For the second consecutive year, Midland, Texas, has reported a clean audit following the annual financial review conducted by Forvis Mazars. Finance Director Christy Weakland informed the Midland City Council on April 8, 2025, of the zero findings for the fiscal year 2024. The audit revealed increases in the city's net position, with $65.5 million in government funds and $51.2 million in business-type funds.
These results serve as a “clean bill of financial health for the City,” affirming that the municipality is managing finances and operations in compliance with laws, regulations, and accounting standards.
"It helps maintain strong financial ratings," city officials noted. Midland maintains an AAA rating with Fitch Ratings Inc. and an Aa1 rating with Moody’s for its tax-supported debt.
Weakland emphasized that these outcomes are aligned with the City of Midland's Strategic Plan, specifically Goal 5.7, aimed at ensuring continued financial stability, accountability, and transparency. This includes recent steps to address the firefighters' retirement fund without resorting to reserve funds or bond debt.
Additional financial highlights include the self-sufficiency of the Golf Course and Airport funds, the establishment of a Parks maintenance fund, and the use of Chapter 380 agreements and tax increment reinvestment zones (TIRZs) to finance specific city areas.
Notably, audits of local hotels have indicated that approximately 40% owe the City of Midland more in revenue than previously reported, with estimates suggesting around $500,000 in outstanding Hotel-Motel tax funding from about 20 hotels.
The city has also made available its Popular Annual Financial Report (PAFR) for public access online. Residents can view the report by visiting the city's finance and budget page.