The City of Irving has released its fiscal year 2010 Comprehensive Annual Financial Report (CAFR) that details the city’s financial operations and position. An audit of the report was conducted by Grant Thornton LLP and the city received an unqualified “clean” audit opinion, which is the best opinion given by audit firms.
The superior rating means that Irving’s financial statements are free from material misstatements and are represented fairly in accordance with the Generally Accepted Accounting Principles. In addition, Grant Thornton conducted a review of the city’s control procedures and no material weaknesses were noted. Audit results were presented by Grant Thornton to the Audit and Finance Committee at its Feb. 2 meeting.
“This is great news regarding the fiscal position of the City of Irving,” said Councilman Joe Phillip, Audit and Finance Committee chairman. “Among all funds, the city expended more than $400 million in operations and construction projects during this past fiscal year and this report provides confidence to Irving residents that tax dollars are well managed and accounted for properly in delivering exceptional services and promoting a high quality of life to our residents, visitors and businesses.”
The city will submit the 2010 CAFR to the Government Finance Officers Association for the Certificate of Achievement for Excellence in Financial Reporting, which is the highest form of recognition in the area of governmental accounting and financial reporting. Irving has received this award for 26 consecutive years since 1984.
