During the July 25, 2023 Frisco Town Council Meeting, Finance staff presented the 2022 Community Report to Council and published the report online for community members. The Community Report is a combined summary for the Town’s services, activities, and the Popular Annual Financial Report (PAFR), which is a summarized and condensed overview of the Town’s financial position.
Commitment to a Strong Financial Position
The Town goes above and beyond in its financial reporting, as reflected in the Outstanding Achievement in Popular Annual Financial Reporting from the Government Finance Officers Association of the United States and Canada (GFOA), which the Town has received for over 10 years. McMahan and Associates, L.L.C., who provide the Town with annual auditing services, affirmed in their auditor letter to Town Council that the Town’s accounting practices are conservative, consistent, and compliant.
The Town’s expenditures were $.8 million less than anticipated and revenues were $3 million higher than expected in 2022. The Town continues to maintain a seven-month reserve to cover operational expenses, which was noted by McMahan and Associates as a strong fund balance and would position the Town well for the current economic uncertainty. Additionally, the Town received an unmodified “clean” opinion in their annual audit for 2022 from McMahan and Associates.
The 2022 Community Report Overview
The primary role of the Town is to use taxpayer dollars to provide high-quality programs and services the community expects and deserves, and to do so in a thoughtful and transparent manner. The 2022 Community Report gives an overview of the five key priorities outlined in the strategic plan, which include a thriving economy, inclusive community, sustainable environment, vibrant culture, arts & recreation, and quality core services. Each priority is presented within its own section that covers accomplishments, a glimpse into operations, and comparative data, when available. A digital copy of the 2022 Community Report is available at Friscogov.com, and hard copies are available for review at Frisco Town Hall, located at 1 Main Street and open Monday-Friday from 8:00 am to 5:00 pm.
Any questions related to the Town’s financial position and finance related matters may be directed to Town of Frisco Finance Director, Leslie Edwards, at LeslieE@townoffrisco.com.