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PUBLIC PRESENTATION – 4A <br /> <br /> <br /> <br /> <br /> <br />MEMORANDUM <br /> <br />DATE: June 25, 2018 <br /> <br />TO: Honorable Mayor and City Councilmembers <br /> Dave Perrault, City Administrator <br /> <br />FROM: Gayle Bauman, Finance Director <br /> <br />SUBJECT: 2017 City Financial Statements <br /> <br /> Budgeted Amount: Actual Amount: Funding Source: <br /> N/A N/A N/A <br /> Background/Discussion <br /> <br />The City’s 2017 Financial Statements have been completed and will be submitted to both the <br />State Auditor and the GFOA. The City’s auditor, Aaron Nielsen from MMKR, will be present at <br />the June 25, 2018, City Council meeting to give an overview and answer questions. The auditors <br />have issued an unmodified (“clean”) opinion on our financial statements for the year ended <br />December 31, 2017. The total general fund balance at December 31, 2017 was $3,639,317 with <br />$3,065,250 of unassigned balance; the new balance equates to an increase in the General Fund <br />balance of $694,504. The ending unassigned General Fund balance makes up approximately 64 <br />percent of next year’s budgeted expenditures. The City’s total net position increased by <br />$278,782. The combined ending fund balances for governmental funds was $10,709,962; the <br />combined ending unrestricted net position for the enterprise funds was $1,298,744, and internal <br />service funds was $333,069. <br /> <br />We have completed the report in the form prescribed by the Government Finance Officers <br />Association of United States and Canada (GFOA) for their Certificate of Achievement for <br />Excellence in Financial Reporting. In order to qualify for this, the report has to be published in <br />an easily readable and efficiently organized Comprehensive Annual Financial Report (CAFR) <br />that satisfies both accounting principles generally accepted in the United States of America and <br />applicable legal requirements. <br /> <br />As a note of information, the Auditing Standards are constantly increasing and changing. With <br />these changes, you may see increased findings. This does not mean that the City has done <br />anything wrong compared to previous years, only that the reporting requirements have become <br />much stricter. Many cities are experiencing these findings, and the findings are expected to <br />increase for all cities as these standards become stricter. One finding was noted in the report <br />related to Segregation of Duties. We are pleased with the outcome of the audit. <br /> <br />Attachments <br />A. Management Report <br />B. Comprehensive Annual Financial Report <br />C. Special Purpose Audit Report