Agenda No. 5.
SEDC MEMORANDUM
| SEDC Board Meeting: | 03/16/2023 |
| Department: | City Secretary |
| Subject: | SEDC Resolution No. 2023-4 for the approval of the Independent Auditor’s Report for the SEDC Annual Financial Report for the Year Ended September 30, 2022. (Clayton Rogers, Auditor Partner of Pattillo, Brown and Hill, LLP/J. Walters) |
BACKGROUND
Per State law requirements, the City of Schertz, and the City of Schertz Economic Development Corporation (“SEDC”) contract an independent licensed public accounting firm to perform an annual financial audit. For the FY 2021-2022 year, the CPA firm Pattillo, Brown, and Hill, LLP performed the audit. The Finance Director, Assistant Finance Director have reviewed the audit findings and financial statements as presented by the auditor. On March 8, the SEDC Interim Director met virtually with the Auditor to go over the report information to ensure an accurate and transparent audit.
During the Board meeting, the Audit Partner will make a presentation showing the financial performance and financial health of the SEDC for the previous fiscal year ending on September 30, 2022. The Board of Directors will review the audit report attached hereto as Exhibit A. The Board will make a formal vote for approval/disapproval.
During the Board meeting, the Audit Partner will make a presentation showing the financial performance and financial health of the SEDC for the previous fiscal year ending on September 30, 2022. The Board of Directors will review the audit report attached hereto as Exhibit A. The Board will make a formal vote for approval/disapproval.
COMMUNITY BENEFIT
The audit helps ensure that SEDC funds are managed in accordance with the highest level of standards.
FISCAL IMPACT
The SEDC audit cost is budgeted at $6,000 and will be charged to the Auditor/Accounting Services line item.
SUMMARY OF RECOMMENDED ACTION
Staff recommends approval of SEDC Resolution 2023-4.