Your money: Auditor gives city of Broken Arrow clean bill of health
Source: City of Broken Arrow
An independent audit “found a clean, unmodified opinion” of the City of Broken Arrow’s finances, according to Arledge & Associates Certified Public Accountants Partner LaDonna Sinning.
Sinning attended the Broken Arrow City Council meeting May 16 to make herself available to answer questions regarding the findings for the year ending June 30, 2022.
“We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States,” Arledge Certified Public Accountants said in the Independent Auditor’s Report.
“We noted no transactions entered into by the City during the year for which there is a lack of authoritative guidance or consensus,” the report said. “All significant transactions have been recognized in the financial statements in the proper period.”
“We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit,” Arledge & Associates said in a statement.
Financial highlights of the audit include:
- On June 30, 2022, the assets and deferred outflows of the City exceeded its liabilities and deferred inflows by $446,389,601.
- For the fiscal year ending June 30, 2022, the City's total net position increased by $37,753,591 or 9.2 percent from the prior year’s net position.
- During the year, the City's expenses for governmental activities were $96,019,272, funded by program revenues of $25,658,711 and further funded by taxes and other general revenues totaling $105,272,697.
- In the City's business-type activities, such as utilities, total program revenues exceeded expenditures by $2,207,290.
- On June 30, 2022, the General Fund reported a total fund balance of $25,943,426 compared to the prior year's total fund balance of $19,989,352.
- For budgetary reporting purposes, the General Fund reported revenues less than final estimates in the amount of $27,866 or 0.03 percent, while expenditures were less than final appropriations by $5,602,917 or 5.78 percent.
As the City completed its 2022 fiscal year, the governmental funds reported a combined fund balance of $163,065,013, or an 11.1 percent increase from 2021. The combined proprietary funds reported a combined total net position of $128,718,450, or a 2.4 percent increase from 2021.
Other fund highlights include:
· For the year ending June 30, 2022, the General Fund's total fund balance increased by $5,954,074 or 29.8 percent.
· The Public Safety Sales Tax-Police Fund's total fund balance increased by $4,418,987 or 40.7 percent.
· The Public Safety Sales Tax-Fire Fund's total fund balance increased by $133,284 or 2.5 percent.
· The Sales Tax Capital Improvement Fund's total fund balance increased by $3,989,979 or 28.6 percent.
· The 2018 General Obligation Bond Fund’s total fund balance increased by $5,141,240 or 13.5 percent due to the proceeds from the issuance of debt exceeding the related capital outlay expenditures during the year.
The City's combined net position increased from $408,636,010 to $446,389,601 between fiscal years 2021 and 2022.
This financial report is designed to give citizens, taxpayers, customers, and creditors a general overview of the City of Broken Arrow’s finances and show its accountability for the money it receives.
For more or to view the audit in its entirety, go to Annual Financial Report ending June 30, 2022 or you may watch the discussion about the audit during the City Council Meeting on May 16 at the 46:33 mark of the video found here.