2023.05.23 CC Packet - Laserfiche WebLink

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May 9, 2023 Page 3 of 4 City Manager Massopust indicated Finance Director Foschi would be presenting this item to the Council. Finance Director Foschi stated preparation of the City’s Annual Comprehensive Financial Report (ACFR) for the year ended December 31, 2022 has been completed. BerganKDV, our independent auditing firm, has completed their audit of our accounting records and financial statements. They have issued an unqualified, or clean, opinion that our financial statements are presented fairly in all material respects. The auditors also have issued a Communications Letter and Reports on Compliance with Government Auditing Standards and Legal Compliance. Staff commented further on the 2022 budget to actual audit documents and thanked her staff members for all of their assistance with the audit. Andrew Grice, Audit Partner with Bergan KDV, further discussed the 2022 audit. He reported State Statute requires cities to undergo an audit every year to provide citizens assurance that the information included in the reports are materially accurate. He explained the City received an unmodified or clean opinion on the 2022 audit. He commented on the General Fund fund balance and reviewed the City’s revenues and expenditures from 2022. The City’s tax capacity and levy were further reviewed, along with outstanding debt. He commended the City on their strong financial position and asked for questions or comments. Mayor Niedfeldt-Thomas asked when the recently improved parks would move onto a depreciation schedule. Mr. Grice explained once those assets are placed into use, related depreciation costs would be recognized. Mayor Niedfeldt-Thomas questioned what the useful life was for a park. Mr. Grice indicated this varies, depending on the park. Councilmember Axberg thanked Director Foschi and her team for their great work on the audit. She inquired if there were any internal recommendations to staff as part of the process. Mr. Grice explained he had no significant findings in the 2022 audit. Councilmember Allen thanked staff for all of their efforts on the audit. Mayor Niedfeldt-Thomas questioned if there were items that needed to be thought through or improved going forward. Finance Director Foschi discussed the new GASB announcements the City would have to address noting there were new reporting requirements. Motion by Councilmember Axberg, seconded by Councilmember Allen to accept the Annual Comprehensive Financial Report, Audit Communications Letter, and Reports on Compliance with Government Auditing Standards an d Legal Compliance for fiscal year ended December 31, 2022. 5 Ayes, 0 Nays-Motion Carried Commission Liaison Reports, Announcements and Updates Devin Massopust City Manager Massopust thanked the residents in the southern portion of New Brighton for their patience as the County and City works to complete some maintenance projects. He reminded the Council the grand opening for Sunny Square Park would be held on Tuesday, May 30 at 5:15 p.m. Graeme Allen Councilmember Allen reported the Planning Commission would meet next on Tuesday, May 16 at 6:30 p.m. He stated attended the NYFS Open House and he appreciated seeing the organization’s space. Emily Dunsworth Councilmember Dunsworth reported she would be attending a Cable Commission meeting on Thursday, May 18. She explained the Public Safety Commission would not be meeting in May. Communications Letter, and Reports on Compliance with Government Auditing Standards and Legal Compliance for fiscal year ended December 31, 2022. Commission Liaison Reports, Announcements and Updates