FOR IMMEDIATE RELEASE
2023 Audit Results
Oak Harbor, WA – January 3, 2025 - The results of the 2023 Financial Audit show continued improvements to Oak Harbor's financial condition as compared to 2022. The City’s assets exceed liabilities by $197.95 million. Of this amount, $70.2 million may be used to meet the City's ongoing obligations to its citizens and creditors. Thanks to the fiscally prudent decisions of the City Council and diligent oversight of spending by the City’s administration, financial condition as measured by “net position” increased by about $12 million.
The City of Oak Harbor thanks the State Auditor’s Office for the open communication throughout the fiscal year 2023 audit as well as the opportunity to correct the financial statements during this process. For the benefit of Oak Harbor residents, the correction does not represent any misuse of public funds. Rather, it represents a reporting error involving the classification of fund balance and the allocation of investments between the various funds which have been corrected. The City’s total assets, total liabilities, and total net position were not affected by the update. We have incorporated updates to our processes to help mitigate the risk of this happening in the future. We appreciate the support of the Washington State Auditor’s Office as we continue to enhance our financial reporting process.
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For media inquiries, please contact:
Magi Aguilar, Communications Officer
City of Oak Harbor
maguilar@oakharbor.org