city of new hope audit report year ended december 31 2019
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City of New Hope Audit Report Year Ended December 31, 2019 Malloy Montague, Karnowski, Radosevich, & Co., P.A. Auditors Role Opinion on Basic Financial Statements Test Internal Controls and Compliance Financial Statement Audit


  1. City of New Hope Audit Report Year Ended December 31, 2019 Malloy Montague, Karnowski, Radosevich, & Co., P.A.

  2. Auditor’s Role Opinion on Basic Financial Statements Test Internal Controls and Compliance – Financial Statement Audit – Minnesota Laws and Regulations

  3. Audit Results Unmodified “Clean” Opinion on Basic Financial Statements – Implemented GASB 84 – Fiduciary Activities Report on Internal Control and Compliance for the Financial Statement Audit – No Findings Reported for the Current Year Report on Minnesota Legal Compliance – No Findings Reported for the Current Year

  4. Governmental Funds Change in Fund Balances Fund Balance as of December 31, 2019 2018 (Restated) Change Total by classification Nonspendable $ 22,980 $ 18,763 $ 4,217 Restricted 13,304,922 22,590,743 (9,285,821) Committed 5,033,555 5,695,475 (661,920) Assigned 6,248,128 5,695,269 552,859 Unassigned 4,641,403 3,713,980 927,423 Total governmental funds $ 29,250,988 $ 37,714,230 $ (8,463,242) Total by fund General $ 7,139,703 $ 7,180,951 $ (41,248) EDA Special Revenue 4,721,758 5,390,021 (668,263) HRA Construction Capital Projects 4,655,140 3,177,772 1,477,368 City Hall CIP Capital Projects 1,794,294 9,527,103 (7,732,809) Street Infrastructure Capital Projects 15,854 (948,474) 964,328 Park/Pool Improvement Capital Projects 5,316,815 9,492,781 (4,175,966) HRA Bonds Debt Service (2,244,096) (2,286,122) 42,026 Nonmajor funds 7,851,520 6,180,198 1,671,322 Total governmental funds $ 29,250,988 $ 37,714,230 $ (8,463,242)

  5. General Fund Financial Position Year Ended December 31, $16,000,000 $14,000,000 $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $– 2015 2016 2017 2018 2019 Fund Balance $6,080,412 $6,273,678 $6,888,655 $7,180,951 $7,139,703 Cash Balance (Net) $5,919,870 $6,090,997 $6,750,104 $6,992,743 $7,187,781 Exp & Trans Out $11,879,622 $12,624,250 $13,290,729 $13,652,053 $14,337,748

  6. General Fund Revenues – Budget and Actual Property Taxes Franchise Taxes Licenses and Permits Intergovernmental Charges for Services Fines Other $– $1 $2 $3 $4 $5 $6 $7 $8 $9 $10 $11 Millions Budget Actual

  7. General Fund Expenditures – Budget and Actual General Government Public Safety Public Works Culture and Recreation $1 $2 $3 $4 $5 $6 $7 $8 $9 $– Millions Budget Actual

  8. Enterprise Funds – Change in Net Position Net Position as of December 31, 2019 2018 Change Total by classification Net investment in capital assets $ 19,315,353 $ 18,783,898 $ 531,455 Restricted 1,358,401 1,160,680 197,721 Unrestricted 3,511,168 2,386,606 1,124,562 Total enterprise funds $ 24,184,922 $ 22,331,184 $ 1,853,738 Total by fund Sewer Utility $ 4,395,720 $ 3,908,698 $ 487,022 Water Utility 7,456,222 6,575,624 880,598 Golf Course 525,574 563,433 (37,859) Ice Arena 3,669,781 3,471,669 198,112 Storm Water 7,726,231 7,442,703 283,528 Street Lighting 411,394 369,057 42,337 Total enterprise funds $ 24,184,922 $ 22,331,184 $ 1,853,738

  9. Sewer Utility Operation Year Ended December 31, $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $– 2015 2016 2017 2018 2019 Op. Rev. $2,468,638 $2,627,875 $2,899,257 $3,154,709 $3,380,075 Op. Exp. $2,447,426 $2,175,482 $2,420,994 $2,684,030 $2,843,056 Op. Inc. (Loss) $21,212 $452,393 $478,263 $470,679 $537,019

  10. Water Utility Operation Year Ended December 31, $5,000,000 $4,500,000 $4,000,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $– $(500,000) $(1,000,000) 2015 2016 2017 2018 2019 Op. Rev. $3,576,643 $3,835,031 $3,994,122 $4,391,025 $4,387,321 Op. Exp. $4,522,667 $3,519,233 $3,462,858 $4,029,601 $3,720,072 Op. Inc. (Loss) $(946,024) $315,798 $531,264 $361,424 $667,249

  11. Storm Water Fund Year Ended December 31, $1,200,000 $1,100,000 $1,000,000 $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $– 2015 2016 2017 2018 2019 Op. Rev. $981,723 $1,037,429 $1,082,348 $1,139,007 $1,190,058 Op. Exp. $690,536 $797,604 $834,963 $738,307 $874,407 Op. Inc. (Loss) $291,187 $239,825 $247,385 $400,700 $315,651

  12. Street Lighting Fund Year Ended December 31, $160,000 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $– 2015 2016 2017 2018 2019 Op. Rev. $128,890 $137,525 $137,491 $144,582 $152,975 Op. Exp. $105,471 $102,912 $101,625 $119,198 $116,612 Op. Inc. (Loss) $23,419 $34,613 $35,866 $25,384 $36,363

  13. Golf Course Fund Year Ended December 31, $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $– $(50,000) $(100,000) 2015 2016 2017 2018 2019 Op. Rev. $272,314 $299,856 $273,247 $274,735 $282,323 Op. Exp. $290,507 $338,940 $335,983 $309,757 $327,422 Op. Inc. (Loss) $(18,193) $(39,084) $(62,736) $(35,022) $(45,099)

  14. Ice Arena Fund Year Ended December 31, $1,000,000 $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $– $(100,000) $(200,000) 2015 2016 2017 2018 2019 Op. Rev. $748,886 $713,649 $811,661 $825,531 $852,765 Op. Exp. $821,786 $890,144 $951,444 $942,466 $953,352 Op. Inc. (Loss) $(72,900) $(176,495) $(139,783) $(116,935) $(100,587)

  15. Government–Wide Change in Net Position As of December 31, 2019 2018 (Restated) Change Net position Governmental activities Net investment in capital assets $ 30,139,510 $ 27,888,417 $ 2,251,093 Restricted 6,628,138 3,944,766 2,683,372 Unrestricted 16,702,142 14,664,992 2,037,150 Total governmental activities 53,469,790 46,498,175 6,971,615 Business-type activities Net investment in capital assets 19,315,353 18,783,898 531,455 Restricted 1,358,401 1,160,680 197,721 Unrestricted 3,054,187 1,783,306 1,270,881 Total business-type activities 23,727,941 21,727,884 2,000,057 Total net position $ 77,197,731 $ 68,226,059 $ 8,971,672

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