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Durant Council accepts FY2023–24 audit showing rising reserves and clean opinion
Summary
The Durant City Council unanimously accepted the FY2023–24 annual financial statements and auditor’s report, which showed a clean opinion, a 4% increase in total assets, and $11.5 million in unassigned general-fund reserves.
The Durant City Council voted unanimously to accept the city’s FY2023–24 annual financial statements and the independent auditor’s report, which issued a clean opinion on the statements.
Auditor Chris Hahn told the council the audit "presents fairly in all material respects," noting total assets rose roughly $8 million (about 4%), net position increased about 5% year over year, and unrestricted net position grew about 23% to $33,000,000. Hahn also highlighted the city’s unassigned general-fund balance at $11,500,000, which he said is more than 60% of annual revenues and larger than what he typically sees in peer cities.
Hahn explained the change in the city’s reported ‘‘net position’’ declined from an elevated 2023 figure — when TIF proceeds and grants increased that year’s position — to a still-positive $6.1 million in 2024. He told the council there were no findings on internal control or compliance for the 2024 audit period.
Mayor Tucker moved to accept the auditor’s report after Hahn finished his presentation; the clerk called the roll and the council voted yes (Council members Miller, Shear, Vice Mayor Similescu and Mayor Tucker). The council had no substantive questions during the presentation.
The acceptance formally places the FY2023–24 financial statements on the public record. Staff and the auditor said the documents will inform the rate-study work and other financial planning now under way.
