The city prepares an annual balanced budget on a fiscal year basis (July - June) and is reviewed mid-year. Finance Department reviews the budget compared to actual revenues received and expenditures incurred and provides an analysis and report for the council. The budget is an important part of managing public funds responsibly.
The City of Farmersville prepares financial statements in conformity with U.S. Generally Accepted Accounting Principles (GAAP) with the assistance of our licensed certified public accounting firm, Price, Paige & Company.
The financial statements are audited with the goal of providing reasonable assurance that the financial statements of the City for the fiscal year are free of material misstatement.