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Red Oak council adopts FY2024 audited financial report with unmodified opinion
Summary
The Red Oak City Council unanimously adopted a resolution approving the city's FY2024 Annual Comprehensive Financial Report (ACFR), which auditors presented with an unmodified (clean) opinion and highlighted stable reserves and capital funding from the 2023 bond.
The Red Oak City Council on a 5-0 vote adopted Resolution No. 25-029R approving the city's Annual Comprehensive Financial Report for fiscal year 2024, an audit presented by Patillo, Brown & Hill that issued an unmodified opinion.
Auditor John Manning told the council the ACFR is voluntary but provides a fuller picture of the city's finances and supported the firm's highest-level audit opinion. Manning described the city's balance sheet as strong, noting total assets of "about over a $111,000,000" and restricted cash of roughly $36'$37 million tied to the 2023 bond issue. He said the general fund added roughly…
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