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Independent audit shows clean opinion; council acknowledges compliance report
Summary
Auditor HPCCPAs reported a clean financial statement opinion and a compliance (single‑audit) opinion for federal funds; council formally acknowledged receipt and accepted the reports.
The board heard the independent audit findings for fiscal 2024 from Chris Hyman of HPCCPAs, who delivered a clean opinion for the financial statements and a compliant single‑audit on federal grants. Hyman highlighted three financial points: a $2.8 million increase in combined net position across funds; combined government fund balances of roughly $8 million on a modified cash basis; and an unassigned general fund balance of about $1.4 million (around 13.4% of general fund revenues).
Hyman also reviewed large 2024 capital transactions cited in the statements—wastewater plant (~$16 million), a fire station (~$10 million) and land purchases for economic development (~$1 million)—and flagged one minor, timing‑related collateralization issue at Sooner Bank that he said had been corrected. He characterized both reports as the "best opinion that we can offer as auditors," noting compliance with federal grant requirements for single‑audit thresholds.
Council moved to acknowledge receipt of both the financial statements and the compliance audit; the motion passed by recorded vote.
