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Auditor presents clean opinion; Atoka's fund balance about 56% of general fund expenditures, board accepts report
Summary
Contract auditor ATA gave the town an unmodified (clean) audit opinion for the 2024 fiscal year, reported a single audit requirement due to federal grant expenditures, and noted the town's general fund balance at about 56% of budgeted expenditures; the board accepted the audit.
The town’s independent auditor, Matt Wood of ATA, told the Atoka board on Jan. 21 that the auditor issued an unmodified (clean) opinion on the town’s 2024 financial statements and that a required single audit was performed because the town had more than $750,000 in federal grant expenditures.
Wood told the board the single audit related to roughly $1,740,000 in federal grant expenditures and that a large portion of that was ARPA funds recognized in the year’s statements. He said the auditor’s testing of the major program came back without exception and that internal control findings from prior years had been cleared in 2024. Wood highlighted that the town’s general‑fund balance is about 56% of budgeted general‑fund expenditures — a ratio the auditor called a "healthy" indicator — and noted a net pension asset of approximately $578,000 in the town’s participation in the Tennessee Consolidated Retirement System.
The auditor also said the management letter included a minor budget overrun of about $4,000 for one fund. After the presentation Alderman Poole moved and Alderman Schaffer seconded a motion to accept the audit report; the board voted aye and accepted the report into the record.
The board thanked the finance staff, including Recorder Debbie Pickard and Deputy Recorder Rachel, for the work that produced the favorable audit outcome.
