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Wagoner council approves FY2024 audit, auditor issues unmodified opinion
Summary
The City of Wagoner approved Hood and Associates' audit for the fiscal year ended June 30, 2024. Auditors issued an unmodified opinion, reported no material internal-control weaknesses and noted the airport improvement program as the single-audit major program.
The City of Wagoner Council on March 26 approved the independent audit for the fiscal year ending June 30, 2024, conducted by Hood and Associates, voting unanimously to accept the report.
The audit firm issued an unmodified opinion — commonly called a clean opinion — saying the city's financial statements are "fairly presented in all material respects," and reported no material weaknesses in internal controls, the auditor said.
The auditor, Mark Stair, senior audit manager at Hood and Associates, told the council the government-wide statements show total assets of $47,072,497 and total liabilities of $15,519,468, producing a net position of $31,553,029. Stair said unrestricted net position totaled $14,435,491 and that the city's net position increased by $3,403,555 from the prior year. "We have issued an unmodified opinion that the financial statements are fairly presented in all material respects," Stair said during the presentation.
Stair also reviewed the single-audit results under the Uniform Guidance. The audit identified approximately $810,653 in federal expenditures that required single-audit procedures; the airport improvement program was selected as the major program. The firm reported no findings that required reporting under the Uniform Guidance. The auditor noted the city is not classified as a "low-risk auditee" for single-audit purposes because its single-audit history is irregular.
Council discussion included requests for a breakdown of lease obligations recorded as "right-to-use" assets; the auditor said he would provide details of the leases, which he said primarily reflect police vehicle leases. The management letter accompanying the audit included a new section listing upcoming Governmental Accounting Standards Board (GASB) pronouncements the city should consider and other current-year recommendations.
Action: Councilmember motioned and seconded to approve the audit; the council then called the roll. The motion passed with all members voting yes (Higginbotham/Hagenbottom/Abernathy/Butler/Wagner/Wright/Sampson/North noted in the roll calls during the item).
