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Burnsville council accepts 2025 audit showing clean opinion and strong reserves
Summary
The Burnsville City Council accepted the 2025 comprehensive financial statement and audit from Redpath & Company, which issued a clean, unmodified opinion; highlights included a 50% general fund reserve, $68 million in bond proceeds for infrastructure and a $21 million net pension liability allocated to the city.
The Burnsville City Council voted to accept the city's 2025 comprehensive financial audit after a presentation by Rebecca Peterson of Redpath and Company and remarks from Finance Director Alyssa Ryan.
Rebecca Peterson told the council the audit produced a "clean, unmodified opinion," the most favorable audit result. She said auditors issued four reports in conjunction with the audit and identified one internal-control finding related to corrected audit adjustments, which she described as common and not a cause for concern. "The results this year were a clean, unmodified opinion," Peterson said.
Peterson flagged three accounting estimates the audit treats as sensitive: the estimate for uncollectible EMS accounts, actuarially determined other post-employment benefits (OPEB) and the net pension liability. She said Burnsville's share of the state pension plan net liability for 2025 was $21,000,000 and clarified that the number is actuarial and not a cash amount the city must immediately pay.
The audit also noted financial highlights the council discussed: the general fund's unassigned reserves were 50% of next year's budget (within the city's 40-to-50% policy range), the city recorded $68,000,000 of bond proceeds to fund infrastructure work and the property tax collection rate for 2025 was 98.7%. Peterson pointed out an unrealized increase in fair value of investments of about $1,500,000 that is not spendable, and she explained accounting entries that produced offsetting $4,600,000 figures related to long-term technology subscription arrangements.
After the presentation, Councilmember Shunk moved to accept the audit report and the motion was seconded; council members voted in favor and the motion carried. Finance Director Alyssa Ryan thanked the auditors and staff for their work on what she described as an informative report.
No subsequent binding changes to policy or budget were presented at the meeting; the council accepted the audit and recessed the session so the Economic Development Authority meeting could proceed.
