2019 Financial Audit Report

New Hope Council Accepts 2019 Audit Report
Posted on 05/28/2020
The New Hope City Council formally accepted the 2019 Financial Audit Report at its May 26 meeting. Bill Lauer, from the certified public accounting firm of Malloy, Montague, Karnowski, Radosevich, and Co. (MMKR), gave a summary review of the scope of the audit, their findings, and opinions of the city’s records and financial data. MMKR did not identify any deficiencies in internal controls considered material weaknesses, there were no instances of non-compliance, they reported no findings, and they encountered no difficulties in dealing with management in performing and completing the audit.

Total general fund expenditures were under budget by $240,364 primarily in public safety and parks and recreation. Total general fund revenues were over budget by $72,388 due to investments earnings, intergovernmental revenue and franchise fees. The overall fund balance before transfers out approved by the council was $312,752.

MMKR reports that the total unassigned fund balance of the general fund at the end of the 2019 fiscal year was $7,116,723, or 49.6%, which leaves the city in a strong financial position.

The full Comprehensive Annual Financial Report, 2019 Financial Audit Report and the presentation given to the New Hope City Council on Tuesday, May 26 can be found at newhopemn.gov/finance.