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The original item was published from 12/15/2020 10:12:29 AM to 12/15/2020 10:13:39 AM.

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Posted on: December 15, 2020

[ARCHIVED] Public Improvement District Audit

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ARGYLE, TX (December 15, 2020) –Since late summer, Vail & Park P.C. has been engaged in the audit of the two Town of Argyle Public Improvement Districts (PID), Waterbrook and The Highlands.  The Town Council requested an audit after discovering that public improvements within the PIDs had not been constructed, notably stormwater management features in Waterbrook.  

 At the December 7, 2020, Argyle Town Council meeting, the Council heard a presentation from Mr. Mike Vail on the PID audit's outcome. Vail & Park P.C. provided a Qualified Opinion to the Town Council. A qualified opinion was necessary because the PID Administrator was unable to produce documentation to support significant cost allocation decisions. The failure to maintain and make available proper records for the $13 million construction project forced the auditors to review 100% of the PID transactions, driving up the cost of the audit.  The Town Council has taken action to terminate P3 Works as the PID Administrator.

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