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2019 FINAL Audit Presentation (CITY OF ALBERTVILLE 2019A [12/31/2019] City of Albertville 2019 Financial Statement Audit Audit Opinion and Responsibility Introduction General Fund Results Other Governmental Funds Enterprise Funds Ratios 2 Audit Results Auditor’s Opinion Minnesota Legal Compliance 3 Audit Results 2019 Audit Findings Limited Segregation •Internal ControlFinding of Duties Segregation of duties 4 General Fund - $3,500,000 Fund Balances $3,302,962 $3,000,000 $3,129,657 $3,044,550 $2,781,671 $2,500,000 $2,666,988 75.0% $2,000,00074.2% 72.0% 67.9% 70.3% $1,500,000 $1,000,000 35% 35% 35% 35% 35% $500,000 $- 201520162017201820192020 Unassigned Fund Balance Budget MinimumFund Balance Policy 5 General Fund Budget to Actual Final Budget ActualVariance with AmountsAmountsFinal Budget Revenues$3,129,657$3,687,798$558,141 Expenditures3,129,6573,456,183(326,526) Net Change in Fund Balances-231,615231,615 Fund Balances, January 12,386,3102,386,310- Fund Balances, December 31$2,386,310$2,617,925$231,615 6 General Fund $2,500,000 Revenues by Type $2,000,000 $1,500,000 $1,000,000 $500,000 $- TaxesLicenses andIntergovernmentalCharges for ServiceOther Permits 201720182019 7 General Fund $1,800,000 Expenditures $1,600,000 by Type $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $- GeneralPublic SafetyPublic WorksTransfers OutOther Government 201720182019 8 Special Revenue Fund $200,000 $180,000 Balances $160,000 $140,000 $120,000 Revolving Loan $100,000 Economic Developer Loan Fund $80,000 $60,000 $40,000 $20,000 $- Restricted Committed 201720182019 9 Fund Balances December 31, Increase Fund 20192018(Decrease) Major Capital Outlay Reserve$4,853,536$6,390,844$(1,537,308) Nonmajor Capital Projects Park Fund9,09854,529(45,431) TIF #7 Senior Housing48,16944,6043,565 Fund Balances TIF #14 Fraser Steel26,73823,2913,447 TIF #15 Guardian Angels46,18737,6818,506 TIF #16 Mold Tech (5,155)(5,821)666 TIF #17 Old Castle(419,931)(427,091)7,160 Total$4,558,642$6,118,037$(1,559,395) $7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $- $(1,000,000) Restricted Assigned Unassigned 201720182019 10 December 31, 2019 TotalTotalRemaining Debt Description CashAssetsBondsMaturity Major 2003A G.O. Improvement$(33,121)$1,008,834$-2019 2011C G.O. CIP Refunding453,398453,398860,0002025 Debt Service 2012B G.O. CIP Refunding15,84615,8461,460,0002025 CSAH 19 2012A G.O. Improvement Refunding545,461644,988640,0002023 Lachman 2012A G.O. Improvement Refunding108,358226,273205,0002023 Funds Industrial 2012A G.O. Improvement Refunding177,9881,185,312355,0002023 Interstate 94336,4811,768,3772,409,0002032 Total$1,604,411$5,303,028$5,929,000 Total Remaining Interest Payments$462,271 Scheduled Governmental Debt Service for the Next Ten Years $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $- 2020202120222023202420252026202720282029 PrincipalInterest 11 $450,000 $400,000 $350,000 $300,000 $250,000 Water Fund - $200,000 Cash Flows from $150,000 Operations and Cash $100,000 $50,000 Balances $- Operating CostsDebt PaymentsOperating Receipts $1,800,000 $1,632,755 $1,600,000 $1,542,807 $1,530,433 $1,363,985 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $- 2016201720182019 UnrestrictedTarget Balance (Following Year Debt Service Plus 6 Months of Operating Costs) 12 $1,200,000 $1,000,000 $800,000 $600,000 Sewer Fund - $400,000 Cash Flows from Operations and Cash $200,000 Balances $- Operating CostsDebt PaymentsOperating Receipts $8,000,000 $6,815,575 $6,817,307 $7,000,000 $6,728,858 $6,000,000 $5,706,308 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $- 2016201720182019 UnrestrictedTarget Balance (Following Year Debt Service Plus 6 Months of Operating Costs) 13 $350,000 $300,000 $250,000 $200,000 Storm Water $150,000 Fund- $100,000 Cash Flows from $50,000 Operations and Cash Balances $- Operating CostsDebt PaymentsOperating Receipts $1,400,000 $1,305,273 $1,292,105 $1,238,911 $1,228,019 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $- 2016201720182019 UnrestrictedMinimum Target Balance (6 Months of Operating Costs) 14 $120,000 $100,000 $80,000 Recycling Fund - $60,000 Cash Flows from $40,000 Operations and Cash $20,000 Balances $- Operating costsOperating receipts $80,000 $69,285 $68,736 $67,619 $70,000 $59,559 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $- 2016201720182019 UnrestrictedMinimum target balance (6 months of operating costs) 15 Cash and $25,000,000 Investments $20,000,000 Balances by Fund Type $15,000,000 $10,000,000 $5,000,000 $- 201720182019 General Fund Capital Projects Funds Special Revenue Funds Debt Service Funds Enterprise Funds 16 Tax Rates 70.0% 60.0% 50.0% 40.0% Key Ratios 30.0% 20.0% 10.0% 0.0% 2016201720182019 Class 4 Cities59.1%59.8%58.5%N/A Cities in Wright County 61.6%61.7%60.7%N/A City of Albertville52.4%51.6%49.2%47.3% Taxes Per Capita $600 $500 $400 $300 $200 $100 $- 2016201720182019 Class 4 Cities $507$524$549N/A Cities in Wright County$469$492$508N/A City of Albertville $525$545$554$566 17 Debt Per Capita $2,500 $2,000 $1,500 Key Ratios $1,000 $500 $- 2016201720182019 Class 4 Cities $2,223$2,040$2,045N/A Cities in Wright County $2,324$2,123$2,156N/A City of Albertville $1,647$1,457$1,268$1,863 Debt Service Expenditures as a Percent of Total Expenditures 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% 2016201720182019 Class 4 Cities 16.63%16.50%15.09%N/A Cities in Wright County 20.88%17.77%15.56%N/A City of Albertville22.62%19.47%20.39%12.96% 18 Current Expenditures Per Capita $800 $700 $600 $500 Key Ratios $400 $300 $200 $100 $- 2016201720182019 Class 4 Cities $713$730$753N/A Cities in Wright County$623$678$669N/A City of Albertville $409$423$460$496 Capital Expenditures Per Capita $500 $450 $400 $350 $300 $250 $200 $150 $100 $50 $- 2016201720182019 Class 4 Cities$377$418$400N/A Cities in Wright County $308$266$340N/A City of Albertville $121$200$136$452 19 Water Fund Debt Service Coverage 800% 600% 400% 200% Key Ratios 0% -200% -400% -600% -800% -1000% 2016201720182019 Class 4 Cities 163%200%266%N/A Cities in Wright County 2%139%116%N/A City of Albertville -854%598%-305%272% Sewer Fund Debt Service Coverage 350% 300% 250% 200% 150% 100% 50% 0% 2016201720182019 Class 4 Cities174%226%293%N/A Cities in Wright County 90%77%102%N/A City of Albertville64%133%133%105% 20 Questions? Audit Team Andy Berg Tyler See Jeff Hines Erik Wagner Tomi McDonald -Admin 21