Agenda No. 7.
SEDC MEMORANDUM
| SEDC Board Meeting: | 03/27/2025 |
| Department: | Economic Development Corporation |
| Subject: | Resolution 2025-2 - Approval of the Independent Auditor's Report for the SEDC Annual Financial Report for the Year Ending September 30, 2024. (Travis Roger, CPA, Audit Supervisor 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 FY 2023-2024 year, the CPA firm Pattillo, Brown, and Hill, LLP performed the audit. The Finance DIrector and SEDC Executive Director have reviewed the audit findings and financial statements as presented by the auditor.
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, 2024. The Board of Directors will review the audit report attached hereto as Exhibit A. The Board will be asked to 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, 2024. The Board of Directors will review the audit report attached hereto as Exhibit A. The Board will be asked to make a formal vote for approval/disapproval.
COMMUNITY BENEFIT
The audit helps ensure that the SEDC funds are managed in accordance with the highest level of standards.
FISCAL IMPACT
The SEDC audit cost is budged and will be charged to the Auditors/Accounting Services line item.
SUMMARY OF RECOMMENDED ACTION
Staff recommends approval of SEDC Resolution 2025-2.