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Inver Grove Heights accepts clean 2024 audit and accepts GFOA reporting award
Summary
City council received auditors' presentation, accepted the 2024 Annual Comprehensive Financial Report with an unmodified opinion and noted the finance team's long-running GFOA achievement award.
The Inver Grove Heights City Council on Monday received a presentation from the city's external auditors and accepted the 2024 Annual Comprehensive Financial Report, which carried an unmodified (clean) opinion.
The report was presented by Bonnie Schweiger, CPA, the lead auditor from ABDO, and by the city's finance staff. Schweiger told the council the auditors issued an unmodified independent audit report and found no compliance issues with Minnesota legal requirements or with federal single-audit standards for the federal funds the city spent. "We have issued an unmodified opinion within the financial statements," Schweiger said, adding there were no significant issues or findings.
The council also acknowledged a Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting that the city has received annually since 1986. Finance Director Amy Ho accepted the award and introduced Roberta Ellison, the city's new assistant finance director, who began in January and will help coordinate the annual audit. "Director Ho has assembled a competent and hardworking finance team," Ellison said.
City staff and the auditors reviewed highlights from the 2024 financial results. Schwieger said the general fund ended 2024 with reserves equal to about 51.5% of operating budget, an increase from the prior year and above the city's current policy level. Reasons noted included recognition of ARPA funds applied to police payroll, higher interest revenue, stronger permit revenue and lower-than-budgeted payroll spending in certain departments. Schweiger said those factors combined to increase general fund reserves by about $4 million in 2024.
The presentation included overviews of special revenue funds, capital project reserves and debt service. The auditors noted the city had approximately $23 million in outstanding bonds as of 2024 and about $6 million of capital reserves restricted by grants or legal requirements. Auditors also described the utility funds (water, sewer, stormwater) and internal service funds that accumulate equipment and other reserves.
After the presentation the council voted to accept the Annual Comprehensive Financial Report for 2024. "All in favor, please say aye," the mayor said; the motion carried with no recorded opposition.
The auditors asked that any technical questions be directed to the finance department; the presentation slides and the finalized report will be posted online in the days following the meeting.
