HomeMy WebLinkAbout2018 Power Point
City of Oak Park Heights, Minnesota 1 Email: dmol@redpathcpas.com651.407.5803: PhonePartnerDavid Mol, CPA, 20199April 2018 Audit Review
Reports Issued by Auditor 2 Governancewith to Those Charged Audit Management Letter / Communication Report on Minnesota Legal Compliance Report on Internal ControlsOpinion on the
Fair Presentation of the Financial Statements
Opinion on Financial Statements 3 A “clean” opinion was issued on the 2018 financial statements.•What is the result?whether the financial statements are free of material misstatement.Plan
and perform the audit to obtain reasonable assurance about •GAGAS (GAO)–GAAS (AICPA)–Audit Standards•did we do it?How rinciples pestablished accounting Determine the financial statements
are presented in accordance with •What did we do?
Report on Internal Controls 4 No findings on internal control over financial reporting.•is the result?What with management and reported to the City Council.Deficiencies in internal
control that are identified are discussed •.expressing an opinion on the financial statementstheir effectiveness in order to design our audit procedures for We gained an understanding
of internal controls in place and •What did we do?
Report on Minnesota Legal Compliance 5 noncompliance noted.of items No •What is the result?Select sample of transactions to test for compliance with statutory provisions.•How did we
do it?investmentsof public funds and Depositories –Tax increment-Miscellaneous provisions–Claims and disbursements-lawsContracting bid –Public indebtedness-interestof Conflicts –consists
of seven sections:guide published by the Office of the State Auditor. The guide Followed the •transactionspertain to financial Determine the City has complied with certain Minnesota
Statutes / Laws that •What did we do?
Communication to Those Charged with Governance 6 expenses and desired transfers to other fundsrates generated sufficient revenue to meet operating –Water and Sewer Funds •2018 sufficient
to meet the Reserve policy at December 31, General Fund Balance •2018for 95% –Assessment collection rate •2018for 99% –tax collection rate Property •Financial indicatorsMore changes
in accounting standards on the way.•Other Matters.No disagreements with managementNo Net Pension Liability ($1,596,000)•estimates in the financial statements.Accounting No changes
for 2018•Accounting policies used and/or changed.
Property Values (Tax Capacity)7
Financial Results 8
General Fund 9
General Fund Balance 10
General Fund Balance 11
Water Utility 12
Sewer Utility 13
Storm Sewer Utility 14