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Council accepts 2024 audited financial report; auditor flags cybersecurity as ongoing risk
Summary
The council accepted the 2024 audited financial statements (clean opinion) after an auditor presentation noting an unmodified opinion, a healthy unassigned fund balance (~$9.6 million, ~50% of budget), no reportable internal control findings, and a recommendation to prioritize cybersecurity training and controls.
The Albert Lea City Council on June 23 voted to accept the city’s 2024 audited financial report after a presentation by the city’s auditors.
Auditor Ryan Engleston of Bergen KDV told the council the firm issued an unmodified (clean) opinion on the 2024 financial statements and found no reportable internal control deficiencies or material weaknesses. The auditor said the city remained below the state threshold that would trigger a separate federal compliance audit for grant spending and that key reporting areas tested checked out well.
Engleston highlighted that the city’s unassigned general fund balance at year-end was about $9.6 million, roughly 50% of the annual budgeted expenditures — above the city’s 45% policy minimum and in line with guidance from the state auditor’s office. He showed multi-year trends where revenues have been outpaced by expenditures and noted transfers from utility funds had helped cover some gaps. He also flagged cybersecurity and phishing risk as an area for continued attention and recommended up-to-date training for staff.
City management thanked the finance team for preparation of the audit materials, and the council asked a few follow-up questions about fiscal trends and service-level impacts. Council moved to accept the report; the motion passed.
Next steps: the council accepted the audit and the communications letter and encouraged continued monitoring of cybersecurity controls and multi-year fiscal trends.
