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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 10, 2018 4.1 <br /> SUBJECT: <br /> 2017 Financial Audit <br /> ACTION REQUESTED: <br /> Receive and file the 2017 Annual Financial Report <br /> BACKGROUND: <br /> Audit fieldwork was completed March 1st and 2nd by our auditors, Abdo, Eick& Meyers (AEM). <br /> Again this year, AEM completed and compiled the enclosed audit report, and issued an opinion <br /> 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 2017 audit and answer questions <br /> you may have. There was one audit adjustment for GASB 68,Accounting and Financial <br /> Reporting for Pensions, that resulted in recognition of a reduction in liability of$677,834, <br /> recognition of offsetting Deferred Outflows and Inflows of Resources, and expense of$225,683 <br /> (between both funds). These items are discussed in Note 3 of the financials. <br /> I'd like to recognize the accounting staff for their hard work throughout the year to have a <br /> successful audit completion, and thank them for a job well done. Ultimately a successful audit is <br /> the result of everyone in the organization doing their part to ensure proper record keeping and <br /> tracking of resources, and the collective effort of everyone is greatly appreciated. <br /> FINANCIAL IMPACT: <br /> None <br /> ATTACHMENTS: <br /> • AEM Management Letter <br /> • ERMU Annual Financial Report For the Year Ended December 31, 2017 <br /> Page 1 of 1 <br /> 50 <br />