The Woodward News

Local News

December 22, 2012

City receives favorable audit report

Woodward, Okla. — The City of Woodward has received another favorable audit.

Woodward City Commissioners held a special meeting Thursday evening to receive and file the Fiscal Year 2011-2012 Audit.

The audit results were presented by Russ Meacham, a CPA with the city's new auditing firm RS Meacham CPAs and Advisors, out of Clinton.

Meacham told city commissioners that the audit encompassed 3 reports:

• a report on the financial statement as a whole;

• a report on the internal controls; and

• a report on the receipt and handling of federal funds.

For each of these reports, Meacham said the auditing firm has issued "a clean opinion."

FINANCIAL STATEMENT REPORT

In discussing the report on the city's overall financial statement, Meacham reviewed the city's statement of assets and liabilities with the commissioners.

He said that the city's total assets equal over $88 million, including over $7 million in cash and restricted cash, $4 million in investments, $1.6 million in land, and $69 million in other capital assets such as buildings, vehicles, and equipment.

But, he said, that is balanced against the city's liabilities, which total around $34 million and include accounts payable for services like utilities, bond notes payable, capital lease obligations and other debts.

That still leaves the city with $54 million in net assets, Meacham said.  However the majority of those net assets, or around $40 million, are invested in capital assets, while another $4 million is restricted assets that must go toward certain areas such as tourism, the cemetery, debt service and other purposes.  Then there is another almost $500,000 in "unspendable" assets, which Meacham said "are effectively your inventory of water meters, trash cans, shovels, and so on."

The remaining $8.9 million is the city's unrestricted net assets, which he said "is the most important number when you want to look at where the city stands and where you're going, because the unrestricted net assets represent the funds you have available."

Explaining it another way, Meacham said that as of June 30, which is the end of the audit period, the city essentially had $8.9 million with which it could continue to fund daily operations.

After compiling all those numbers, the CPA said his firm was able to issue "an unqualified opinion" on the financial statement of the city.

"An unqualified opinion is the best opinion you can have.  You want to have an unqualified opinion because you don't want any qualifications.  Think of an unqualified opinion as a clean opinion," Meacham said.

Specifically, he said the opinion of the financial statement means that "materially the numbers we audited are correct; we might be off a $1 here or $1 there, but in an overall material sense, the numbers are correct."

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