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Elk River <br /> Municipal Utilities UTILITIES COMMISSION MEETING <br /> TO: FROM: <br /> Elk River Municipal Utilities Commission Theresa Slominski—Finance and Office <br /> John Dietz, Chair Manager <br /> Al Nadeau, Vice Chair <br /> Daryl Thompson, Trustee <br /> MEETING DATE: AGENDA ITEM NUMBER: <br /> April 12, 2016 5.3 <br /> SUBJECT: <br /> 2015 Financial Audit <br /> BACKGROUND: <br /> Audit fieldwork was completed February 25th and 26th by our auditors, Abdo, Eick&Meyers <br /> (AEM). Again this year, AEM completed and compiled the enclosed audit report this year, and <br /> issued an opinion letter. Elk River Municipal Utilities staff has reviewed for approval. <br /> DISCUSSION: <br /> Mr. Andrew Berg of AEM will be at our meeting to present the 2015 audit and answer questions <br /> you may have. This year the implementation of GASB 68,Accounting and Financial Reporting <br /> for Pensions, resulted in recognition of a liability of$2,477,244, recognition of Deferred <br /> Outflows and Inflows of Resources, for an ultimate restatement of prior year's net position of <br /> $2,701,156 (a reduction). These items are discussed in Note 3 and Note 6 of the financials. <br /> Fortunately for us, we had reserve balances and income that helped offset the GASB 68 <br /> adjustments. <br /> ACTION REQUESTED: <br /> Accept 2015 Annual Financial Report <br /> ATTACHMENTS: <br /> • ERMU Annual Financial Report For the Year Ended December 31, 2015. <br /> • AEM Management Letter <br /> Ri <br /> POWERED Dr <br /> Page 1 of 1 NATURE <br /> Reliable Public <br /> Power Provider P OWERED T O S ERV E <br /> 94 <br />