Finding Text
Condition: Failure to file annual financial reports with the Texas Water Development Board in accordance with bond covenants. Criteria: Filing annual financial reports on time with regulatory agencies is required to maintain compliance with debt convenants. Effect: The City's annual financial report was delinquent. Cause: Lack of monitoring by management and those charged with governace for compliance of debt covenants. Recommendation: We recommend the City monitor compliance requirements for all debt issued to ensure that reports are filed timely and the City remains in compliance with covenants.