Laserfiche WebLink
Certificate of Achievement for Excellence in Financial Reporting <br />Detailed Listing of Comments and Suggestions for Improvement <br />City of Lake Elmo, Minnesota <br />Member ID: 300148809 <br />Report #: COA-2023-03940 <br />102 - Introductory section <br />Comment Number: 2238 Checklist Question: 2-001-04-7 <br />Page 3 - It appears that an annual budget is legally adopted for the general fund only. Please clarify. This comment is <br />provided as a reminder. <br />It is recommended that the letter of transmittal identify which governmental funds are annually (or biennially) appropriated. <br />[Certificate Program requirement; eGAAFR Chapter 33 - Introductory section-Formal transmittal] <br />106 - Government-wide financial statements <br />Comment Number: 1247 <br />Page 26 - This comment is provided as a reminder. <br />The major categories of restricted net position should be displayed on the face of the statement of net position. [GASB Cod. <br />Sec. 2200.117] <br />Comment Number: 1261 <br />Page 27. <br />Losses on the sale of capital assets of governmental activities should be reported either as an expense of the general <br />government or as a direct expense of the related function or program, as appropriate, depending on the specific <br />circumstances. [GASB Cod. Sec. 2200.149; GASB-S62: 49] <br />Comment Number: 2698 Checklist Question: 6-002-09-1 <br />This comment, if repeated in the next report for the same or a similar deficiency, will preclude the entity from receiving the <br />Certificate of Achievement. <br />Page 26 - Refer to page 53 and the worksheet with the calculation of the net investment in capital assets submitted with the <br />application to the Certificate Program. The City's worksheet indicates that the City reports unspent bond proceeds in the <br />amount of $1,017,836. According to page 25 of the ACFR, it appears that all long-term debt of the governmental activities <br />(including debt related to the unspent bond proceeds) is included in the calculation of the net investment in capital assets of <br />the governmental activities. This comment was provided last year and again this year, and must be implemented in the next <br />year's ACFR for the City to receive the certificate.