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Auditor gives Eagan a clean opinion on 2024 annual comprehensive financial report; council accepts report
Summary
Redpath & Company issued an unmodified (clean) audit opinion on Eagan’s 2024 financial statements and reported no internal control findings or Minnesota legal compliance issues. The council voted to receive and accept the report.
The Eagan City Council on June 17 received and accepted the city’s 2024 annual comprehensive financial report after the city’s auditor, Redpath & Company, issued an unmodified (clean) opinion on the financial statements.
Rebecca Peterson of Redpath summarized the audit and associated reports, telling councilors the firm found no internal control findings and no instances of noncompliance with Minnesota legal requirements. The audit also included a federal single-audit review; Peterson said the city had no instances of noncompliance with federal program requirements this year.
"Redpath has expressed what we call an unmodified or clean opinion on the financial statements," Peterson said. She noted a $17 million OPEB asset on the books, an approximately $21 million PERA net pension liability allocated to the city by PERA’s actuary, and that key accounting estimates include lease receivable present value and construction-in-progress valuations for county projects.
City finance staff and the auditor also highlighted that the general fund showed an increase of roughly $4 million in fund balance for 2024, driven largely by higher-than-budgeted interest income and some public safety cost savings. The capital projects funds showed increases tied to debt issuance to fund ongoing projects.
Council discussion touched on whether historical charts were presented in nominal dollars (the auditor confirmed they were) and on possible policy choices for using excess fund balance, with staff noting recommendations would return to an August workshop for council consideration.
A council member moved to receive and accept the 2024 annual comprehensive financial report; the motion was seconded and carried by voice vote with the council recording "aye." No roll-call tally was provided in the transcript.
