10.a.1 2023 Audit Presentation - Scandia
City of Scandia, Minnesota
Presentation of the Audited Financial Statements
Fiscal Year Ended December 31, 2023
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Audit Process and Opinion
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Required Communications
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Internal Controls Over Financial Reporting
Various adjustments recorded during our audit process
Adjustment to restate opening equity for 2023
Your City has a lack of proper segregation of duties, which is very common for a City of your size
We have prepared the financial statements on behalf of the City
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Minnesota Legal Compliance
Areas Reviewed
Contracting and Bidding
Depositories of Public Funds
Conflicts of Interest
Public Indebtedness
Claims and Disbursements
Miscellaneous Provisions
Findings:
None
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Revenues exceeded budget by $62,307
Expenditures were under budget by $68,159
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Detailed Revenue Analysis
General Fund
7
Detailed Expenditure Analysis
General Fund
8
City policy is to maintain a minimum unassigned general fund balance equal to 35%-50% of the total annual General Fund operating expenditures
9
Cash Trend Analysis
General
Fund
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Financial Highlights
Remaining Governmental Funds
11
Cash Trend Analysis
Remaining Governmental Funds
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Financial Highlights
Remaining Governmental Funds
*Financial data for remaining nonmajor governmental funds can be found beginning on page 72 in the Audited Financial Statements.
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Cash Trend Analysis
Remaining Governmental Funds
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Historical Trends
Big Marine Sewer Fund
15
Historical Trends
Uptown Sewer Fund
16
Cash Trend Analysis
Business-Type
Funds
17
Government-Wide Assets
18
Government-Wide Liabilities
19
Governmental Funds
Future Debt Payments
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Questions?
Ryan Schmidt, CPA
Partner
rschmidt@schlennerwenner.cpa
320-251-0286
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