6.3. SR 06-15-2020 - Laserfiche WebLink

Home Browse Search

Honorable Mayor and the City Council City of Elk River, Minnesota Auditors' Responsibility (Continued) We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, based on our audit and the report of other auditors, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business -type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the City of Elk River as of December 31, 2019, and the respective changes in financial position and, where applicable, cash flows thereof and the respective the budgetary comparison for the General fund for the year then ended in accordance with accounting principles generally accepted in the United States of America. Emphasis of Matter During fiscal year ended December 31, 2019, the City of Elk River adopted GASB Statement No. 84, Fiduciary Activities. As a result of the implementation of this standard, activity which was previously reported as the Developer Fee Escrow agency fund is now being reported as a capital projects fund and activity which was previously reported as the FSA Plans agency fund is now being reported as part of the General Fund, though there was no impact on beginning fund balance or net position. Our auditors' opinion was not modified with respect to these matters. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management's discussion and analysis, schedules of proportionate share of net pension liability, schedules of City's pension contributions, schedule of changes in the net pension liability and related ratios - fire relief, schedule of city contributions - fire relief, and the schedule of changes in the total OPEB liability and related ratios, as listed in the table of contents, be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City of Elk River's basic financial statements. The introductory section, combining and individual fund statements and schedules, and statistical sections are presented for purposes of additional analysis and are not a required part of the basic financial statements. N