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Roseville audit: Redpath issues clean opinion, reports one audit adjustment; council accepts report
Summary
External auditors Redpath presented a clean (unmodified) opinion on Roseville’s 2024 financial statements, reported one required audit adjustment tied to sub-loans receivable, noted no Minnesota legal compliance findings, and the City Council unanimously accepted the 2024 financial reports.
Redpath Managing Director Rebecca Peterson told the Roseville City Council on May 12 that the firm issued a clean, unmodified opinion on the city’s 2024 financial statements and that the council should expect the city to receive the Government Finance Officers Association’s certificate of achievement for the 2024 report.
Peterson said, “Our opinion this year is a clean, unmodified opinion that the financial statements are fairly presented in all material respects.” She also reported a single audit adjustment above the reporting threshold, related to sub-loans receivable that the city is obligated to collect on behalf of a different governmental agency; the adjustment was reflected in the financial statements.
On legal compliance, Peterson said Redpath’s review for the Office of the State Auditor’s required areas found no reportable instances of noncompliance. She said the federal single-audit work tied to ARPA spending likewise found no reportable instances of noncompliance or questioned costs.
Michelle Petrick, Roseville’s finance director, and auditors discussed several financial highlights and policy items: the capital project fund balance increased about $2.4 million (driven by public-safety aid transfers and TIF increments), the general fund’s net change in fund balance was a $120,000 reduction (compared with a budgeted $114,000 reduction), and the general-fund reserve equaled about 38.4% after year-end closing entries (the city’s fund-balance target is 35–50% of next year’s expenditures). Peterson also noted OPEB and pension liabilities as actuarial estimates reflected on the statements and reminded the council that estimates exist within financial statements.
Council member Schroeder asked about internal controls and new-vendor processes; Peterson said the audit includes a review of controls on a cyclical basis and that Redpath discusses risks and controls with staff year-round. After staff and auditor remarks the council voted unanimously to accept the 2024 financial reports.
The audit letter identified required reporting on new Governmental Accounting Standards Board guidance for compensated absences; the city implemented the guidance with no significant financial-statement impact. Peterson praised the finance team for completing the audit on schedule despite recent turnover in the department.
