Association to determine eligibility for a Certificate of Achievement for Excellence in Financial Reporting.

The Comprehensive Annual Financial Report will be posted to the City website and also will be available for review in the Allen Public Library and in the Finance Department of City Hall.