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Walker audit returns clean opinion; library bond proceeds and reserves noted
Summary
The city auditor delivered a clean audit opinion for Walker with a management letter noting minor reconciling differences, recorded library bond proceeds and reported an unassigned general fund balance of about $16.5 million (a $1.3 million decrease). City pension and OPEB funding levels were discussed.
The annual financial audit for the City of Walker produced a clean opinion, the auditor told the commission during the Nov. 24 Committee of the Whole meeting.
Auditor Mike Frattevelt said auditors found no material issues obtaining information from staff and reported only a brief management-letter comment related to reconciling a small number of long-outstanding checks between the tax system and the accounting system; staff has a plan to address the discrepancy. "Page 1 of our audit report does have a good clean audit opinion," Frattevelt said.
The audit also recorded bond proceeds and capital outlays for the new library in a newly created fund; the general fund unassigned balance ended the year at about $16.5 million, a decrease of roughly $1.3 million from the prior year, largely driven by transfers out to support library costs.
Frattevelt briefly reviewed revenue and expense trends, noting increases in capital grants tied to road projects and steady income- and property-tax revenue growth. He reported the OPEB plan was about 49% funded at year end and the pension plan about 84.4% funded. Auditors noted forthcoming changes to MD&A and budget-variance disclosures that will require more detailed explanations in next year’s financial statements but said there were no material accounting issues.
Commissioners asked for a slide in next year’s presentation on OPEB and retirement funding, and staff agreed to provide additional detail in future presentations.
What’s next: Audit follow-up steps include implementation of the auditor-recommended reconciliation plan and continued monitoring of OPEB/pension funding and related disclosures.
