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Minnetrista council accepts 2024 financial audit showing stable reserves, clean opinion
Summary
Council received a clean audit from CliftonLarsonAllen noting a $132,000 increase in accrued compensated-absences liabilities from new GASB guidance and a general fund unassigned balance of $3.01 million (39.9% of expenditures). Council voted to receive and accept the audit.
The Minnetrista City Council on May 19 received and accepted the city—s financial audit for the year ended Dec. 31, 2024, following a presentation by auditors from CliftonLarsonAllen.
CliftonLarsonAllen Principal Chris Canopic told the council the firm issued an unmodified (clean) opinion and did not identify any material weaknesses or significant deficiencies in internal control. "The city's receiving received an unmodified or clean audit opinion," Canopic said.
The audit shows the general fund unassigned fund balance totaled $3,009,494 as of Dec. 31, 2024, or 39.9% of general fund expenditures, down slightly from 42.6% in 2023. Senior-in-charge Grace Traczynski said general fund revenues were essentially flat year over year and that a planned drawdown of fund balance was executed in 2024.
Auditors also flagged two recently adopted Governmental Accounting Standards Board (GASB) statements that affected the 2024 financials and will require disclosure or presentation changes in coming years. Traczynski said GASB guidance on compensated absences increased the city's accrued vacation and sick-leave liability by about $132,000 and that future GASB releases will change financial-statement presentation and management—s discussion and analysis formatting.
The auditors reported one Minnesota legal-compliance exception tied to timing: a contractor—s withholding affidavit was not obtained prior to final payment on a resurfacing contract but was obtained later. Canopic said the office of the state auditor requires auditors to review such compliance items.
After the presentation, Council Member Claudia Lacey moved and Council Member Peter Vickery seconded a motion to receive and accept the audit. The motion passed on a voice vote.
The council requested the presenters— slide deck be distributed to council members and posted with the council packet.
Why it matters: A clean audit indicates the city—s financial statements are fairly presented and that no material control failures were detected; the city—s reserves remain at a level many municipalities consider healthy, and upcoming accounting changes will require additional disclosures and minor balance adjustments.
