New Hope City Council Accepts 2020 Audit Report

New Hope City Council Accepts 2020 Audit Report
Posted on 05/27/2021
The New Hope City Council formally accepted the 2020 Financial Audit Report at its meeting of May 24. Bill Lauer, from the certified public accounting firm of Malloy, Montague, Karnowski, Radosevich, and Co. (MMKR) provided an overview of the scope of the audit, findings and opinions of the city’s records and financial data. MMKR did not identify any deficiencies in internal controls considered to be 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.

New Hope’s total general fund expenditures were under budget by $1,279,561 in 2020, primarily due to the delayed opening of the New Hope Aquatic Park and open positions within the police department. Total general fund revenues were over budget by $506,822, primarily due to Federal CARES funding received. The total fund balance of the City’s General Fund increased by $1,786,383 in 2020. The unassigned fund balance was $8,901,587, representing approximately 63 percent of annual expenditures and transfers out based on 2020 levels.

The full Comprehensive Annual Financial Report, 2020 Financial Audit Report and the presentation given to the New Hope City Council on Monday, May 24 can be found at newhopemn.gov/finance.