HomeMy WebLinkAboutAudit Committee-Minutes-3/4/2025
City of Colleyville Page 1
CITY OF COLLEYVILLE
AUDIT COMMITTEE MINUTES
100 Main Street, Colleyville, Texas, 76034
City Manager's Conference Room - Third Floor
TUESDAY, MARCH 4, 2025 - 5:00 PM
1. CALL TO ORDER
City Secretary Christine Loven called the meeting to order at 5:00 p.m. and called
the roll.
PRESENT: Committee members Brandi Elder, Scotty Richardson, and Mark
Alphonso.
ALSO PRESENT: Finance Director Cassie Smith, Accounting Manager Karen
Hines, Assistant City Manager Mark Wood, and City Secretary Christine Loven.
2. APPROVAL OF MINUTES
August 20, 2024
The August 20, 2024 minutes were approved.
3. REGULAR AGENDA ITEMS
3a Discussion of the draft FY24 Audit and SAS 114 Letter
Finance Director Cassie Smith introduced Michelle Gilley, with Weaver, the City’s
auditing firm. Ms. Gilley reviewed the audit process, significant changes, work
results, the audit reports, risks, communications, the new GASB Statement 100,
and the financial highlights. Ms. Gilley stated the City received an unmodified
report, which is the highest report, which can be given. She noted there were no
material weaknesses, no significant deficiencies, and no noted noncompliance
material to the financial statements.
Ms. Gilley thanked Karen Hines for her assistance and said Weaver looks forward
to working with Cassie. With there being no questions regarding the audit, Ms.
Gillen advised it will be become final and be presented at the March 11, 2024 City
Council meeting for approval.
4. REPORTS
Quarterly investment report as of September 30, 2024
Quarterly investment report as of December 31, 2024
City of Colleyville Page 2
Audit Committee Minutes March 4, 2025
Finance Director Cassie reviewed both investment reports. She highlighted the
City’s portfolio composition and performance. Mrs. Smith stated she is still learning
City’s processes and will continue to monitor investments to ensure the strategies
and objectives to preserve capital, provide liquidity, and optimize earnings are
being met.
4. ADJOURNMENT
The meeting adjourned at 5:17 p.m.
APPROVED THIS THE 17TH DAY OF JUNE 2025.
Minutes taken and prepared by:
Christine Loven, TRMC
City Secretary