City Council hears audit findings

By Jacob Sturm
[email protected]

Mustang city officials accepted an annual comprehensive financial report, along with a report
on internal controls and compliance with government auditing standards for Fiscal Year 2024
ending June 30 when they met at City Hall Jan. 7.

An audit of the financial statements occurred for the entities including the City of Mustang, the
Mustang Improvement Authority and the Mustang Economic Development Authority.

No audits were done for the Mustang Special Projects Authority due to it not being active.

Anne Elfrink, the managing member for Elfrink and Associates PLLC, reiterated that auditing
standards that went into the audit before sharing the audit had five opinion units including
governmental activities, business type activities, the general fund, the mustang improvement
authority fund and the aggregate remaining fund information as well as the mustang economic
development authority.

Elfrink said all instances resulted in an unmodified opinion.

“In other words, we believe that the financial statements are fairly stated in keeping with the
accounting principles generally accepted in the United States,” Elfrink said.

There are requirements to communicate the planned scope and timing of the audit, which was
done in the engagement letter between the City of Mustang and Elfrink and Associates.

Elfink also reiterated multiple reports were issued, including one due to the city having more
than $750,000 in expenditures in federal grant awards this past fiscal year. One audit was
required in the instance, and identified a major program tasked through the Oklahoma
Department of Transportation to assist with water and sewer relocation that showed federal
portions totaling $759,090.00.

Mustang received clean opinions in each area assessed.

All departments showed expenditures less than their final appropriations, something Elfrink
said showed good budgetary control by the City of Mustang.

No new debt was issued in Fiscal Year 2024, too.

“As always, the staff did a fantastic job,” Elfrink said. “…Very impressive the controls that were
in place. So, we were very pleased to see that. You don’t always see that.”