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Audit presentation 2020 DO w - w ICK & Albertville 2020 Financial Statement Audit RSLLP Certified Public Accountants & Consultants Introduction ir L Audit Opinion and Responsibility General Fund Results ,a Other Governmental Funds Enterprise Funds ABDO EICK i i 1WLLP Key Performance Indicators C.ertif'urd Nbc Aw.ountrin.ts& Cornhants 40 2 Audit Results Auditor's Opinion WAWA Minnesota Legal ABDOomplianceC EICK & jr, i,III i i 1 W LLP C.ertifwd Nbc Accountants& Cornhants 3 Audit Results AM 5-):Mui Findings Limited Segregation of - Internal Control Finding ABDO EICK & lYLE1 E W LLP ( rtificd Public Accounwn.m& Cor�sulww., 4 General Fund - Fund Balances $4,000,000 $3,458,127 $3,500,000 $3,302,964 $3,044,550 $3,129,657 $3,000,000 $2,781,671 92.5% $2,500,000 75.0% $2,000,000 74.2% 72.0% $1,500,000 67.9% $1,000,000 35% 35% 35% 35% 35% $500,000 $- Rn 2016 2017 2018 2019 2020 2021 1 I-U Unassigned Fund Balance Budget f MinimumFund Balance Policy EICK & i i 1 W LLP C.ertifwd Nbc Accountants& Consultants 5 General Fund Budget to Actual Final Budget Actual Variance with Amounts Amounts Final Budget Revenues $ 3,290,501 $ 4,507,211 $ 1,216,710 Expenditures 3,302,964 3,834,524 (531,560) Net Change in Fund Balances (12,463) 672,687 685,150 Fund Balances, January 1 2,617,925 2,617,925 - Fund Balances, December 31 $ 2,605,462 $ 3,290,612 $ 685,150 APDOfA" EICK & ME E l S LLP Certifwd PnLdic Accnuntan.ts 4 l:uos,i ur,r. 6 General Fund Revenues by $2,500,000 Type $2,000,000 $1,500,000 $1,000,000 $500,000 ABDOTaxes Licenses and Intergovernmental Charges for Service Other Permits H('Tr ICK 'V� ■2018 2019 2020 lYLL� 1 Ll W LLP (.rtifwd hdbc Accountants& Cor nhants 7 General Fund Expenditures $1,800,000 by Type $1,600,000 , $1,400,000 • $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 ��� General Public Safety Public Works Transfers Out Other Government ETf�'Tj '& 02018 02019 2020 11�1111'll� 1 Ll lS UP ( rtifwd hd)lic Accountants& Cornhants 8 Special Revenue Fund $200,000 Balances $180,000 $160,000 Economic Development Loan $140,000 Fund $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 � Restricted Committed AB DO DO ■2018 ■2019 ■2020 EICK & i i 1 W LLP C.ertifwd Nbc Accountants& Cornhants 9 Fund Balances December 31, Increase Fund 2020 2019 (Decrease) Major Capital Outlay Reserve 3,965,154 4,853,536 (888,382) Capital Projects Nonmaj Park Fund 229 9,098 (8,869) TIF#7 53,747 48,169 5,578 Fund Balances TIF#14 F aiserSteel Housing 32,687 26,738 5,949 TIF#15 Guardian Angels 54,138 46,187 7,951 TIF#16 Mold Tech (3,085) (5,155) 2,070 TIF#17 Old Castle (386,721) (419,931) 33,210 Total $ 3,716,149 $ 4,558,642 $ (842,493) $7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 APDa $2,000,000 EICI� � $1,000,000 $- MEYERSLLP $(1,000,000) ( rtifwd PnLdic Awountan.ts Restricted Assigned Unassigned 02018 2019 2020 10 December 31, 2020 Total Total Remaining Debt Description Cash Assets Bonds Maturity Major 2003A G.O. Improvement $ (33,121) $ 994,345 $ - 2019 Debt Service 2011C G.O. CIP Refunding 400,022 400,022 725,000 2025 2012B G.O. CIP Refunding 16,864 16,864 1,225,000 2025 Funds CSAH 192012A G.O. Improvement Refunding 474,527 523,141 485,000 2023 Lachman 2012A G.O. Improvement Refunding 176,567 248,563 155,000 2023 Industrial 2012A G.O. Improvement Refunding 250,991 1,171,866 245,000 2023 Interstate 94 342,473 1,654,097 2,238,000 2032 Total $ 1,628,323 $ 5,008,898 $ 5,073,000 Total Remaining Interest Payments $ 356,605 Scheduled Governmental Debt Service for the Next Ten Years $1,200,000 $1,000,000 $800,000 $600,000 ABDO $400,000 EICK & $200,000 M1 1 1 S LLY 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 (.i'rliji(.d II&Wir Mrrigrrlrrrl� � 1.uirsrliurr.� ■Principal Interest 11 $450,000 $400,000 $350,000 $300,000 Water Fund — $250,000 $200,000 Cash Flows from $150,000 Operations and Cash $100,000 $50,000 Balances $ 1��eeeP �Jise�en 1a'eee�P �J`Se�er 19�eeeP �J`5e�er 2o�eceP �J`5e�er 11 201 2o1ap s 2� 2o1gp s 2� 2o2op s Operating Costs ■Debt Payments ■Operating Receipts $2,000,000 $1,800,000 $1,749,033 $1,632,755 $1,600,000 $1,542,807 $1,530,433 $1,400,000 $1,200,000 $1,000,000 �D� $800,000 EICI1 VL $600000 $400,,000 i i 1 W LLP $200,000 C.ertifwd Nbc Awountrin.ts& Consultants $- 2017 2018 2019 2020 Unrestricted (Target Balance(Following Year Debt Service Plus 6 Months of Operating Costs) 12 $1,600,000 $1,400,000 $1,200,000 Sewer Fund - $1,000,000 $800,000 Cash Flows from $600,000 Operations and Cash $400,000 Balances $200,000 610 J`g�gKN5 610 5 5 5 5 2�1� Z�1a Z�19 2�2� ■Operating Costs ■Debt Payments ■Operating Receipts $9,000,000 $8,000,000 $7,906,656 $7,000,000 $6,728,858 $6,817,307 $6,815,575 $6,000,000 $5,000,000 A1 ■� �DO $4,000,000 EICK & $3,000,000 $2,000,000 i i RSLLP $1,000,000 C.ertifwd Nbc Aw.ountanm& Cornhants 2017 2018 2019 2020 Unrestricted fTargetBalance(Following Ye ar Debt Se rvice Plush Months of0perating Costs) 13 $350,000 $300,000 Storm Water $250,000 $200,000 Fund — $150,000 Cash Flows from $100,000 Operations and Cash $50,000 Balances (S �S �5 LS tis �S yS tis 11�gceQ Ji�e�er 1$�?10 J`�e�Bt 19�g�e�Q J`Se�Br Zo�gce�Q J`5e�er 2� pis 11 O,s I� p 5 10 v�5 PN 2PN$ ti��9 7010 ■Operating Costs ■Debt Payments ■Operating Receipts $1,400,000 $1,292,105 $1,238,911 $1,228,019 $1,164,257 $1,200,000 $1,000,000 1 ■� DO $800,000 EICI� � $600,000 $400,000 i i i W LLP $200,000 C.ertifwd Nbc Aw.ountanm& Cor�suhanm $- 2017 2018 2019 2020 Unrestricted Minimum Target Balance(6 Months of Operating Costs) 14 $140,000 $120,000 $100,000 Recycling Fund - $80,000 Cash Flows from $60,000 Operations and Cash $40,000 Balances $20,000 oo1�e�ePi J` e�enis �a�eGe\pz J� e�e��s 1g�eGe\Qz J` e�e�is 20�eG 5 5 5 5 111 Q5 lip Q5 LO 5 .LO Q5 201 2018 ,L019 2020 ■operating costs ■Operating receipts $80,000 $70,000 67 619 $69,285 $60,000 $59,559 $60,714 $50,000 1 ■_U DO $40,000 EIC $30,000 1 11 �1 $20,000 i i RSLLP $10,000 C.ertifwd Nbc Aecnuntan.ts& Cansuhants 2017 2018 2019 2020 Unrestricted Minimum target balance(6 months of operating costs) 15 Cash and $ Investments 25,000,000 Balances by $20,000,000 Fund Type $15,000,000 $10,000,000 $5,000,000 $- ^ 2018 2019 2020 �D(O ■ General Fund ■ Capital Projects Funds ■ Special Revenue Funds �T EIC ■ Debt Service Funds ■ Enterprise Funds i i 1 W LLP C.ertifwd Nbc Aw.ountanm& Cor�suhanm 16 Tax Rates 70.0% 60.0% Key Ratios 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 2017 2018 2019 2020 Class 4 Cities 59.8% 58.5% 58.1% N/A Cities in Wright County 61.7% 60.7% 58.0% N/A -City of Albertville 51.6% 49.2% 47.3% 47.1% Taxes Per Capita $700 $600 $500 $400 ABDO $300 EICI� & $200 $100 MEUl W LLY $ 2017 2018 2019 2020 rrijird l?vhlrr Ire=,grrlrr;rr� �C l:uirsniiurl.` Class 4 Cities $524 $549 $574 N/A Cities in Wright County $492 $508 $532 N/A -City of Albertville $545 $554 $566 $561 17 Debt Per Capita $3,500 $3,000 Key Ratios $2,500 $2,000 $1,500 $1,000 $500 $- 2017 2018 2019 2020 LClass 4 Cities $2,693 $2,697 $2,005 N/A Cities in Wright County $2,917 $2,870 $2,232 N/A City of Albertville $1,457 $1,268 $1,863 $1,651 Debt Service Expenditures as a Percent of Total Expenditures 25.00% 20.00% 15.00% A PDO 10.00% EICK & 5.00% 0.00% lit 2017 2018 2019 2020 i i 1 W LLP Class 4 Cities 21.79% 20.55% 14.16% N/A C.ertifwd Nbc Aw.ountan.ts& Consultants Cities in Wright County 23.63% 21.20% 17.25% N/A City of Albertville 19.47% 20.39% 12.96% 11.22% 18 Current Expenditures Per Capita $900 $800 $700 Key Ratios $600 $500 $400 $300 — $2 00 $100 — $ 2017 2018 2019 2020 Class 4 Cities $730 $753 $791 N/A Cities in Wright County $678 $669 $707 N/A ■City of Albertville $423 $460 $496 $525 Capital Expenditures Per Capita $600 $500 $400 $300 fDa $200 EICK & $100 ME URS LLP 2017 2018 2019 2020 ( rtifwd PuLlic Aeenuntan.ts Class Cities $418 $400 $426 N/A Cities in Wright County $266 $340 $355 N/A ■City of Albertville $200 $136 $452 $485 19 Water Fund Debt Service Coverage 700°x° 600°x° 500% Key Ratios 400 300%% 200% 100% 0% -100% -200% -300% -400% 2017 2018 2019 2020 Class 4 Cities 167% 174% 119% N/A Cities in Wright County 139% 116% 46% N/A ■City of Albertville 598% -305% 272% 245% Sewer Fund Debt Service Coverage 250% 200% ABDO150% EICK & 100% ME�f�jT�'�7� 50% 41 URSLl W LLP , (.rtifwd PuLdic Am.ountanm& Cor�suluurt.i 0% 2017 2018 2019 2020 Class 4 Cities 194% 153% 120% N/A Cities in Wright County 77% 102% 79% N/A ■City of Albertville 133% 133% 105% 32% 20 Audit Team f!-r Contacts la Andy Berg, CPA Tyler See, CPA Government Partner Senior Associate andrew.berg@aemcpas.com tyler.see@aemcpas.com Aaron Gilbert Erik Wagner Senior Associate Associate aaron.gilbert@aemfs.com erik.wagner@aemcpas.com 21