Burkburnett commission accepts FY2025 audit; auditors report no control findings

The Burkburnett Board of Commissioners unanimously accepted the city's fiscal year 2025 audit after auditors reported an unmodified opinion and no internal control findings.

Valerie Halverson, the engagement auditor, told commissioners the independent auditor's report expresses the opinion that the city's financial statements are fairly presented. She said the city ended fiscal 2025 with about $33.3 million in assets and $18.8 million in liabilities, leaving a total net position of roughly $14.7 million, down about $600,000 from the prior year.

Halverson noted the city's business-type activities (water and sewer) showed an improved operating result of about $200,000 for the year but said the unrestricted net position in those enterprise activities remained negative, about $548,000 (an improvement from about -$615,000 the prior year). She also reported the Burke-Burkburnett Development Corporation appears on consolidated statements with approximately $2.2 million in assets and new debt of about $657,000.

On long-term obligations, Halverson reviewed the city's pension figures: an estimated total pension liability of $18.5 million against plan assets of about $17.6 million, leaving a net pension liability on the books. She emphasized those are actuarial estimates and that city contributions combined with investment earnings had improved the funded position during the year.

Halverson told the commission the audit identified no material adjustments and no internal control findings. "The audit went really well," she said, adding that staff had provided full cooperation during the engagement.

After brief discussion, a commissioner moved to accept the audit "as presented." The motion was seconded and carried unanimously.

The commission's acceptance of the audit closes the formal review for FY2025; the auditor said she would provide the final printed report and management letters to the city for the public record.