The recently completed Fiscal Year 2020 city audit was the main topic of conversation at a Dec. 30 special meeting of the Sallisaw Board of City Commissioners.
Derrel White of the FSW&B accounting firm in Stillwater presented the audit, along with comments regarding the financial status and operations of the city. After the presentation and discussion, the board voted unanimously to approve and accept the audit.
Mayor Ernie Martens commented: “On behalf of the Board of City Commissioners, I want to express how pleased we are with the audit this year. The auditor noted no issues with our financial documents or our internal controls. Financially, we are in a good position. During the presentation, our auditor complimented the city’s policies and our internal accounting controls as some of the best he has seen. I extend our appreciation to the city staff who are tasked with ensuring compliance and accounting for all our revenues and expenditures.”
“The audit is a reflection on city operations and policies that have been put in place to ensure the financial stability of the city and the ability to fund future projects,” said City Manager Keith Skelton. “When you dig down into the operations of a city, you will find that there are many rules and regulations that must be followed, not only on the operations side of the city, but the financial part as well. Citywide, our employees do an excellent job of keeping up with these requirements, and it is reflected in our yearly audits.”
Financially, the city remains strong. For FY 2020, the city’s net position increased to $23.8 million, $3.1 million more than FY 2019. Over time, net position is a useful indicator of a government’s financial position and how it can meet the current and long-term needs of the government.
Since 2016, the city has increased its net position by $10.7 million. Revenues, expenditures, assets, liabilities and deferred outflows and inflows all go into the calculation of net position. During the year, the city also decreased its long-term liabilities by $1.7 million.
In addition to the normal audit, the city also completed a single audit, covering federal funding received and expended by the city. A single audit is required of governments who receive in excess of $750,000 in federal funding. The city currently has more than $2.3 million in federal awards and has expended $1.3 million in federal funding during the year. The audit, along with previous years’ audits, may be viewed on the city website at http://www.sallisawok.org/131/Financial-Statements-Audits.
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