Laserfiche WebLink
<br />15 <br />Independent Auditor's Report <br /> <br /> <br />Honorable Mayor and Members <br /> of the City Council <br />City of Elk River <br />Elk River, Minnesota <br /> <br /> <br />Report on the Audit of the Financial Statements <br /> <br />Opinions <br />We have audited the financial statements of the governmental activities, the business-type <br />activities, the discretely presented component unit, each major fund, and the aggregate remaining <br />fund information of City of Elk River, as of and for the year ended December 31, 2024, and the <br />related notes to the financial statements , which collectively comprise City of Elk River's basic <br />financial statements as listed in the Table of Contents. <br /> <br />In our opinion, based on our report and the report of other auditors , the accompanying financial <br />statements present fairly, in all material respects, the respective financial position of the <br />governmental activities , the business-type activities, the discretely presented component unit , each <br />major fund, and the aggregate remaining fund information of City of Elk River , as of <br />December 31 , 2024, and the respective changes in financial position and , where applicable, cash <br />flows thereof , and the budgetary comparison for the General Fund for the year then ended in <br />accordance with accounting principles generally accepted in the United States of America. <br /> <br />Basis for Opinions <br />We conducted our audit in accordance with auditing standards generally accepted in the United <br />States of America (GAAS) and the standards applicable to financial audits contained in Government <br />Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities <br />under those standards are further described in the Auditor 's Responsibilities for the Audit of the <br />Financial Statements section of our report. We are required to be independent of City and to meet <br />our other ethical responsibilities , in accordance with the relevant ethical requirements relating to <br />our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to <br />provide a basis for our audit opinions. <br /> <br />Responsibilities of Management for the Financial Statements <br />The City of Elk River's management is responsible for the preparation and fair presentation of the <br />financial statements in accordance with accounting principles generally accepted in the United <br />States of America, and for the design, implementation, and maintenance of internal control relevant <br />to the preparation and fair presentation of financial statements that are free from material <br />misstatement, whether due to fraud or error. <br /> <br />In preparing the financial statements, management is required to evaluate whether there are <br />conditions or events, considered in the aggregate, that raise substantial doubt about City of Elk <br />River's ability to continue as a going concern for twelve months beyond the financial statement date, <br />including any currently known information that may raise substantial doubt shortly thereafter. <br /> <br /> <br />Page 205 of 637