No issues with Arkansas-side financial report, auditor says

TEXARKANA, Ark. — Auditors have given their approval to the city’s 2019 comprehensive annual financial report.

During a regular meeting of the city Board of Directors on Monday, Cynthia Burns with accounting firm BKD presented the results of an audit of the report, praising city financial staff’s work. The Board then voted unanimously to accept the audit.

The audit found “no material weaknesses or significant deficiencies” in the city’s budget reporting, and BKD issued an “unmodified opinion,” the best possible, on the city’s compliance with state requirements.

“We did not have any matters that rose to the level to being reported to the Board,” Burns said.

The presentation included summaries of the city’s revenues and expenses last year, both of which increased from 2018 to 2019.

City revenue exceeded $28.6 million in 2019, up from more than $27.1 million in 2018.

At $10.5 million, sales taxes were the city’s largest source of revenue, followed by charges for services, $5.6 million; property taxes, $4.5 million; operating grants and contributions, $3.9 million; and franchise taxes, $2.4 million.

Expenses also rose, from $28.6 million in 2018 to $29.9 million in 2019.

The city’s largest expenditures were $9.1 million on the Police Department; $6.9 million on public works; $6.4 million on the Fire Department; $2.4 million on general administration; and $1.8 million on other public safety.

The city finished the year with enough money in the general fund to cover 135 days’ worth of expenditures, up from 112 days in 2018.

The presentation was the only action item on the meeting’s agenda. The Board’s next meeting is scheduled for Aug. 17.