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Okolona council reviews financials, hears draft audit with signed 2021 report expected soon
Summary
City finance staff presented monthly revenue and expenditure totals; an independent auditor described a draft audit and said he expects a signed 2021 report after partner and quality reviews by late April.
Chair called the Okolona City Council to order Tuesday and the finance director delivered the month‑ending financial report, detailing revenue and expenditures across the general, police, fire, library, water and sanitation funds.
The finance director said total general fund revenue stood at about $1.09 million and listed line items including police revenue of roughly $289,016 and library expenditures around $38,388. He invited questions from council members about specific line items and departmental allocations.
An independent auditor told the council he had provided a draft audit report and described two outstanding procedural review steps before the firm can issue a signed opinion. "I've provided you with a draft audit report tonight," the independent auditor said, adding the draft still needs an independent partner review and the firm’s internal quality control check.
The auditor said the draft included two findings in the 2021 workpapers and he was "very optimistic" he would have a signed 2021 report by the end of April if outstanding document searches and reviews proceed on schedule. He cautioned final issuance depends on the partner and quality reviews and on timely document collection by staff.
Why it matters: a completed audit provides the council and public an external assessment that the city’s financial statements are not materially misstated and identifies internal control weaknesses. The auditor’s timeline signals when city leadership and residents can expect a finalized 2021 report.
Council members pressed for follow‑up on the two findings and for staff to provide documents the auditor requested. The auditor said changes to the numbers in the draft financial statements were unlikely but some narrative items and required supplementary information could change before final release.
The meeting moved on to other agenda items after council members asked procedural questions and the auditor agreed to return with a finalized report when reviews are complete.
