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Council accepts Roseville’s 2024 financial reports after Redpath issues unmodified opinion
Summary
Auditor Redpath reported a clean (unmodified) opinion on Roseville’s 2024 financial statements and noted one required audit adjustment for loans receivable; the council voted unanimously to accept the reports.
The Roseville City Council voted unanimously to accept the city’s 2024 financial reports and the accompanying audit after Redpath, the city’s external auditor, issued an unmodified (clean) opinion and summarized one audit adjustment.
Rebecca Peterson, managing director for Redpath, told the council, “Our opinion this year is a clean, unmodified opinion that the financial statements are fairly presented in all material respects.” She said the auditor’s work provides the highest level of assurance that is feasible on a sampled basis.
Peterson said the audit produced one finding that had to be reported under auditing standards: an audit adjustment related to loans receivable that the city is obligated to collect on behalf of another governmental agency and that had not been reflected on the city’s books. She described that as the only audit adjustment that crossed the reporting threshold.
Peterson also summarized other reports issued with the audit, saying there were no reportable instances of legal noncompliance in the areas the auditors review for Minnesota legal compliance and no reportable instances of noncompliance or questioned costs in the federal program (single) audit related to ARPA funds. She noted the city’s general fund ended the year with a net change in fund balance of about a $120,000 reduction, very close to the budgeted $114,000 reduction, and that the city’s governmental fund balance policy target (35–50% of next year’s expenditures) places the city at about 38.4% after closing entries.
Council member Schroeder moved to accept the 2024 financial reports; council member Graf seconded the motion. The council voted and the motion carried unanimously. No amendments or conditions were attached to the acceptance.
Peterson told the council that auditors use sampling and professional judgment in areas such as vendor processes and cash testing and that Redpath performs hybrid fieldwork with multiple staff on site. She also noted new GASB guidance on compensated absences was considered and did not materially affect the statements; actuarial liabilities such as net pension and OPEB remain as reported and are actuarially determined.
