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Rosemount council accepts city’s 2024 audit; independent auditor issues clean opinion
Summary
The city’s independent auditor issued an unmodified opinion on the 2024 financial statements and reported no material weaknesses or legal‑compliance findings; council accepted the Annual Comprehensive Financial Report and staff will submit it to GFOA for certificate consideration.
The Rosemount City Council accepted the City’s Annual Comprehensive Financial Report for the year ended Dec. 31, 2024, at its Aug. 4, 2025 meeting after a presentation by the auditing firm L.B. Carlson.
Aaron Nielsen, partner in charge of the audit for L.B. Carlson, told the council the firm issued an unmodified (clean) opinion on the basic financial statements and identified no material weaknesses in internal control or instances of noncompliance under government auditing standards. Nielsen said the audit found no compliance findings under the Minnesota legal compliance testing performed as part of the engagement.
Nielsen summarized key financial highlights: governmental fund balances declined by about $36.8 million on a modified‑accrual (short‑term) basis, driven by planned spending of prior‑year bond proceeds on capital projects including the new public‑works facility and activity on the lifetime building construction. On a government‑wide, full‑accrual basis, the city showed an increase in net position as capital expenditures were capitalized and will be depreciated over time. He also reviewed enterprise (utility) funds, noting changes tied to capital projects and bond proceeds and reporting overall increases in net position for the utility operations.
Nielsen said the general fund’s revenues for 2024 were about $21.9 million, with taxes comprising roughly 61% of general‑fund revenue; expenditures totaled about $18.7 million and were about 3.4% over budget but were offset by favorable revenue variances. He reported the city met its fund‑balance policy target (about 55% of subsequent year spending) after an approved year‑end transfer.
Tia (city finance staff) introduced the audit materials. Councilmember Weisenfeld made the motion to accept the report; it was seconded by Tyson and passed in a roll call vote with all present councilmembers recorded as aye. Nielsen said the city’s ACFR has been submitted to the Government Finance Officers Association for consideration of its Certificate of Achievement for Excellence in Financial Reporting for the 29th consecutive year.
