ARDMORE, Okla. (KTEN) -- Unlike school report cards, the city of Ardmore receives theirs once a year in the form of an audit, usually performed by Crawford and Associates.

Just like the 2021-22 audit, the city receive an 8.5 out of 10 overall rating for the 2022-23 fiscal year.

"Our city, as far as financial management, [Crawford and Associates] considered it to be in the top five percent in the state that they audit," city manager Kevin Boatright said. "This is from a large firm that does this all over the state of Oklahoma."

The audit measures Ardmore's financial position, performance and capability, which is based off of things like money borrowed, remaining debt and how it's spent.

All rated out of 10, which is described as 'excellent', Crawford and Associates graded Ardmore's financial position as 7.7, financial performance as 10, and financial capability as 7.3.

"They look at your utility rates, the projects that we're paying for or are going out to bid for. How are those paid for? Do you have the money? Are you having to borrow the money?," Boatright explained. "In most cases, we are not having to borrow the money. That means we're creating enough cash flow in order to try to pay for the projects that we're budgeting every single year."

Ardmore's overall financial rating has been increasing yearly since 2019.