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Oak Creek council accepts 2024 financial statements and audit with unmodified opinion
Summary
The council accepted the city’s 2024 audited financial statements and audit results prepared by Baker Tilly US LLP; auditors issued an unmodified (clean) opinion and noted a material weakness related to audit preparation procedures.
The Oak Creek Common Council on Aug. 19 voted to accept the city’s 2024 financial statements and the audit results report prepared by Baker Tilly US LLP. The auditors issued a clean, unmodified opinion on the city’s 2024 financial statements and presented a reporting‑insights document that identified one material weakness tied to the city’s internal control structure related to the audit process.
Wendy Unger, a partner at Baker Tilly, summarized the audit for the council. She said the general fund added about $374,000 to its fund balance in 2024 and finished the year with roughly $12.6 million, of which about $10.8 million was unassigned and available. Unger noted that the city budgeted to use nearly $4 million of fund balance but actual results were more favorable due to higher investment income and lower expenditures, including an unused contingency.
The auditors noted other highlights: the capital improvement fund and three TIFs showed activity tied to large projects and borrowings in 2024; the city’s long‑term liability position included general obligation borrowing of $12.8 million in 2024 with $9.3 million in principal retirements during the year; and the water and sewer utilities ended 2024 with positive cash positions and increased unrestricted balances.
Unger explained the material weakness: because auditors prepared the audited financial statements for a brief period, that condition constitutes a reportable material weakness in internal control but is a common auditor‑related reporting item for governments whose auditors assist in financial statement preparation. She said Baker Tilly’s opinion was unmodified and that the overall financial results were favorable.
Action: The council adopted resolution 12615‑081925 to accept the audited financial statements and audit results report. Deputy city administrator and finance officer Max Gagan noted staff cooperation with auditors and thanked Baker Tilly for the work.
Next steps: The accepted audit becomes part of the city’s public financial record. The city will continue to collaborate with Baker Tilly on any recommendations in the reporting‑insights document and maintain the financial reporting and internal control practices noted by auditors.
