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City finance presents 2024 annual financial report; auditors issue unmodified opinion
Summary
Moorhead finance staff presented the 2024 Annual Comprehensive Financial Report; audit partner Jamie Fay of EideBailey reported unmodified opinions on the financial statements and on the federal single audit and said there were no findings in financial, federal awards, or Minnesota legal compliance testing.
Moorhead’s finance manager, Megan Zradka, told the City Council on June 23 that the city completed its 2024 audit and prepared the 2024 Annual Comprehensive Financial Report (ACFR). Zradka asked that the council formally receive and file the report.
Audit partner Jamie Fay of EideBailey presented an executive summary and said the auditors issued an unmodified (clean) opinion on the city’s 2024 financial statements and an unmodified opinion on the federal single audit covering federal awards. Fay said the auditors specifically tested the American Rescue Plan / Coronavirus State and Local Fiscal Recovery Funds program and that the city had spent about $7 million in total federal dollars in 2024, which triggered the single‑audit requirement. Fay reported no audit findings in the categories of financial statements, federal awards, or Minnesota legal compliance.
Fay summarized several key numbers from the ACFR: general fund revenues of about $27.3 million (about 2.8% over budget), total expenditures of about $34.4 million (about $1.8 million under budget), an ending general fund balance of about $24.9 million, and a net change in fund balance that included a transfer out of approximately $4.0 million for the Ramke Park project that was approved in 2023 and occurred in 2024. Fay pointed the council to the city policy that targets an unrestricted general fund balance in the 40%–60% range of operating budget; 2024 results placed Moorhead within that target band.
Council members had no questions on the presentation. Several members thanked Zradka and the finance team; Fay and Zradka both thanked the finance staff for their cooperation during the audit process.
The presentation and audit summary were recorded in the meeting; no roll‑call motion to receive and file the ACFR appears in the publicly posted transcript of the June 23 session, though Zradka had asked that the council formally receive and file the report.
Speakers quoted or attributed in this article include Megan Zradka and Jamie Fay; numerical figures and program names are taken from the spoken presentation and the auditor’s summary on the record.
