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City Council Regular Meeting Minutes <br />July 9, 2024 <br />Page 3 <br />findings in said resolution, conditioned on the ongoing operational practices meeting the <br />requirements of the sign ordinance. <br />4 Motion carried 5-0. <br />5 <br />6 VI. GENERAL BUSINESS OF COUNCIL. <br />8 A. 2023 Finance Audit <br />9 <br />10 Mr. Andy Hering, Redpath CPA provided a Power Point presentation on the 2023 St. Anthony <br />11 Village Financial Audit. The following reports were issued including Annual Comprehensive <br />12 Financial Report — Includes the Independent Auditor's Report, Report on Internal Controls, <br />13 Report on Minnesota Legal Compliance and Communication with those charged with <br />14 Governance. <br />15 <br />16 The financial statements are presented in accordance with GAAP and are free of material <br />17 misstatement on the Independent Auditor's Report on the Financial Statements. Audit procedures <br />18 were conducted to verify occurrence, completeness and accuracy, cutoff, classification. An <br />19 unmodified or "clean" opinion was issued on the 2023 financial statements. <br />20 <br />21 Redpath gained an understanding of internal controls in place and their effectiveness in order to <br />22 design our audit procedures. Examples of Internal Controls included Approval over <br />23 disbursements, reviewing monthly bank reconciliations, establishing ideal segregation of duties, <br />24 and review of financial information to detect errors. There were no internal control findings. <br />25 <br />26 The Report on Minnesota Legal Compliance, required by Minnesota Statute §6.65 OSA audit <br />27 guide covers seven categories: <br />28 <br />29 1. Contracting and bidding <br />30 2. Deposits and investments <br />31 3. Conflicts of interest <br />32 4. Public indebtedness <br />33 5. Claims and disbursements <br />34 6. Other miscellaneous provisions <br />35 7. Tax increment provision. <br />36 <br />37 No compliance findings were found. <br />38 <br />39 Mr. Hering reviewed for Communication with those charged with governance the City <br />40 implemented one new accounting standard relating to information technology arrangements, <br />41 routine estimates, significant/sensitive footnotes: Note 6 — Long-term Debt, corrected and <br />42 uncorrected misstatements, and no difficulties or disagreements encountered. <br />43 <br />44 The General Fund balance increased $1,053,000 during 2023. Financial statements were <br />45 displayed showing the increase. Mr. Hering noted $275,000 of the liquor fund was transferred to <br />46 the General Fund. He summarized this was a successful audit. <br />