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PUBLIC PRESENTATION – 4A <br /> <br /> <br /> <br /> <br /> <br />MEMORANDUM <br /> DATE: May 26, 2020 <br /> <br />TO: Honorable Mayor and City Councilmembers <br /> Dave Perrault, City Administrator <br /> <br />FROM: Gayle Bauman, Finance Director <br /> <br />SUBJECT: 2019 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 2019 Financial Statements have been completed and will be submitted to both the State <br />Auditor and the GFOA. The City’s auditor, Aaron Nielsen from MMKR, will be present at the <br />May 26, 2020, City Council meeting to give an overview and answer questions. Their PowerPoint <br />presentation is included with the city’s slides. The auditors have issued an unmodified (“clean”) <br />opinion on our financial statements for the year ended December 31, 2019. The total general fund <br />balance at December 31, 2019 was $3,215,583 with $2,987,183 of unassigned balance; the new <br />balance equates to a decrease in the General Fund balance of $124,786. The ending unassigned <br />General Fund balance makes up approximately 59.5 percent of next year’s budgeted expenditures. <br />The City’s total net position increased by $1,288,375. The combined ending fund balances for <br />governmental funds was $8,721,679; the combined ending unrestricted net position for the <br />enterprise funds was $2,025,812, and internal service funds was $332,011. <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 an <br />easily readable and efficiently organized Comprehensive Annual Financial Report (CAFR) that <br />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 anything <br />wrong compared to previous years, only that the reporting requirements have become much <br />stricter. Many cities are experiencing these findings, and the findings are expected to increase for <br />all cities as these standards become stricter. One finding was noted in the report related to <br />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