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Mahtomedi receives clean 2025 audit; accounting standard changes previewed
Summary
CliftonLarsonAllen presented an unmodified (clean) 2025 audit for Mahtomedi and reviewed upcoming Governmental Accounting Standards Board (GASB) statements that will change disclosure and presentation requirements through 2027.
CliftonLarsonAllen auditor Chris Knopik told the Mahtomedi City Council on May 19 that the city’s 2025 financial statements received an unmodified "opinion," meaning auditors found no misstatements or passed adjustments. He said the auditors had full cooperation from city management.
Knopik summarized new and forthcoming GASB guidance: Statement No. 102 may affect certain risk disclosures for 2025 year-end notes; Statement No. 103 will change management’s discussion and analysis and the layout of the Statement of Changes in Net Position for proprietary funds starting with the December 31, 2026 audit; Statement No. 104 will alter capital-asset footnote presentation for the 2026 audit; and Statement No. 105 will update subsequent-events disclosure requirements for the 2027 audit.
Mayor Richard Brainerd congratulated staff for the result and Finance Director Scott Schaefer thanked the CliftonLarsonAllen team for their work. Schaefer said the city will proceed with preparing the 2027 budget now that the audit is complete.
