Annual Financial Audit: Transparency and Accountability in Action
The Annual Financial Audit is presented at a City Council meeting. The audit reports are below to view.
Each year, the City undergoes an independent financial audit to ensure transparency, accountability, and compliance with all applicable state and federal requirements. Our audit is conducted by Oberloh & Oberloh, Ltd., a certified public accounting firm with extensive experience in municipal finance.
Purpose of the Audit
The annual audit provides:
- An independent review of the City’s financial statements
- Verification that financial practices follow auditing standards accepted in the United States
- Assurance that public funds are being managed responsibly
- Recommendations for improvements in financial procedures and internal controls
Auditor Responsibilities
Oberloh & Oberloh performs the audit in accordance with:
- Generally Accepted Auditing Standards (GAAS)
- Government Auditing Standards issued by the U.S. Government Accountability Office
- Minnesota legal requirements for municipal audits
Their review includes an examination of the City’s accounting records, internal controls, annual financial report, and compliance with certain state laws.
Commitment to Accountability
The City is committed to responsible stewardship of public funds. The annual audit not only fulfills legal requirements but also reflects our dedication to financial integrity and public trust. Audit results are reviewed by the City Council and made available to the public online.