- City receives topmost opinion on annual audit
City receives topmost opinion on annual audit
Lawton City Council accepted the City of Lawton annual audit report as presented by BKD, LLP, for the 2018 fiscal year on Feb. 26, for which the City received an “unmodified opinion” – the topmost audit opinion an entity can receive.
The government audit, which began in July 2018 and was published Feb. 14, was performed by a third-party company and determined that the financial statements of the City of Lawton have been “presented fairly, in all material respects, in accordance with generally accepted accounting principles.”
“There are many moving parts to an audit,” said Finance Director Diane Branstetter. “Not only is there a sampling of the revenue coming in and expenditures going out being audited, there are contracts, policies, procedures and additional information being audited, as well.”
Other information includes, but is not limited to, the City’s debit, payroll data and fixed assets. Branstetter, who joined the City of Lawton in 2018, said she applauds the efforts of the Finance team and the efforts of Human Resources and Information Technology. Staff members in all three departments worked together to gather, review and prepare needed documentation for the annual audit.
“We are pleased to announce the findings of our annual audit report, which emphasizes our efforts to remain transparent and efficient,” said City Manager Michael Cleghorn.
A copy of the audit can be accessed by clicking here, additional information on the Finance Department can be found by clicking here and some of the financial highlights of the City’s latest audit can be found below.
Fiscal Year 2018 - AUDIT HIGHLIGHTS:
- For the fiscal year ended June 30, 2018, the City’s total net position increased by $12.2 million or 4.91% from the prior year.
- During the year, the City’s expenses for governmental activities were $80.2 million and were funded by program revenues of $18.2 million and further funded with taxes and other general revenues, including transfers in, that totaled $58.8 million.
- In the City’s business-type activities, such as utilities, program revenues exceeded expenses by $15.1 million.
- Sales and use taxes increased by $0.9 million or 1.8% over the prior fiscal year.
- For budgetary reporting purposes, the General Fund reported revenues above estimates by $847,629 or 1.52%, while expenditures were under final appropriations by $1,504,813 or 2.81%.