Annual audit shows city’s net position still strong at more than $29 million
A recently completed audit of Sallisaw’s financial status and operations not only confirms the city’s finance department is ensuring compliance and accounting for revenues and expenditures, but also reveals the city’s net position remains strong at more than $29 million.
The Fiscal Year 2023 audit, completed by Derrel White of the Stillwater accounting firm FSW&B, is being reviewed by city staff and the commissioners, and is expected to be placed on the commissioners’ May 13 agenda for formal acceptance.
The annual audit, a state law requirement, revealed the city’s net position remains strong at more than $29 million. Since FY 2020, the city’s net position has increased by $5.8 million. Over time, net position — revenues minus liabilities — is a useful indicator of a government’s financial position and how it can meet both current and long-term needs of the government.
During the year, the city noted a 10% increase in revenues related to program revenues from grants and utility services. For FY 2023, the city handled $2.7 million in various types of grants. Overall, city expenses reflected a 3% decrease.
“On behalf of the Board of City Commissioners, I want to express how pleased we are with our FY 2023 audit,” Mayor Ernie Martens says. “The auditor noted no issues with our financial documents or our internal controls. Mr. White complimented our staff for their record keeping as some of the best he has seen. Our staff does an excellent job of ensuring compliance and accounting for all our revenues and expenditures, and for that, we are very appreciative.”
The commissioners received the audit, along with comments regarding the financial status and operations of the city, at their April 8 meeting for review prior to formal acceptance. The audit was delayed this year when the original CPA firm engaged to complete the audit failed to do so. At that point, FSW&B assisted the city by completing the audit and issuing the financial statements.
“Our annual audit is a reflection on city operations and policies that have been put in place to ensure the financial stability of the city,” City Manager Keith Skelton says. “Projects in themselves can be very difficult to track due to their complexities. There are many rules and regulations that must be followed when accounting for our finances. Our staff takes great pride in accounting for every dollar that comes into the city, and every dollar that is expended.”
Once the city commissioners formally accepts it, the audit, along with previous years’ audits, will be available on the city’s website at www.sallisawok. org/131/Financial-Statements- Audits.
