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Cottage Grove audit yields clean opinion; council accepts 2024 financial report
Summary
Redpath & Company reported a clean, unmodified opinion on Cottage Grove’s 2024 financial statements and no internal-control findings; the council unanimously accepted the Annual Comprehensive Financial Report and discussed pressures in the EMS fund.
On June 4, 2025, the Cottage Grove City Council unanimously accepted the city’s 2024 Annual Comprehensive Financial Report after auditor Rebecca Peterson of Redpath & Company delivered a presentation showing a clean, unmodified opinion and no internal-control findings.
The report — introduced by Finance Director Brenda Malinowski and presented by Rebecca Peterson — summarizes the city’s fiscal results, including a 99.42% property-tax collection rate for 2024, a general-fund unassigned reserve equal to about 48.2% of 2025’s budgeted expenditures (roughly $13.7 million), and an actuarially determined net pension liability of $10,800,000 attributable to participation in the State retirement plan (PERA). Peterson told the council, “we've issued a clean, unmodified opinion on the…
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