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Lakefield council accepts CDS audit engagement for 2025 financial statements
Summary
The Lakefield City Council unanimously approved an engagement letter with CDS to audit 2025 financial statements and major federal award compliance, with estimated fees of $40,350 for the audit plus $5,000 for the Single Audit.
The Lakefield City Council on Feb. 2 approved an engagement letter with CDS to audit the city's 2025 financial statements and compliance for major federal award programs.
Councilmember Heather Hussong-Reasoner moved, and Andrea Monson seconded, a motion acknowledging and agreeing to the audit engagement and related responsibilities. The minutes record an estimated fee of $40,350 for the audit and an additional $5,000 for the Single Audit; the motion passed unanimously.
The CDS letter summarized the audit scope: an opinion on governmental and business-type activities, major funds, the aggregate remaining fund information, related notes to the financial statements and an opinion on compliance for major federal award programs. The auditor said fees are estimated and that CDS would notify the city of any circumstances that could significantly affect the estimate.
City Clerk Holly Rademacher told council that auditors may request staff assistance in preparing schedules and that CDS will be available for routine financial-management consultation during the year. The council approved the engagement to allow auditors to proceed; no additional contract terms were listed in the minutes.
Next steps: CDS will perform the fieldwork and provide draft reports; council will receive the auditor's report when the audit is complete.
