Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
2025 Financial Statement Audit
City of Albertville 2025 Financial Statement Audit 2abdosolutions.com2 Introduction •Audit Results •General Fund Results •Other Governmental Funds •Enterprise Funds •Key Performance Indicators 3 Audit Results Unmodified opinion under GAAP No instances of noncompliance Minnesota Legal ComplianceAuditor’s Opinion 4abdosolutions.comAUDIT RESULTS •Limited Segregation of Duties •Internal Control Finding Fiscal Year 2025 Findings 4 5abdosolutions.comGeneral Fund Balances 60.0%60.6%57.0%58.2% 64.4% $3,630,365 $4,013,433 $4,485,386 $4,553,805 $4,928,702 35%35%35%35%35% $- $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 2021 2022 2023 2024 2025 2026 Unassigned Fund Balance Budget MinimumFund Balance Policy 6abdosolutions.comGeneral Fund Budget to Actual Final Budget Actual Variance with Amounts Amounts Final Budget Revenues 4,553,805$ 5,815,634$ 1,261,829$ Expenditures 4,553,805 5,330,662 (776,857) Net Change in Fund Balances - 484,972 484,972 Fund Balances, January 1 2,839,229 2,839,229 - Fund Balances, December 31 2,839,229$ 3,324,201$ 484,972$ 7abdosolutions.comGeneral Fund Revenues $- $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 Taxes Licenses and Permits Intergovernmental Charges for Service Other 2023 2024 2025 8abdosolutions.comGeneral Fund Expenditures $- $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 General Government Public Safety Public Works Other 2023 2024 2025 9abdosolutions.comSpecial Revenue Funds $- $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 Restricted Committed 2023 2024 2025 Increase 2025 2024 (Decrease) Nonmajor Economic Developer Loan Fund 174,671$ 165,673$ 8,998$ Election Resources Fund 1,950 1,599 351 Charitable Gambling 132,197 259,490 (127,293) Total 308,818$ 426,762$ (117,944)$ Fund Balances December 31, Fund 10abdosolutions.comCapital Projects Funds Increase 2025 2024 (Decrease) Major Capital Outlay Reserve 9,606,081$ 6,336,654$ 3,269,427$ Main Avenue Project 3,409,353 - 3,409,353 Central Park Project 793,569 - 793,569 Nonmajor Park Fund 1,417,408 1,004,580 412,828 TIF #7 Senior Housing 66,914 96,686 (29,772) TIF #12 Schultz & Schupp (420) (420) - TIF #15 Guardian Angels 115,787 98,852 16,935 TIF #17 Old Castle (169,692) (231,299) 61,607 TIF #18 AVA 171,414 139,265 32,149 TIF #19 Fehn 20,965 17,317 3,648 TIF #20 Scherer Brothers (540,196) (635,268) 95,072 TIF #21 Medart (10,239) (11,888) 1,649 TIF #22 Mold Tech (248,513) - (248,513) TIF #23 Guardian Angels Engel Haus (14,569) - (14,569) Total 14,617,862$ 6,814,479$ 7,803,383$ Fund Balances December 31, Fund $(2,000,000) $- $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 Nonspendable Restricted Assigned Unassigned 2023 2024 2025 11abdosolutions.comDebt Service Fund $- $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 2026 2027 2028 2029 2030 2031 2032 2033 Scheduled Governmental Debt Service for the Next Ten Years Principal Interest Total Total Remaining Cash Assets Bonds Maturity Major Interstate 94 270,319$ 1,020,877$ 1,346,000$ 2032 2025A Debt Service 1,280,542 1,280,542 7,530,000 2051 Total 1,550,861$ 2,301,419$ 8,876,000$ Total Remaining Interest Payments 3,524,301$ December 31, 2025 Debt Description 12abdosolutions.comWater Fund Cash Flows from Operations and Cash Balances $- $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 Operating Costs Debt Payments Operating Receipts $2,396,699 $2,579,027 $2,857,218 $4,177,177 $- $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000 $4,500,000 2022 2023 2024 2025 Unrestricted Target Balance (Following Year Debt Service Plus 6 Months of Operating Costs) 13abdosolutions.comSewer Fund Cash Flows from Operations and Cash Balances $- $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 Operating Costs Debt Payments Operating Receipts $9,683,879 $15,285,729 $13,256,754 $13,408,025 $- $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 $16,000,000 $18,000,000 2022 2023 2024 2025 Unrestricted Target Balance (Following Year Debt Service Plus 6 Months of Operating Costs) 14abdosolutions.comStorm Water Fund Cash Flows from Operations and Cash Balances $- $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 Operating Costs Debt Payments Operating Receipts $1,136,833 $1,101,615 $1,159,614 $1,277,808 $- $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 2022 2023 2024 2025 Unrestricted Minimum Target Balance (6 Months of Operating Costs) 15abdosolutions.comRefuse Fund Cash Flows from Operations and Cash Balances $- $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000 $180,000 Operating costs Operating receipts $68,796 $57,851 $55,225 $68,112 $- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 2022 2023 2024 2025 Unrestricted Minimum target balance (6 months of operating costs) 16abdosolutions.comExpenditures by Fund $32,315,277 $30,579,304 $39,427,078 $- $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 $35,000,000 $40,000,000 $45,000,000 2023 2024 2025 General Fund Capital Projects Funds Special Revenue Funds Debt Service Funds Enterprise Funds Fiduciary Funds 17abdosolutions.comTaxes KEY PERFORMANCE INDICATORS 2022 2023 2024 2025 School Tax Rate 38.98%32.86%29.85%25.25% County Tax Rate 43.75%37.84%33.73%35.56% City Tax Rate 46.36%41.79%41.95%41.40% Class 4 Cities City Tax Rate 58.35%53.44%51.54% 0.00% 20.00% 40.00% 60.00% 80.00% 100.00% 120.00% 140.00% Tax Rate Mix 2022 2023 2024 2025 Class 4 Cities 57.6%58.1%51.5%N/A Cities in Wright County 53.9%53.0%45.8%N/A City of Albertville 46.4%41.7%40.7%41.4% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% Tax Rates 18abdosolutions.comDebt KEY PERFORMANCE INDICATORS 2021 2022 2023 2024 2025 Class 4 Cities $2,198 $2,195 $2,302 N/A N/A Cities in Wright County $2,379 $2,188 $2,321 N/A N/A City of Albertville $1,386 $1,182 $2,165 $1,948 $2,832 $- $500 $1,000 $1,500 $2,000 $2,500 $3,000 Debt Per Capita 2021 2022 2023 2024 2025 Class 4 Cities 13.38%12.54%11.82%N/A N/A Cities in Wright County 15.28%12.54%11.00%N/A N/A City of Albertville 15.29%11.48%11.37%7.03%5.54% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% Debt Service Expenditures as a Percent of Total Expenditures 19abdosolutions.comExpenditures KEY PERFORMANCE INDICATORS 2021 2022 2023 2024 2025 Class 4 Cities $856 $901 $948 N/A N/A Cities in Wright County $755 $784 $859 N/A N/A City of Albertville $518 $684 $575 $655 $704 $- $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 Current Expenditures Per Capita 2021 2022 2023 2024 2025 Class 4 Cities $527 $536 $639 N/A N/A Cities in Wright County $494 $1,287 $1,762 N/A N/A City of Albertville $149 $229 $248 $307 $510 $- $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 Capital Expenditures Per Capita 20abdosolutions.comBERG Andy CPA - Partner SEE CPA – Senior Manager TRIPPEL CPA - Manager DOAN Associate THOMPSON Associate FAGAN Senior Associate Tyler Alex Jason Phien MichaelaYour Abdo Team