Laserfiche WebLink
Elk River <br /> Municipal Utilities UTILITIES COMMISSION MEETING <br /> TO: FROM: <br /> ERMU Commission Theresa Slominski—Finance and Office Manager <br /> MEETING DATE: AGENDA ITEM NUMBER: <br /> April 11, 2017 4.1 <br /> SUBJECT: <br /> 2016 Financial Audit <br /> ACTION REQUESTED: <br /> Receive and file the 2016 Annual Financial Report <br /> BACKGROUND: <br /> Audit fieldwork was completed March 2nd and 3rd 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 2016 audit and answer questions <br /> you may have. There was an audit adjustment again this year for GASB 68,Accounting and <br /> Financial Reporting for Pensions,that resulted in recognition of an additional liability of <br /> $1,647,464, recognition of offsetting Deferred Outflows and Inflows of Resources, and expense <br /> of$264,604 (between both funds). These items are discussed in Note 3 of the financials. <br /> FINANCIAL IMPACT: <br /> None <br /> ATTACHMENTS: <br /> • AEM Management Letter <br /> • ERMU Annual Financial Report For the Year Ended December 31, 2016 <br /> Page 1 of 1 <br /> 65 <br />