The city receives a clean audit in its annual report
Vicky O. Misa The Shawnee News Star [email protected]
This year’s city audit resulted in an unequivocal report.
Jacob Bussell, deputy chief financial officer, said in March that independent auditor Arledge and Associates issued an unqualified opinion on the city’s financial statements for the year ended June 30, 2021.
A representative from Arledge & Associates presented the Comprehensive Annual Financial Report (ACFR) and Single Audit Report findings at the regular meeting of the Shawnee City Commission this week at City Hall.
Audit reports contain the following audit opinions:
• Annual Comprehensive Financial Report (ACFR) for the year ended June 30, 2021.
• Unmodified Opinion – The financial statements are presented fairly, in all material respects, and comply with generally accepted accounting principles (GAAP).
• Single audit report for the year ended June 30, 2021.
• Unmodified Opinion – For its major federal programs, the City has complied, in all material respects, with the compliance requirements of the Uniform Guidance.
A few highlights
• The City’s total net position increased by $8,849,155 or 17.86% over the prior year and the City’s assets and deferred outflows continued to exceed its liabilities and deferred inflows as of June 30, 2021 , of 90.4 million dollars (net position). The results indicate that the city’s financial situation has improved compared to the previous year.
• Of the $90.4 million in the total net position, $94.0 million represents the net investment in fixed assets. Another $12.8 million is earmarked for capital projects, debt service, economic development and public safety. The remaining unrestricted net position for government activities is a deficit of approximately $15.5 million, while the net unrestricted position for commercial type activities is a deficit of $0.9 million. The deficits are largely caused by the GASB 68 and 71 statements relating to the accounting of employer pension plans and the GASB 75 statement relating to other post-employment benefits.
• As of June 30, 2021, City Government Funds reported total combined closing fund balances
of $41.3 million. Of this amount, $34.2 million is limited by outside sources and enabling legislation, leaving $6.9 million as an unrestricted fund balance.
• As of June 30, 2021, enterprise funds had a total net position of $41.6 million. $40.1 million represents the net investment in fixed assets, and $2.4 million is allocated to debt service, leaving a deficit of $0.9 million in a net unallocated position.
The Financial Report is designed to provide citizens, ratepayers, customers and creditors with a general overview of the City’s finances and to show the City’s accountability for the money it receives.
To view the full report, visit shawneeok.org. It is on the Finances page.
For more information about the report, contact the CFO’s office at 16 W. 9th or call (405) 878-1610.