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PUBLIC PRESENTATIONS 3B MEMORANDUM DATE: July 14, 2014 TO: Honorable Mayor and City Council Patrick Klaers, City Administrator FROM: Sue Iverson, Director of Finance and Administrative Services SUBJECT: 2013 City Financial Statements Background/Discussion: 13 Financial Statements have been completed submitted to both the State Auditor and the GFOA. , Aaron Nielsen from MMKR, will be present at the July 14, 2014 City Council meeting to give an overview and answer questions. The auditors have issued an unmodified 13. The total general fund balance at December 31, 2013 was $2,365,706 or 54% of total general fund budgeted expenditures for 2014. The general fund balance increased by $14,787. increased by $663,480 and the combined ending fund balances for governmental funds were $10,654,206, and combined ending working capital balance for enterprise funds were $1,158,470, and internal service funds were 478,801. We have completed the report in the form prescribed by the Government Finance Officers Association of United States and Canada (GFOA) for their Certificate of Achievement for Excellence in Financial Reporting. In order to qualify for this, the report has to be published in an easily readable and efficiently organized Comprehensive Annual Financial Report (CAFR) that satisfies both accounting principles generally accepted in the United States of America and applicable legal requirements As a note of information, the Auditing Standards are constantly increasing and changing. With these changes, you may see increased findings. This does not mean that the City has done anything wrong compared to previous years, only that the reporting requirements have become much stricter. Many cities are experiencing these findings, and the findings are expected to increase for all cities as these standards become stricter. We are pleased to report that we received no findings this year and the recurring Audit. While this finding was not found this year, staff will continue to review and make improvements to its internal control structure on an ongoing basis and attempts to maximize the segregation of duties in all areas within the limits of the staff available. We are pleased with the outcome of the audit.