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UTILITIES COMMISSION MEETING <br />TO:FROM: <br />ERMU Commission Melissa Karpinski – Finance Manager <br />MEETING DATE: AGENDA ITEM NUMBER: <br />April 14, 2020 4.1 <br />SUBJECT: <br />2019 Financial Audit <br />ACTION REQUESTED: <br />Receive and file the 2019 Annual Financial Report <br />BACKGROUND: <br />Audit fieldwork was completed February 27 and 28 by our auditors, Abdo, Eick & Meyers <br />(AEM). Again, this year AEM completed and compiled the enclosed audit report and issued an <br />opinion letter. Elk River Municipal Utilities staff has reviewed for approval. <br /> <br />DISCUSSION: <br />Mr. Andrew Berg and Mr. Justin Nilson of AEM will be at our meeting to present the 2019 audit <br />and answer any questions you may have. There were two audit adjustments resulting from <br />General Accounting Standards Board (GASB) reporting requirements related to Pensions and <br />Postemployment Benefits Other Than Pensions. These two adjustments are provided annually <br />by AEM. These items are discussed in Note 3 and 6 of the financials. <br /> <br />FINANCIAL IMPACT: <br />None <br /> <br />ATTACHMENTS: <br /> AEM Audit Presentation <br /> AEM Management Communication <br /> ERMU Annual Financial Report forthe Year Ended December 31, 2019 <br /> <br /> <br />______________________________________________________________________________ <br />Page 1 of 1 <br />71 <br />