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Oklahoma City ERS approves audited FY2024 financial report; auditors issue clean opinion
Summary
The board approved the Oklahoma City Employee Retirement System annual comprehensive financial report for the fiscal year ended June 30, 2024. Presenter Deborah Dutti said auditors issued an unqualified opinion and the system's fiduciary net position rose to $883.1 million, with an audit finding tied to a census-data error.
Deborah Dutti, OSERS accountant, presented the audited financial statements for the fiscal year ended June 30, 2024, and said the auditors issued an unqualified opinion on September 5, 2025.
"I am pleased to report that overall, the system's financial position improved during the fiscal year 2024," Dutti said, reporting a fiduciary net position of $883,100,000, an increase of $40,900,000 from the prior year. She told trustees the trust recorded $71,700,000 in net investment income and paid $48,100,000 in benefits during the period.
Dutti also noted an audit finding on page 99 of the report linked to an error in the census data provided to the actuary during the transition to new software and said management has taken steps to prevent similar errors in future reporting. "It was just a one-off, because of the transaction transition to the new software," she said.
Chair called for a motion to approve the annual comprehensive financial report; after a roll-call vote in which Trustees Madera, Nichols, McSpadden, Weller, Thurman and Chairman Bronson each voiced 'Aye,' the board approved the ACFR.
The approval affirms the system's reported funded ratio of 91.34% (down slightly from 91.88% due to an increase in total pension liability) and keeps the board on track with oversight steps described in the audit and notes. The report and auditor's opinion are available in the trustees' packet pages referenced during the meeting.
