HomeMy WebLinkAbout21-081 Approval of the 2020 Annual Financial Report and Management Letter
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 21-081
A RESOLUTION ACCEPTING THE 2020 ANNUAL FINANCIAL REORT AND MANAGEMENT
LETTER AND DIRECTION THEIR SUBMISSION TO THE OFFICE OF THE STATE AUDITOR
Motion By: Burkart Second By: Braid
WHEREAS, Minnesota Statutes requires that the City’s financial records be annually
audited; and,
WHEREAS, Under Federal law, a Single Audit is required if the City expends over
$750,000 in federal funding in the given year. This is in addition to the
organization’s financial statement audit. Under a Single Audit, auditors
understand and test internal controls, as well as compliance, to provide an
opinion on the City’s compliance with selected federal awards.; and,
WHEREAS, the annual audit is conducted in conformance with generally accepted
accounting principles; and,
WHEREAS, the purpose of the audit is to express an opinion about whether the financial
statements prepared by the City are fairly presented in all material respects in
conformity with accounting principles generally accepted in the United States
of America; and,
WHEREAS, the firm of Malloy, Montague, Karnowski, Radosevich and Co. P.A. (MMKR)
have been retained by the City Council for this purpose; and,
WHEREAS, MMKR has submitted the 2020 Annual Financial Report and Management
Letter; and,
WHEREAS, MMKR has issued an unmodified opinion with respect to the City’s 2020
financial statements; and,
WHEREAS, MMKR reported that the Schedule of Expenditures of Federal Awards is fairly
stated, in all material respects, in relation to the basic financial statements.
The results of MMKR tests indicate that the City has complied, in all material
respects, with the types of compliance requirements that could have a direct
and material effect on each of its major federal programs. MMKR reported no
deficiencies in the City’s internal controls over compliance that we considered
to be material weaknesses with the types of compliance requirements that
could have a direct and material effect on each of its major federal programs.
WHEREAS, The City staff and City Council have carefully examined the submitted
statements and reports and their contents at a regular City Council meeting.
M:\City Clerk\CITY COUNCIL\Resolutions\2021\21-081 Approval of the 2020 Annual Financial Report and Management Letter.docx
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NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE,
MINNESOTA as follows:
1. The recitals set forth above are incorporated herein.
2. The City Council hereby accepts the 2020 Annual Financial Report and Management Letter.
3. The staff is hereby directed to submit the reports to the Office of the State Auditor.
Passed and adopted by the Prior Lake City Council this 7th day of June 2021.
VOTE Briggs Thompson Burkart Braid Churchill
Aye ☒ ☐ ☒ ☒ ☒
Nay ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐
Absent ☐ ☒ ☐ ☐ ☐
______________________________
Jason Wedel, City Manager