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Oakland Park receives clean audit; net position rises to $244 million
Summary
External auditors issued a clean opinion on Oakland Park’s Annual Comprehensive Financial Report for the fiscal year ending February 2024; city net position increased to about $244 million and auditors reported no compliance findings in the single audit or management letter.
City auditors presented the Annual Comprehensive Financial Report (ACFR) for the fiscal year ending February 2024 at the June 4 Oakland Park City Commission meeting and issued an unmodified (clean) audit opinion.
Karsheena Allison of Watson Rice, the city’s external auditor, told commissioners the report included the standard independent auditors’ report and that the city again submitted its ACFR to the Government Finance Officers Association (GFOA) for the Certificate of Achievement. “We do have a clean report, again here this year. So there's no modifications or qualifications to our letter,” Allison said.
Rhea Rivera, director of financial services, summarized key figures from the audited statements: the city’s net position rose to $244,000,000 as of February 2024, driven largely by net investment in capital assets; unrestricted net position totaled about $56,000,000 and restricted resources were about $10,000,000. Allison and Rivera reported that total revenues increased to $129,000,024 for the fiscal year and that the change in net position (similar to net income) was approximately $32,000,000. The general fund’s unassigned balance rose by about $3,700,000 year over year, and assigned and restricted portions were also disclosed.
Allison said the single audit (the federal compliance audit for certain grant thresholds) found no instances of noncompliance and the state‑required management letter contained no adverse matters. She told the commission the city’s comprehensive reporting goes beyond GAAP requirements to offer additional transparency and that staff is monitoring new accounting pronouncements for possible future effects on financial reporting.
Commissioners thanked the finance team and auditors for the work. Several commissioners highlighted that the certificate of achievement from GFOA has been earned in prior years and praised staff for transparency and professionalism.
Why it matters: a clean audit indicates the city’s financial statements are presented in accordance with generally accepted accounting principles and that auditors found no material weaknesses reported in the meeting. The increase in net position and unassigned general fund balance were cited as positive indicators of fiscal position, while staff cautioned about future headwinds that could affect budgets.
Next steps: staff will continue to monitor accounting pronouncements, pursue GFOA recognition, and incorporate the audited figures into upcoming budget and capital improvement discussions.
