HomeMy WebLinkAbout2003 Audit Review April 13, 2004 City of
Park Oak H
Minnesota
2003 Audit Review
April 13, 2004
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Reports Issued
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Annual Financial Report
The financial statements are the
a responsibility of management
Independent auditor reports on
�= the fair p resentation of the
financial statements
♦ "Clean opinion" on the 2003
financial statements
Implementation of GASB 34
required for 2004 financial
report
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Minnesota
Legal Compliance Report
♦ Required by Minnesota Statute
§6.65
yr� ♦ OSA established a task force to
u ' develop audit guide for legal
compliance
���� ♦ Audit guide covers six categories
1) contracting and bidding
2) deposits and investments
3) conflicts of interest
4) public indebtedness
5) claims and disbursement
6) other miscellaneous provisions
;� ♦ No findings for 2003
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is
Report nIn rn I nr o to a Co t l o
♦ Re uired by audit standards
a
♦ Based on inquiries and
observations
♦ Identifies reportable conditions
♦
Reportable condition defined as
"significant deficiencies in the design or
operation of the internal control over financial
reporting that would adversely affect the
City's ability to record, process, summarize,
and report financial data"
♦ No reportable conditions noted
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Management Letter
♦
Summary:
— General Fund:
• Fund balance increased $365,000
during 2003.
1
Budget Actual Variance
Revenue /transfers in $2,501,724 $2,625,823 $124,099
Expenditures /transfers out 2,399,180 2,260,441 138,739
Increase in fund balance $102,544 $365,382 $262,838
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.. . . .....
Management Letter
• Fund balance at December 31,
2003 was sufficient to fulfill all city
policy reserve requirements.
General Fund Balance
December 31,
2002 2003
Designated for:
Cash flow $973,000 $996,000
Contingent employee benefits 122,365 128,458
General contingency 233,864 368,000
Subtotal - designated 1,329,229 1,492,458
Undesignated - 202,153
Total fund balance $1,329,229 $1,694,611
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Manag Letter
Ge neral Fund Monthly C ash B alanc es
$1,800,000 - - - - -- - - -
$1,600,000 - - - -- - - -
$1,400,000 - - - - - — - - - -
a $1,200,000 - -- - - -
.....
$1,000,000 - - - - - - � - - -- - -- - -- --
l $686,000 I - --
decrease
$800,000 - - -
$600,000 - - - - -- - - - --
$400,000 - --
$200,000 - - - - - - - --
$0
1,1/2004 1/31/2004 2128/2004 3/3112004 4/30/2004 5131/2004 6/30/2004 7,31/2004 8,31/2004 9/30/2004 10/31/2004 113012004 12/31/2004
NSenesl $1,142,000 $1,227,000 $1,062,000 $906,000 $756,000 $608,000 $456,000 $1,281,000 $1,209,000 $1,062,000 $1,070,000 $985,000 $ 1, 66 5,000
;' "`' Member of HLB International Tautges Redpath, Ltd.
Management Letter
Fund Balance
$1,800,000
$1,600,000
$1,400,000
� Actual Fund Balance
$1,200,000 g Desired Fund Balance
$1,000,000
$800,000
$600,000
1996 1997 1998 1999 2000 2001 2002 2003
Tautges Redd ate e
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