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[Pages:23]TOWN OF HALLETT, OKLAHOMA ANNUAL FINANCIAL REPORT JUNE 30, 2020

Ralph Osborn Certified Public Accountant

500 South Chestnut P.O. Box 1015

Bristow, Oklahoma 74010-1015

INDEPENDENT AUDITOR'S REPORT

The Honorable Members of the Board of Trustees Town of Hallett, Oklahoma

Report on the Financial Statements

I have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Town of Hallett, Oklahoma as of and for the year ended June 30, 2020, and the related notes to the financial statements, which collectively comprise the Town of Hallett, Oklahoma's basic financial statements.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with the modified cash basis of accounting; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

My responsibility is to express opinions on these financial statements based on my audit. I conducted my audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing and opinion on the effectiveness of the entity's internal control. Accordingly, I express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant estimates made by management, as well as evaluating the overall presentation of the financial statement.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinions.

Opinion

In my opinion, the financial statements referred to above present fairly, in all material respects, the respective modified cash basis financial position of the governmental activities of Town of Hallett as of June 30, 2020, and the respective changes in modified cash basis financial position, thereof for the year then ended in accordance with the basis of accounting as described in Note A.

Basis of Accounting I draw attention to Note A of the financial statements, which describes the basis of accounting. The financial statements are prepared on the modified cash basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America. This is a change from the prior year. My opinion is not modified with respect to that matter. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, I have also issued my report dated March 9, 2021, on my consideration of Town of Hallett, Oklahoma's internal control over financial reporting and on my tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of that report is to describe the scope of my testing of internal control over financial reporting and compliance and the results of that testing and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Town of Hallett, Oklahoma's internal control over financial reporting and compliance.

Ralph Osborn Certified Public Accountant Bristow, Oklahoma March 9, 2021

- 2 -

TOWN OF HALLETT, OKLAHOMA STATEMENT OF NET POSITION

MODIFIED CASH BASIS JUNE 30, 2020

ASSETS

Current assets: Cash and cash equivalents Reserved for debt service Total current assets Non-current assets: Capital assets

Land Other capital assets net of accumulated depreciation Total non-current assets

Total assets

LIABILITIES

Current liabilities: Utility deposits Note payable, current

Total current liabilities Non-current liabilities:

Note payable, non-current Total non-current liabilities

Total liabilities

NET POSITION

Invested in capital assets, Net related debt

Reserved for debt service Unrestricted

Total net position

Primary Government

Business

Governmental Type

Activities Activities

Total

$ 91,908 $ 67,730 $ 159,638

-

11,440

11,440

91,908

79,170

171,078

600

116,315 116,915

208,823

11,000

1,036,365 1,047,365

1,126,535

11,600

1,152,680 1,164,280

1,335,358

-

15,695

15,695

-

4,041

4,041

-

19,736

19,736

-

177,329

177,329

-

177,329

177,329

-

197,065

197,065

116,915 -

91,908

865,995 11,440 52,035

982,910 11,440

143,943

$ 208,823 $ 929,470 $ 1,138,293

The accompanying notes are an integral part of this financial statement. - 3 -

TOWN OF HALLETT, OKLAHOMA STATEMENT OF ACTIVITIES MODIFIED CASH BASIS

FOR THE YEAR ENDED JUNE 30, 2020

FUNCTION/PROGRAMS Governmental activities

General government Public safety Street and alley Total governmental activities

Expenses

Program Revenue

Charges Operating

Capital

Net

For Grants and Grants and (Expenses)

Services Contributions Contributions Revenue

$ 45,098 $ -

1,500

-

197

-

46,795

-

$ 2,291 $ -

1,021 3,312

-

$ (42,807)

-

(1,500)

-

824

-

(43,483)

Business-type activities Public Works

Total business-type activities

107,143 107,143

62,904 62,904

5,000 -

-

(39,239)

-

(39,239)

Total primary government

$153,938 $ 62,904 $ 8,312 $

-

$ (82,722)

Changes in net Position: Net (expense) revenue

General revenues and transfer Taxes Sales Franchise Cigarette Gas Rent Interest Other revenue Transfers

Total general revenue and transfers

Change in net Position

Net Position - beginning

Net Position - ending

Primary Government

Governmental Business-type

Activities Activities

Total

$ (43,483) $ (39,239) $ (82,722)

54,518 3,287 511 218 696 3,989

(18,172)

-

340 18,172

54,518 3,287 511 218 1,036 3,989 -

45,047

18,512

63,559

1,564

(20,727)

(19,163)

207,259

950,197 1,157,456

$ 208,823 $ 929,470 $1,138,293

The accompanying notes are an integral part of this financial statement. - 4 -

TOWN OF HALLETT, OKLAHOMA BALANCE SHEET - GOVERNMENTAL FUNDS

MODIFIED CASH BASIS JUNE 30, 2020

ASSETS Cash and cash equivalents

TOTAL ASSETS

General Fund

$ 91,908

$ 91,908

Total Governmental

Funds

$ 91,908

$ 91,908

LIABILITIES AND FUND BALANCES

LIABILITIES Due to other funds

TOTAL LIABILITIES

FUND BALANCES Unrestricted

TOTAL FUND BALANCES

TOTAL LIABILITIES AND FUND BALANCES

$ -

91,908 91,908 $ 91,908

$

-

-

91,908 91,908 $ 91,908

The accompanying notes are an integral part of this financial statement. - 5 -

TOWN OF HALLETT, OKLAHOMA RECONCILIATION OF BALANCE SHEET - GOVERNMENTAL FUNDS

WITH THE STATEMENT OF NET POSITION MODIFIED CASH BASIS

FOR THE YEAR ENDED JUNE 30, 2020

Total fund balance

Amounts reported in the statement of net Position are different because:

Capital assets used in governmental activities are not financial resources and therefore are not reported as assets in governmental funds. Capital assets Accumulated depreciation

Total net Position

$ 91,908

198,368 (81,453) 116,915

$ 208,823

The accompanying notes are an integral part of this financial statement. - 6 -

TOWN OF HALLETT, OKLAHOMA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN

FUND BALANCES - GOVERNMENTAL FUNDS MODIFIED CASH BASIS

FOR THE YEAR ENDED JUNE 30, 2020

Revenue Sales tax Franchise tax Auto taxes Gasoline tax Cigarette tax Alcoholic beverage tax Rentals Interest Other revenue

Total revenue

General Fund

$ 54,518 3,287 1,021 218 511 2,291 696 3,989

66,531

Total Governmental

Funds

$ 54,518 3,287 1,021 218 511 2,291 696 3,989

66,531

Expenditures Current General government Public Safety Street and alley

Total expenditures

Excess (deficiency) of revenue over expenditures

Transfer in Transfer out

Total transfers

Net change in fund balance

Fund balances, beginning

Fund balances, ending

40,577 1,500 197

42,274

24,257 -

(18,172) (18,172)

6,085 85,823 $ 91,908

40,577 1,500 197

42,274

24,257 -

(18,172) (18,172)

6,085 85,823 $ 91,908

The accompanying notes are an integral part of this financial statement. - 7 -

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