6.3 SR 06-05-2023 - Laserfiche WebLink

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City E Wver June 5, 2023 Honorable Mayor, Members of the City Council, and Citizens of Elk River: The Annual Comprehensive Financial Report for the City of Elk River for the fiscal year ended December 31, 2022, is hereby submitted. Minnesota state statutes and the city's ordinance require an annual audit of the city's accounts by the Office of the State Auditor or an independent certified public accountant. The firm of BerganKDV was selected to perform the city's audit and their unmodified opinion has been included in this report. The independent auditors' report is included in the financial section of this report. The responsibility for the completeness and accuracy of this data, as well as the fairness of this presentation including all enclosures, rests with the city. To the best of my knowledge and belief, the enclosed data are accurate in all material respects and are recorded in a manner designed to present fairly the financial position and the results of operations of the various funds of the city. To provide a reasonable basis for making these representations, management has established a comprehensive internal control framework that is designed to both protect the city's assets from loss, theft, or misuse, and to compile sufficient reliable information for the preparation of these financial statements in accordance with generally accepted accounting principles (GAAP). Because the cost of internal control should not exceed anticipated benefits, the objective is to provide reasonable but not absolute assurance that the financial statements are free of any material misstatements. GAAP requires management to provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of Management's Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The city's MD&A can be found immediately following the independent auditor's report. Profile of the City Elk River was originally incorporated in 1880 and consolidated with Elk River Township in 1978 to form a city of roughly 44 square miles. Elk River is the Sherburne County Seat and is located approximately halfway between the metropolitan areas of Minneapolis/St. Paul and St. Cloud along the Mississippi River. The city has been growing and will not reach full development in the near future. The current population is approximately 26,406. Urban services are available to about one- third of the city's land area. Elk River operates as a Statutory Plan A form of government consisting of a four -member city council and an at -large mayor who is also a voting member. Council members are elected by ward to a four-year term with two council seats up for election each even year. The mayor is also elected to a four-year term. The mayor and council are responsible for adopting the city's budget and tax levy, passing resolutions and ordinances, all hiring and firing decisions, policy making, development and growth planning, and overall direction of the city. 3