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Minnetonka council accepts 2024 comprehensive audit; auditor issues unmodified opinion with no reportable findings
Summary
Auditors from BerganKDV presented the city's 2024 annual comprehensive financial report and issued an unmodified (clean) opinion with no internal control findings; council accepted the report unanimously.
The Minnetonka City Council on June 9 accepted the city’s 2024 Annual Comprehensive Financial Report and related audit reports after an audit presentation by BerganKDV.
Andrew Grice of BerganKDV told the council the auditors issued an unmodified (clean) opinion on the city’s financial statements for the year ended Dec. 31, 2024, and reported no material weaknesses or significant deficiencies in internal control. BerganKDV also completed a single‑audit of federal grant activity related to the highway planning and construction grant and issued clean compliance results.
Key financial highlights presented by auditor and staff: - General fund revenues rose to about $52.4 million in 2024 with expenditures about $49.8 million; unrestricted ending fund balance was approximately $27.5 million. Auditor noted the city’s unrestricted fund balance ratio was about 50% and in line with city policy after planned drawdowns. - Enterprise funds (water and sewer, stormwater, Williston Center, Grays Bay Marina) showed operating surpluses for 2024; the Williston Center had a negative unrestricted net position on a full‑accrual basis when certain pension/OPEB allocations are included, but cash and reserves remain positive.
Council action and vote: Councilmember Schack moved to accept the audit and related reports; Councilmember Foster Bolton seconded. The roll call vote was unanimous in favor.
Why it matters: An unmodified auditor’s opinion with no internal control findings is the strongest conclusion auditors can provide and indicates the city’s financial reporting and internal controls met professional standards for 2024. City staff and council members cited the result as evidence of strong fiscal management and credited finance staff for thorough preparation.
What’s next: Staff said the audit will be filed with the state and that finance and departmental staff will continue work on strategic budgeting and prioritization exercises for future CIP planning.
