The city of Georgetown recently underwent a financial audit for fiscal year 2022 and came out unscathed. According to the annual financial report for 2022, the city collected $47.2 million in sales taxes, marking an 18% increase from the year prior. It also gained $77.6 million in developer capital contributions and collected $48.3 million in water impact fees—a 26% increase and 18% increase from the year prior, respectively. The city’s total net position, meanwhile, rose to a staggering $1.269 billion.
An independent audit of the city’s finances by Weaver and Tidwell LLP was conducted using a “risk-based approach”, meaning they did not look at every individual account. Instead, the group received the city’s finances and assessed what areas they believed were at the most risk. After the audit was completed, the firm issued an unmodified opinion on the city’s financial statements. Additionally, the group did not find any material weaknesses or significant deficiencies in the city’s internal control over financial reporting.
The city of Georgetown’s successful financial audit for fiscal year 2022 is a testament to the hard work and dedication of its citizens, local government, and business owners. As the city continues to grow, it is important to ensure that its finances remain in order in order to ensure a bright future for all.