Item Coversheet

9.A.1.


Shakopee City Council
June 2, 2020

FROM:Nathan Reinhardt, Finance Director
TO:Mayor and Council Members
Subject:
2019 Annual Financial Report, Audit Presentation and Review by Staff from Abdo, Eick & Meyers.
Policy/Action Requested:
Accept the 2019 audit and accompanying reports, as presented by the audit staff from Abdo, Eick & Meyers.
Recommendation:
Accept the 2019 Comprehensive Annual Financial Report (CAFR) as presented.
Discussion:

Annually the City of Shakopee's finance staff and Abdo, Eick & Meyers audit staff undertake an extensive audit process, beginning in December and continuing into April.  

 

Most importantly, the City received an unmodified opinion, which is commonly referred to as a "clean audit opinion".  This means that, in the auditor's opinion, the financial statements conform with applicable accounting standards.  In addition to formulating an opinion on the City's financial statements, the auditors reviewed the City's internal controls, legal compliance and financial management practices.  Those results were included in the special purpose report which is issued under a separate cover.  

 

Overall, the information in the 2019 CAFR continues to show the City is in excellent financial condition and should continue to monitor itself to ensure its continued fiscal good health.

 

The audit results, Comprehensive Annual Financial Report (CAFR), and accompanying data will be presented and discussed at the June 2, 2020 meeting by Andy Berg, Partner with Adbo, Eick & Meyers.

Budget Impact:
The 2019 CAFR conveys the fiscal condition of the City as of December 31, 2019 and lays the groundwork for understanding the financial resources available to the city when planning for the future.
ATTACHMENTS:
Description
2019 City of Shakopee CAFR
2019 Management Communication
2019 Other Required Reports
Audit Presentation