Danny Coyle and David Longoria from Long Chilton, LLP Harlingen certified public accountants reported to Lyford City Commissioners Tuesday evening on their evaluation of the city's financial situation.

The city financial report was given an "Unqualified opinion," and "present fairly, in all material respects, the financial position of the governmental activities, the business-type activities and each major fund, of the city of Lyford, as of Sept. 30, 2009.

Coyle said the city's assets exceeded its liabilities by $9,502,195 at the end of the year.

Coyle said the financial report "shows strength in management to navigate through these uncertain times and you were able to put some money aside for a rainy day. You have a strong and well run city. You are also making needed improvements to infrastructure of the city. You just got approval for $4 million in stimulous funds. That will help a lot."

Suggested improvements for the immediate future we-_ moving to a software system and giving up the ledger now being used. With a new system you can integrate accounts receivable, accounts payable and your bank statements. The advantage to streamlining your system is to increase your control. You will be able to print out a monthly budget and any variances will help you to track your financial activities."

Coyle told city secretary Lydia Moreno and mayor and commissioners, "Once you get $4 million from the American Reinvestment Act, you will find compliance reporting very, very strict."