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4r,;. <br />Elk Riv <br />Municipal Utilities UTILITIES COMMISSION MEETING <br />TO: <br />FROM: <br />ERMU Commission <br />Melissa Karpinski — Finance Manager <br />MEETING DATE: <br />AGENDA ITEM NUMBER: <br />April 8, 2025 <br />4.1 <br />SUBJECT: <br />2024 Financial Audit <br />ACTION REQUESTED: <br />Receive and file the 2024 Annual <br />Financial Report <br />BACKGROUND: <br />Audit fieldwork was completed February 20 and 21 by our auditors, Abdo. Again, this year Abdo <br />completed and compiled the enclosed audit report and issued an opinion letter. Elk River <br />Municipal Utilities staff has reviewed for approval. <br />DISCUSSION: <br />Mr. Justin Nilson of Abdo will be at our meeting to present the 2024 audit and answer any <br />questions you may have. There were two audit adjustments resulting from General Accounting <br />Standards Board (GASB) reporting requirements related to Pensions and Leases. These <br />adjustments are provided by Abdo. These items are discussed in Note 2 and 4 of the financials. <br />FINANCIAL IMPACT: <br />None <br />ATTACHMENTS: <br />• Abdo Audit Presentation <br />• Abdo Executive Governance Summary <br />• ERMU Annual Financial Report for the Year Ended December 31, 2024 <br />Page 1 of 1 <br />.t <br />