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<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />515 Little Canada Road, Little Canada, MN 55117-1600 <br />(651) 766-4029 / FAX: (651) 766-4048 <br />www.littlecanadamn.org <br />MAYOR <br />Tom Fischer <br /> <br />COUNCIL <br />Angie Malone <br />Amanda Gutierrez <br />Dave Miller <br />Chris Kwapick <br /> <br /> <br /> <br />TO: Mayor Fischer and Members of the City Council <br /> <br />FROM: Sam Magureanu, Finance Director <br /> <br />DATE: May 28, 2025 <br /> <br />RE: 2024 Annual Comprehensive Financial Report <br /> <br />ACTION REQUESTED <br /> <br />Receive and accept the 2024 Annual Comprehensive Financial Report (ACFR). <br /> <br />BACKGROUND <br /> <br />Brad Falteysek and Tyler See with the City’s auditing firm, ABDO will present the 2024 ACFR <br />highlights. <br /> <br />The auditors have provided an unmodified opinion on the financial statements, which is the <br />highest opinion that can be given. The City is required by Minnesota law to have an external <br />audit completed annually. The audit provides reasonable assurance to the City Council and <br />stakeholders that the financial statements are free of material misstatement and that the financial <br />statements are complete and reliable. <br /> <br />The Transmittal Letter (pages 11-17) and the Management’s Discussion and Analysis (pages 27- <br />39) in the ACFR provide an overview of the 2024 City’s financial operations and results. <br /> <br />Audit Findings: <br /> <br />Audit findings are not always a sign of lack of departmental strength. In spite of the findings noted <br />below, I believe strongly that the Finance department performed very well during the 2024 fiscal year <br />and has the ability to continue strong performance in the years to come. We take all audit findings <br />seriously and always take measures to correct in future as applicable. Additionally, some audit findings <br />become opportunities for improvement and strengthening our processes and develop staff knowledge <br />and growth. <br /> <br />As noted above the City received the highest opinion that can be given, however one finding was noted <br />during the audit and is presented in the attached Internal Control and Legal Compliance Letters. <br /> <br />• Limited Segregation of Duties –The finding was noted since the City has limited staff in the <br />Finance Department (1.8 FTE’s) and is unable to maintain strong segregation of duties (One <br />person has high concentration of duties and responsibilities. Example: Finance director has