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Atoka audit: clean opinion, pension asset and healthy fund balance highlighted
Summary
Auditor Matt Wood told the Atoka Board the town received an unmodified (clean) opinion with no current-year internal control issues; he highlighted a $776,000 pension asset, $497,000 in federal grants for the year and a strong general-fund balance ratio (63.93%).
Auditor Matt Wood of ATA told the Atoka Board on Feb. 17 that the town’s financial statements received an unmodified — or clean — opinion for the year under review and that auditors found no internal-control deficiencies this year.
Wood said the town recorded about $497,000 of federal grant awards during the year, which kept Atoka below the single-audit threshold. He highlighted the town pension plan showing an asset position of about $776,000 and explained how investment returns and actuarial smoothing affect the town’s deferred inflows and outflows. Wood noted that the town’s general-fund balance as a percentage of budgeted expenditures was reported at roughly 63.93%, which he characterized as a strong starting point for budgeting and planning.
Board members sought clarification on the audit’s accounting terms. Wood explained that "unavailable" or "unearned" property tax revenue reflects the full assessment that will not be collectible until October, when property taxes are paid, and that the number functions like an accounts receivable on the government-wide statements.
The board did not identify any findings or internal-control weaknesses; the auditor said the financial statements appeared free of material misstatement. Members thanked finance staff and town administration for their work on the statements and for managing grants and capital projects.
