Laserfiche WebLink
<br /> <br /> STAFF REPORT <br /> <br /> <br /> <br />TO: Mayor Keis and Members of the City Council <br /> <br />FROM: Brenda Malinowski, Finance Director <br /> DATE: May 26, 2021 <br /> RE: 2020 Comprehensive Annual Financial Report <br /> <br /> <br />ACTION REQUESTED <br />Receive and accept the 2020 Comprehensive Annual Financial Report. <br />BACKGROUND <br /> <br />Michelle Hoffman and Lance Lauinger with the City’s auditing firm, CliftonLarsonAllen (CLA) <br />will present the 2020 highlights. <br />The auditors have provided an unmodified opinion on the financial statements, which is the highest <br />opinion that can be given. The City is required by Minnesota law to have an external audit <br />completed annually. The audit provides reasonable assurance to the City Council and stakeholders <br />that the financial statements are free of material misstatement and that the financial statements are <br />complete and reliable. <br />The Transmittal Letter (pages 3-8) and the Management’s Discussion and Analysis (pages 19-29) <br />in the Comprehensive Annual Financial Report provide an overview of the 2020 City’s financial <br />operations and results. <br />The Schedule of Expenditures of Federal Awards and Other Required Reports (Single Audit <br />Report) was required to be completed this year since the City received over $750,000 in Federal <br />funds, primarily due to receipt of the Cares Act Funds ($782,484) in 2020. No issues were reported <br />in the audit of the Federal funds. The Internal Control letter and Legal Compliance letter, which <br />are typically included as separate documents in the packet, are included in the Schedule of <br />Expenditures of Federal Awards and Other Required Reports. <br />Council will have the opportunity to ask questions after the presentation. <br />STAFF RECOMMENDATION <br /> <br />Receive and accept the 2020 Comprehensive Annual Financial Report. <br /> <br />