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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 13, 2021 4.1 <br />SUBJECT: <br />2020 Financial Audit <br />ACTION REQUESTED: <br />Receive and file the 2020 Annual Financial Report <br />BACKGROUND: <br />Audit fieldwork was completed March 4 and 5by 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 the report and is asking the Commission <br />to receive and file it. <br /> <br />DISCUSSION: <br />Andrew Berg of AEM will be at our meeting to present the 2020 audit and answer any questions <br />the Commission may have. There were two audit adjustments resulting from General <br />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 5 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 for the Year Ended December 31, 2020 <br /> <br /> <br />______________________________________________________________________________ <br />Page 1 of 1 <br />132 <br />