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Housing authority defers approval of FY2025 audit after audit presentation and cash-management concerns
Summary
Trustees deferred formal approval of the Oklahoma County Housing Finance FY2025 audit until November after an auditor presented a modified financial opinion, an unmodified single-audit opinion on federal awards and discussion highlighted a $918,000 FY2025 loss and current payroll pause.
The Oklahoma County Housing Finance trustees voted July 8 to defer formal action on the authority's FY2025 audit until their November meeting after the auditor summarized the report and trustees asked for more time to review details.
Eric, the auditor who presented the report, told trustees there are two audit opinions in the packet: a modified opinion on the basic financial statements and an unmodified single-audit opinion on federal awards. "The single audit opinion is... unmodified," he said, noting extra internal-control work performed over federal funds.
The audit packet shows restricted federal funds treated as pass-through liabilities rather than authority revenue and described a large adjustment that eliminated roughly $30,000,000 of reported revenue and expense related to turnkey accounts. Eric said the authority had a negative change in net assets in FY2025 of about $918,000, down from a larger loss in the prior year.
Trustees and staff also discussed operational cash and controls. The Executive Director said payroll has been on hold since May and that the authority has limited cash on hand in its administrative and payroll accounts. "Payroll's been on hold since May," the Executive Director said. He described steps taken so staff can now access bank statements directly rather than relying solely on third-party notifications.
Board members pressed about material weaknesses and going-concern risk; the auditor said his work is based on year-end records and recommended regular monitoring of liquidity into FY2026. In response, staff said they have begun receiving bank statements and are taking steps to improve reconciliation and oversight.
A trustee moved to defer approval of the audit to November so members could read the report in full and the motion passed. The auditor and staff said they will file the audit with the federal audit clearinghouse and that staff will bring any follow-up materials to future meetings.
The board did not take further fiscal actions at the July meeting; trustees will revisit acceptance of the FY2025 audit at their November meeting.
