Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
McAlester accepts FY2025 audit; auditors cite low reserves and three accounting items
Summary
The McAlester City Council voted unanimously to accept the fiscal-year 2025 audit after auditors issued a clean opinion but highlighted low general-fund reserves, three internal-control comments and accounting changes that raised reported liabilities; no federal-grant findings were reported.
McAlester ' The McAlester City Council voted unanimously to accept the city's annual financial statements and independent auditors' report for the fiscal year ending June 30, 2025, after hearing a presentation from the city's outside auditors.
"These financial statements are materially correct," said Andy Kroner, a shareholder with HSBG, delivering the firm's audit opinion. He told council members the firm issued an unmodified (clean) opinion that the city can provide to the state auditor, banks or bondholders.
Kroner said the audit identified several matters of note. On reserves, he said the general fund's balance is on the low side of commonly recommended levels: "about a half a month to a month," he said, compared with a rule-of-thumb of one to three months of operating reserves. He recommended the council consider steps to rebuild that cushion.
The auditors also reviewed the utility authority, which Kroner characterized as financially healthy. He reported the authority's operating margin at roughly 17 percent,…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
