4.1 ERMUSR 04-13-2021UTILITIES COMMISSION MEETING
TO:FROM:
ERMU Commission Melissa Karpinski – Finance Manager
MEETING DATE: AGENDA ITEM NUMBER:
April 13, 2021 4.1
SUBJECT:
2020 Financial Audit
ACTION REQUESTED:
Receive and file the 2020 Annual Financial Report
BACKGROUND:
Audit fieldwork was completed March 4 and 5by our auditors, Abdo, Eick & Meyers (AEM).
Again, this year AEM completed and compiled the enclosed audit report and issued an opinion
letter. Elk River Municipal Utilities staff has reviewed the report and is asking the Commission
to receive and file it.
DISCUSSION:
Andrew Berg of AEM will be at our meeting to present the 2020 audit and answer any questions
the Commission may have. There were two audit adjustments resulting from General
Accounting Standards Board (GASB) reporting requirements related to Pensions and
Postemployment Benefits Other Than Pensions. These two adjustments are provided annually
by AEM. These items are discussed in Note 3 and 5 of the financials.
FINANCIAL IMPACT:
None
ATTACHMENTS:
AEM Audit Presentation
AEM Management Communication
ERMU Annual Financial Report for the Year Ended December 31, 2020
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