HomeMy WebLinkAbout2019 Power Point
City of Oak Park Heights, Minnesota 1 Email: dmol@redpathcpas.comPhone: 651.407.5803PartnerDavid Mol, CPA April 27, 20212020 Audit Review
Reports Issued by Auditor 2 with GovernanceAudit Management Letter / Communication to Those Charged 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 2020 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•How did we do it?established accounting principles and free of material misstatement.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.•What is the result?with management and reported to the City Council.Deficiencies in internal
control that are identified are discussed •expressing an opinion on the financial statements.their 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 No items of noncompliance noted.•What is the result?Select sample of transactions to test for compliance with statutory provisions.•How did we
do it?Depositories of public funds and investments–Tax increment-Miscellaneous provisions–Claims and disbursements-Contracting bid laws–Public indebtedness-Conflicts of interest–consists
of seven sections:Followed the guide published by the Office of the State Auditor. The guide •pertain to financial transactionsDetermine 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 •General Fund
Balance at December 31, 2020 sufficient to meet the Reserve policy •98% for 2020–Assessment collection rate •99% for 2020–Property tax collection rate •Financial indicatorsMore changes
in accounting standards on the way.•Other MattersNo disagreements with management.No difficulties encountered in performing the audit.Net Pension Liability ($1,869,000)•No changes
for 2020•Accounting policies used and/or changed.
Financial Results 7
Increase
(Decrease) inFund Balance/
Revenue ExpendituresFund Balance/Net
and Otherand OtherTransfersNetPosition
FundSourcesUses(Net)Position12/31/2020
General$6,182,000$4,031,000($2,566,000)($415,000)$5,098,000
Special Revenue Funds274,000279,00052,00047,000(67,000)
Debt Service Funds105,000872,000684,000(83,000)760,000
Capital Project Funds1,526,0001,328,0002,467,0002,665,00018,535,000
Enterprise Funds1,934,0001,493,000(637,000)(196,000)14,344,000
Total$10,021,000$8,003,000$0$2,018,000$38,670,000
Financial Results 8
Increase
(Decrease) inFund Balance/
Revenue ExpendituresFund Balance/Net
and Otherand OtherTransfersNetPosition
FundSourcesUses(Net)Position12/31/2020
General$6,182,000$4,031,000($2,566,000)($415,000)$5,098,000
Special Revenue Funds274,000279,00052,00047,000(67,000)
Debt Service Funds105,000872,000684,000(83,000)760,000
Capital Project Funds1,526,0001,328,0002,467,0002,665,00018,535,000
Enterprise Funds1,934,0001,493,000(637,000)(196,000)14,344,000
Total$10,021,000$8,003,000$0$2,018,000$38,670,000
Financial Results 9
Increase
(Decrease) inFund Balance/
Revenue ExpendituresFund Balance/Net
and Otherand OtherTransfersNetPosition
FundSourcesUses(Net)Position12/31/2020
General$6,182,000$4,031,000($2,566,000)($415,000)$5,098,000
Special Revenue Funds274,000279,00052,00047,000(67,000)
Debt Service Funds105,000872,000684,000(83,000)760,000
Capital Project Funds1,526,0001,328,0002,467,0002,665,00018,535,000
Enterprise Funds1,934,0001,493,000(637,000)(196,000)14,344,000
Total$10,021,000$8,003,000$0$2,018,000$38,670,000
General Fund 10
BudgetActualVariance
Revenue$6,065,000$6,182,000$117,000
Expenditures4,525,0004,031,000494,000
Revenue over expenditures1,540,0002,151,000611,000
Other financing sources (uses):
Transfers out(2,566,000)(2,566,000) -
Net change in fund balance($1,026,000)($415,000)$611,000
General Fund Balance Balance per policyMinimum FundBalanceActual Fund Fund Balance 20202019201820172016$6,000,000$5,000,000$4,000,000$3,000,000$2,000,000$1,000,000$0 11
Water Utility Revenue & ExpenseWater Operating Operating RevenuePersonal ServicesContractual ServicesAll Other ExpensesDepreciationTransfer Out not related to Depr 2020201920182017201620152014
$1,200,000 $1,000,000 $-12
Sewer Utility Revenue & ExpenseSewer Operating Operating RevenueMCESAll Other ExpensesPersonal ServicesDepreciationDeprTransfer Out not related to 2020201920182017201620152014 $1,200,000
$1,000,000 $-13
Storm Sewer Utility transfer Revenue & ExpenseStorm Sewer Operating Operating RevenuePersonal ServicesContractual ServicesAll Other ExpensesTransfer Out 2020201920182017201620152014
$120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $-14