Amarillo City Council Special Meeting 3/27/26

The Amarillo City Council held a special meeting on March 27, 2026, primarily to review and discuss the draft Annual Comprehensive Financial Report (ACFR) for the fiscal year ending September 30, 2025. Representatives from Clifton Larson Allen (CLA), the city's new audit firm, presented an overview of the audit findings, highlighting the transition to a new accounting software system and its impact on the audit timeline. Key topics included the reconciliation of investment holdings, capital asset accounting, long-term obligations, and the status of the single audit for federal and state grants. Council members discussed the need for clearer reporting on restricted versus unrestricted funds, particularly related to debt reserves and capital improvement projects (CIP), and requested further reconciliation and detailed CIP work product for future review. The council voted to file the draft ACFR with the city secretary's office to meet legal deadlines, with plans for more detailed discussions and final approval at a subsequent meeting.