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2021 Financial Statement Audit A... Lighting the path forward Irmo a ,,• City of Albertville 2021 Financial Statement Audit ti �1 Introduction t (' I Audit Opinion and Responsibility General Fund Results Other Governmental Funds + , Enterprise Funds r Key Performance Indicators "' r 2 Audit Results Auditor's Opinion Minnesota Legal Compliance IV Unmodified Opinion No Compliance Issues 3 , Audit Results i 2021 Audit Findings } ryo,® Limited Segregation of Duties Internal Control Finding <j ° I ' 4 General Fund Fund Balances $4,000,000 $3,630,365 $3,458,127 $3,500,000 $3,044,5: $3,000,000 ` 92.5% $2,500,000 75.0% $2,000,000 74.2% 72.0% 60.0% $1,500,000 $1,000,000 35% 35% 35% 35% 35% $500,000 2017 2018 2019 2020 2021 2022 t Unassigned Fund Balance Budget f MinimumFund Balance Policy 5 General Fund Budget to Actual Final Budget Actual Variance with Amounts Amounts Final Budget Revenues $ 3,428,127 $ 4,356,640 $ 928,513 Expenditures 3,458,127 3,873,116 (414,989) Excess (Deficiency) of Revenues Over (Under) Expenditures (30,000) 483,524 513,524 Other Financing Uses Transfers in - 171,937 171,937 Transfers out - (1,631,756) (1,631,756) Total Other Financing Sources (Uses) - (1,459,819) (1,459,819) Net Change in Fund Balances (30,000) (976,295) (946,295) Fund Balances,January 1 3,290,612 3,290,612 - Fund Balances, December 31 $ 3,260,612 $ 2,314,317 $ (946,295) General Fund Revenues byType $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 Taxes Licenses and Permits Intergovernmental Charges for Service Other ■2019 ■2020 ■2021 7 General Fund Expenditures by Type $2,000,000 $1,800,000 $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 General Government Public Safety Public Works Transfers Out Other 2019 ■2020 ■2021 8 $18°,°°° Special $160,000 $140,000 Revenue$120,000 $100,000 $80,000 Fund $60,000 $40,000 Balances $20,000 $(20,000) — Committed Unassigned Economic 02019 .2020 02021 Development Loan and ARPA Funds 9 Fund Balances December 31, Increase Fund 2021 2020 (Decrease) Major Capital Outlay Reserve $ 5,634,162 $ 3,965,154 $ 1,669,008 Park Fund 896,436 229 896,207 Nonmajor TIF#7 Senior Housing 59,130 53,747 5,383 TIF#14 Fraser Steel - 32,687 (32,687) TIF#15 Guardian Angels 62,085 54,138 7,947 TIF#16 Mold Tech (788) (3,085) 2,297 TIF#17 Old Castle (351,940) (386,721) 34,781 Capital Total $ 6,299,085 $ 3,716,149 $ 2,582,936 $6,000,000Prol• e c t $5,000,000 Fund $4,000,000 $3,000,000 Balances $2,000,000 $1,000,000 . $- e $(1,000,000) Restricted Assigned Unassigned 2019 2020 ■2021 10 December 31,2021 Total Total Remaining Debt Description Cash Assets Bonds Maturity Major 2003A G.O.I mprovement $ (12,699) $ 1,008,834 $ - matured 2011C G.O.CIP Refunding 344,729 344,729 590,000 2025 2012B G.O.CIP Refunding 16,504 16,504 990,000 2025 CSAH 19 2012A G.O.Improvement Refunding 351,864 370,847 325,000 2023 Lachman 2012A G.O.Improvement Refunding 127,985 263,773 100,000 2023 Industrial 2012A G.O.Improvement Refunding 328,676 1,161,305 140,000 2023 Interstate 94 332,205 1,523,473 2,064,000 2032 Debt Total $ 1,489,264 $ 4,689,465 $ 4,209,000 • Total Remaining Interest Payments $ 267,044 Service Scheduled Governmental Debt Service for the Next Ten Years $1,000,000 $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Principal Interest 11 $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000Water $,00,000 $50,000 e\QNs e LS e\Q�s e�is Fund 01a�ec s�J`se�` 010 pec s�J`se.�` O�-ORe� s"J`se�` 0�1 pec s� ti0�\ ■Operating Costs ■Debt Payments ■Operating Receipts $2,500,000 $2,106,393 Cash Flows from $2,000,000 $1,749,033 Operations and $1,530,433 $1,632,755 Cash Balances $1,500,000 $1,000,000 $500,000 2018 2019 2020 2021 Unrestricted —,Target Balance(Following Year Debt Service Plus 6 Months of Operating Costs) Alk')%0 12 $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 Sewer $200,000 $ Fund �9 ZS C9 ;S �5 ;5 �o,,'a PS6JS9 ecePS�JSeeC V-ecePSpJSe�¢r �ecePSpJse�e� C C C C 1§11$O 1010 `L61O� lop ■Operating Costs ■Debt Payments ■OperatingReceipts $10,000,000 Cash Flows from $9,000,000 $8,626,945 $8,000,000 $7,906,656 Operations and $7,000,000 $6,817,307 $6,815,575 Cash Balances $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $- 2018 2019 2020 2021 Unrestricted(Target Balance(Following Year Debt Service Plus 6 Months of Operating Costs) AFL*'*%f%PA40 13 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 Stor m $50,000 Pis ap e\Qis a s e\Pis e\tis �1a�eG .s�Jse� Q1°�Rec .s�Jtse� p`Lo�ec .sgJse� p`L1 pec .s�Jse� W e\ ti 1$p\ ti 0p\ 'L tip\ ti ti1p\ ■Operating Costs ■Debt Payments ■Operating Receipts Fund $1,400,000 $1,238,911 $1,228,019 $1,200,000 $1,164,257 $1,202,466 $1,000,000 $800,000 Cash Flows from Operations and $60Q000 Cash Balances $400,000 $200,000 $- 2018 2019 2020 2021 Unrestricted fMinimumTarget Balance(6 Months of Operating Costs) �� 14 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 a�ece\Q�s p 5e�er�5 ��eGe\Qts p se�er�s p�eGe\Q�s p se�e��s 1�eGe\p�s p se�er�s • 1 'z 1 �t at et Rec cin ti° a`5 ti° a`S ti° 1a`5 ,Lp1a ■Operating costs ■Operating receipts Fund $80,000 $70,000 $69,285 $59,559 $60,714 $60,000 59 393 $50,000 Cash Flows from $40,000 Operations and $30,000 Cash Balances $20,000 $10,000 $- 2018 2019 2020 2021 Unrestricted fMinimumtarget balance(6 months ofoperating costs) 15 Cash and Investments Balances byTypeFund $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 2019 2020 2021 ■ General Fund ■ Capital Projects Funds ■ Special Revenue Funds Debt Service Funds ■ Enterprise Funds 16 Taxes Key Performance Indicators Tax Rates Taxes Per Capita 70.0% $700 60.0% $600 50.0% $500 40.0% $400 — 30.0% $300 20.0% $200 10.0% $100 0.0% — 2018 2019 2020 2021 $ 2018 2019 2020 2021 Class 4 Cities 58.5% 58.1% 58.8% N/A Class 4 Cities $549 $574 $606 N/A 1 Cities in Wright County 60.7% 58.0% 56.0% N/A Cities in Wright County $508 $532 $549 N/A —City of Albertville 49.2% 47.3% 47.1% 46.8% —City of Albertville $554 $566 $561 $545 17 Debt Key Performance Indicators Debt Per Capita Debt Service Expenditures as a Percent of $3,500 Total Expenditures 25.00% $3,000 $2,500 20.00% — $2,000 15.00% $1,500 10.00% $1,000 °1 $500 5.00% 2018 2019 2020 2021 0.00% 2018 2019 2020 2021 Class 4 Cities $2,697 $2,005 $2,150 N/A Class 4 Cities 20.55% 14.16% 13.39% N/A Cities in Wright County $2,870 $2,232 $2,159 N/A Cities in Wright County 21.20% 17.25% 14.66% N/A —City of Albertville $1,268 $1,863 $1,651 $1,386 —City of Albertville 20.39% 12.96% 11.22% 15.29% 18 Expenditures Key Performance Indicators Current Expenditures Per Capita Capital Expenditures Per Capita $900 $600 $800 $700 $500 — $600 $400 $500 $400 $300 $300 $200 $200 $100 $100 — $ 20182019 2020 2021 $ 2018 2019 2020 2021 Class 4 Cities $753 $791 $839 N/A Class 4Cities $400 $426 $558 N/A Cities in Wright County $669 $707 $769 N/A Cities in Wright County $340 $355 $477 N/A ■City ofAlbertville $460 $496 $525 $518 ■City ofAlbertville $136 $452 $485 $149 19 Your Abdo Team -Q rr- k j Andy Berg, CPA Tyler See, CPA Erik Wagner Alex Trippel Jason Fagan Partner Manager Senior Associate Associate Intern andrew.berg@abdosolutions.com tyler.see@abdosolutions.com erik.wagner@abdosolutions.com alex.trippel@abdosolutions.com jason.fagan@abdosolutions.com o- 20