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In order to check the effectiveness of the City of Bixby’s processes and accuracy of accounting, the budget is audited each Fiscal Year.
An examination of the financial records and record keeping capabilities of an entity to determine if the financial records are accurate and present an accurate picture of the financial condition of that entity. Who conducts the audit? A third-party firm hired to carefully check the accuracy of an entity’s financial records. Auditors assess financial operations and ensure organizations run efficiently. They are tasked with tracking cash flow from beginning to end and verifying that an organization’s funds are properly accounted for. They also examine the entity’s processes to ensure that proper procedures are in place and being followed. The purpose of the audit is for the auditor to express an opinion that the financial statements present fairly, in all material respects, the financial position of the entity and the changes in financial position for the year.
This year, as in all recent years past, the City of Bixby received an unqualified opinion – the highest rating possible for last fiscal year beginning July 1, 2017 and ending June 30, 2018. The City also received “no findings” which means the proper procedures are in place and being followed.
“We are very proud to have obtained this opinion, and have for many years now. It reflects positively on our staff and the city as a whole. It has allowed us to obtain and maintain a AA+ rating with Standard & Poors Bond Rating Service. Oklahoma City is the only city in the state with a higher bond rating,” said Charles Barnes, City Treasurer.