Editorial: Rebuttal to candidate's perspective of City of Bonham's current financial status
By Roy Floyd, Bonham Mayor; HL Compton, Bonham Mayor Pro-Tem
May 4, 2019
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Upon reading Councilman Jerry Gay’s campaign editorial on April 25, 2019 in the North Texas e-News concerning the current financial status, reporting and record keeping of the City of Bonham; we’d like to state for the record that the City is compliant with all state requirements, annual financial auditing and disclosure of the City’s financial condition.   We’d also like to take this time to point out professionally proven and factual evidence in rebuttal to the unsubstantiated accusations regarding city finances.


Recently, in early 2019, the City of Bonham received its state compliance confirmation on its most recent audit conducted and presented by McClanahan and Holmes. The auditors certified that no wrong doing, misappropriation, nor misstatements appeared within the City financials.  Public review of the annual audit was conducted in City Council’s public meeting, was approved by majority vote of the City Council and is available for inspection and copying as provided for by the Texas Public Information Act. 


In addition to having the opportunity to interview the auditor, both city staff and our city legal department have provided explanation to all concerned regarding both the legal requirements as well as the city financials. We are here for the betterment of the community, not for any special interests or personal agendas.


In addition to the annual audit, the City has secured a legal opinion confirming compliance with Texas law regarding City Council approved discretionary transfers from the City’s Water and Sewer Fund to the General Fund.  The City of Bonham has an AA Bond Rating which confirms the City’s creditworthiness and the capacity to meet its debt obligations.  Furthermore, the fund balance grew over 9% from last year, and we have accomplished all of this along with being able to make upcoming capital improvements to our infrastructure.


Roy Floyd                                                                            HL Compton

Mayor                                                                                 Mayor Pro-Tem