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3 <br />J <br /> <br /> <br /> <br /> <br /> <br />May 13, 2024 <br /> <br /> <br />Honorable Mayor, Members <br /> of the City Council, and <br /> Citizens of Elk River <br />Elk River, Minnesota <br /> <br />The Annual Comprehensive Financial Report for the City of Elk River for the fiscal year ended <br />December 31, 2023, is hereby submitted. Minnesota State Statutes and the City’s ordinance require <br />an annual audit of the City’s accounts by the Office of the State Auditor or an independent certified <br />public accountant. The firm of BerganKDV was selected to perform the City’s audit and their <br />unmodified opinion has been included in this report. The independent auditors’ report is included in <br />the financial section of this report. <br /> <br />The responsibility for the completeness and accuracy of this data, as well as the fairness of this <br />presentation including all enclosures, rests with the City. To the best of my knowledge and belief, the <br />enclosed data are accurate in all material respects and are recorded in a manner designed to present <br />fairly the financial position and the results of operations of the various funds of the City. To provide a <br />reasonable basis for making these representations, management has established a comprehensive <br />internal control framework that is designed to both protect the City’s assets from loss, theft, or <br />misuse, and to compile sufficient reliable information for the preparation of these financial <br />statements in accordance with generally accepted accounting principles (GAAP). Because the cost of <br />internal control should not exceed anticipated benefits, the objective is to provide reasonable but not <br />absolute assurance that the financial statements are free of any material misstatements. <br /> <br />GAAP requires management to provide a narrative introduction, overview, and analysis to accompany <br />the basic financial statements in the form of Management’s Discussion and Analysis (MD&A). This <br />letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. <br />The City’s MD&A can be found immediately following the independent auditor’s report. <br /> <br />Profile of the City <br />Elk River was originally incorporated in 1880 and consolidated with Elk River Township in 1978 to form <br />a City of roughly 44 square miles. Elk River is the Sherburne County Seat and is located approximately <br />halfway between the metropolitan areas of Minneapolis/St. Paul and St. Cloud along the Mississippi <br />River. The City has been growing and will not reach full development in the near future. The current <br />population is approximately 27,001. Urban services are available to about one-third of the City’s land <br />area. <br /> <br />Elk River operates as a Statutory Plan A form of government consisting of a four-member City council <br />and an at-large mayor who is also a voting member. Council members are elected by ward to a four- <br />year term with two council seats up for election each even year. The mayor is also elected to a four- <br />year term. The mayor and council are responsible for adopting the City’s budget and tax levy, passing <br />resolutions and ordinances, all hiring and firing decisions, policy making, development and growth <br />planning, and overall direction of the City. <br /> <br />Page 124 of 464