Council accepts 2024 audited financial statements; general fund ends year with $12.6 million balance
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Summary
The Common Council accepted the 2024 audited financial statements prepared by Baker Tilly US LLP. Auditor issued an unmodified (clean) opinion; the general fund ended 2024 with about $12.6 million in fund balance and higher-than-budgeted investment income.
The Oak Creek Common Council on Aug. 19 accepted the city’s 2024 audited financial statements and the Baker Tilly audit-results report. Wendy Unger, partner at Baker Tilly, presented the audit findings and said the firm issued an unmodified (clean) opinion on the city’s financial statements, the highest level of assurance auditors provide.
Key figures and highlights: The general fund added about $374,000 to fund balance during 2024, ending the year with roughly $12.6 million. The city had budgeted to use about $4.0 million of general fund balance but instead reported $4.3 million more favorable result vs. budget, driven in part by higher-than-budgeted investment income (about $1.2 million above budget) and expenditures that were roughly $3.8 million under budget, including contingency funds that were not needed.
Other funds: The capital improvements fund saw a small decrease in fund balance (about $364,000) to an ending balance near $11.5 million; the city’s debt-service fund had a small fund-balance decrease consistent with expected principal and interest payments. The water and sewer utilities showed increased cash positions (water +$3.6 million; sewer +$584,000), and long-term obligations were disclosed per standard footnotes. The city borrowed about $12.8 million in 2024 and paid down roughly $9.3 million of general obligation debt.
Audit notes and internal controls: Baker Tilly noted that preparation of audited financial statements places auditors briefly in the internal-control chain and that, as is common for municipalities, a material weakness letter accompanies the report related to that dynamic; the auditor explained that the material weakness is not unusual and described standard communications included in the reporting and insights document.
Council action: After the presentation and brief discussion, the council voted to accept the audited financial statements and audit results report as prepared by Baker Tilly. Council members praised city staff for cooperation with auditors.
Sources: Presentation by Wendy Unger (Baker Tilly) and the Aug. 19 Common Council meeting record.
