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A-1. Review of 2016 Audit Report, Redpath & Company C 0,n CITYOFCHANIIASSEN � 9 S Chanhassen is a Community for Life-Providing for Today and Planning for Tomorrow H AS MEMORANDUM TO: Mayor&City Council FROM: Greg Sticha,Finance Director DATE: July 10,2017 SUBJ: Review 2016 Audit&Approval of Year End Transfers The Finance Department just finished another audit cycle. Andy Herring&Dave Mol from Redpath& Company will be present to review the financial results and audit findings for 2016. BACKGROUND Audit: The financial statements take into account the city's entire financial picture and are in a format similar to a proprietary or for-profit organization. This includes a statement of activities that break out the primary government and proprietary revenues and expenses by function. There are three reports that HLB Tautges Redpath completes for the city as part of the audit. Attached are copies of all three reports and representatives from Redpath&Company will review each report with City Council. In addition,they will be presenting a PowerPoint that will give some insight on how a number of various funds finished the 2016 audit year. Year End Transfers: After the audit has been completed any General Fund Surplus for the year end can be transferred to any fund the City Council desires. This year the General Fund had a surplus of $403,647. Previous Councils have committed to the completion of picnic shelters at all of the city's neighborhood parks using any surpluses created in the General Fund. The amount needed for this year's picnic shelters would be$120,000. It has also been the practice of previous councils to transfer any remaining General Fund Surplus to the Revolving Assessment Construction Fund in order to pay for the city portion of the annual street improvement projects. Therefore,the remaining amount of surplus that could be transferred to the Revolving Assessment Construction Fund would be$283,647. Later this fall staff will be recommending a number of transfers to close out funds no longer used. Along with those closures and transfers staff will be recommending a transfer of the$283,647 from the General Fund Surplus to the Revolving Assessment Construction Fund consistent with prior years' General Fund surpluses. If council would like to consider transferring the surplus to a different fund or keeping the surplus in the General Fund staff would be looking for direction to that extent. ATTACHMENTS 1. Audit Reports that will be presented by the Auditors. 2. PowerPoint Presentation dated July 10,2017. f:\gregs\audit\2016\review of 2016 audit&ye tsfs 7-10-17.docx PH 952.227.1100• www.ci.chanhassen.mn.us • FX 952.227.1110 7700 MARKET BOULEVARD • PO BOX 147 • CHANHASSEN • MINNESOTA 55317 AND COMPANY COMMUNICATION WITH THOSE CHARGED WITH GOVERNANCE To the Honorable Mayor and Members of the City Council City of Chanhassen, Minnesota We have audited the financial statements of the governmental activities, the business- type activities, each major fund and the aggregate remaining fund information of the City of Chanhassen, Minnesota for the year ended December 31, 2016. Professional standards require that we provide you with information about our responsibilities under generally accepted auditing standards, Government Auditing Standards, as well as certain information related to the planned scope and timing of our audit. We have communicated such information in our letter to you dated January 9, 2017. Professional standards also require that we communicate to you the following information related to our audit. Significant Audit Results Qualitative Aspects of Accounting Practices Management is responsible for the selection and use of appropriate accounting policies. The significant accounting policies used by the City are described in Note 1 to the financial statements. No new accounting policies were adopted and the application of existing policies were not changed during 2016. However, GASB Statement No. 72,Fair Value Measurements and Application was implemented during 2016, which enhanced disclosures regarding investments. We noted no transactions entered into by the City during the year for which there is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the financial statements in the proper period. Accounting estimates are an integral part of the financial statements prepared by management and are based on management's knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ significantly from those expected. The most sensitive estimates affecting the financial statements were management's estimate of the portion of construction projects which will be capitalized and estimates relating to the net pension liability. Estimates relating to construction projects are based on feasibility reports and estimates of the City Engineer. Estimates relating to the net pension liability are based on actuarial studies. We evaluated the key factors and assumptions used to develop these estimates in determining that they are reasonable in relation to the financial statements taken as a whole. 4810 White Bear Parkway, St. Paul, MN, 55110 651.426.7000 www.redpathcpas.com City of Chanhassen, Minnesota Communication With Those Charged With Governance Page 2 Certain financial statement disclosures are particularly sensitive because of their significance to financial statement users. Determining sensitivity is subjective, however, we believe the disclosures most likely to be considered sensitive are Note 8—Defined Benefit Pension Plans and Note 18— Subsequent Event. The financial statement disclosures are neutral, consistent and clear. Difficulties Encountered in Performing the Audit We encountered no difficulties in dealing with management in performing and completing our audit. Corrected and Uncorrected Misstatements Professional standards require us to accumulate all known and likely misstatements identified during the audit, other than those that are clearly trivial, and communicate them to the appropriate level of management. There were no uncorrected misstatements that have an effect on our opinion on the financial statements. The following material misstatements detected as a result of audit procedures were corrected by management: • Construction related expenses of$154,201 were initially recorded in 2016. This work was completed in 2017 and therefore, should not have been recorded as an expenditure until that time. • Interest expense in the amount of$55,910 was incurred during the construction phase of two projects and should have been capitalized instead of expensed. Disagreements with Management For purposes of this letter, a disagreement with management is a financial accounting, reporting, or auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial statements or the auditor's report. We are pleased to report that no such disagreements arose during the course of our audit. Management Representations We have requested certain representations from management that are included in the management representation letter dated June 16, 2017. Management Consultations with Other Independent Accountants In some cases, management may decide to consult with other accountants about auditing and accounting matters, similar to obtaining a"second opinion" on certain situations. If a consultation involves application of an accounting principle to the City's financial statements or a determination of the type of auditor's opinion that may be expressed on those statements, our professional standards require the consulting accountant to check with us to determine that the consultant has all the relevant facts. To our knowledge, there were no such consultations with other accountants. City of Chanhassen, Minnesota Communication With Those Charged With Governance Page 3 Other Audit Findings or Issues We generally discuss a variety of matters, including the application of accounting principles and auditing standards, with management each year prior to retention as the City's auditors. However,these discussions occurred in the normal course of our professional relationship and our responses were not a condition to our retention. Other Matters We applied certain limited procedures to management's discussion and analysis,the budgetary comparison information, the schedule of funding progress, and the pension related information, which are required supplementary information (RSI)that supplements the basic financial statements. Our procedures consisted of inquiries of management regarding the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries,the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We did not audit the RSI and do not express an opinion or provide any assurance on the RSI. We were engaged to report on the combining and individual nonmajor fund financial statements and schedules which accompany the financial statements but are not RSI. With respect to this supplementary information, we made certain inquiries of management and evaluated the form, content, and methods of preparing the information to determine that the information complies with accounting principles generally accepted in the United States of America, the method of preparing it has not changed from the prior period, and the information is appropriate and complete in relation to our audit of the financial statements. We compared and reconciled the supplementary information to the underlying accounting records used to prepare the financial statements or to the financial statements themselves. We were not engaged to report on the introductory section, the statistical section or the other information, which accompany the financial statements but are not RSI. We did not audit or perform other procedures on this other information and we do not express an opinion or provide any assurance it. Restriction on Use This information is intended solely for the use of the City Council and management of the City of Chanhassen, Minnesota and is not intended to be, and should not be, used by anyone other than these specified parties. REDPATH AND COMPANY, LTD. St. Paul, Minnesota June 16, 2017 AND COMPANY COMMUNICATION WITH THOSE CHARGED WITH GOVERNANCE To the Honorable Mayor and Members of the City Council City of Chanhassen, Minnesota We have audited the financial statements of the governmental activities,the business- type activities, each major fund and the aggregate remaining fund information of the City of Chanhassen, Minnesota for the year ended December 31, 2016. Professional standards require that we provide you with information about our responsibilities under generally accepted auditing standards, Government Auditing Standards, as well as certain information related to the planned scope and timing of our audit. We have communicated such information in our letter to you dated January 9, 2017. Professional standards also require that we communicate to you the following information related to our audit. Significant Audit Results Qualitative Aspects of Accounting Practices Management is responsible for the selection and use of appropriate accounting policies. The significant accounting policies used by the City are described in Note 1 to the financial statements. No new accounting policies were adopted and the application of existing policies were not changed during 2016. However, GASB Statement No. 72, Fair Value Measurements and Application was implemented during 2016,which enhanced disclosures regarding investments. We noted no transactions entered into by the City during the year for which there is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the financial statements in the proper period. Accounting estimates are an integral part of the financial statements prepared by management and are based on management's knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ significantly from those expected. The most sensitive estimates affecting the financial statements were management's estimate of the portion of construction projects which will be capitalized and estimates relating to the net pension liability. Estimates relating to construction projects are based on feasibility reports and estimates of the City Engineer. Estimates relating to the net pension liability are based on actuarial studies. We evaluated the key factors and assumptions used to develop these estimates in determining that they are reasonable in relation to the financial statements taken as a whole. 4810 White Bear Parkway, St. Paul, MN, 55110 651.426.7000 www.redpathcpas.com City of Chanhassen, Minnesota Communication With Those Charged With Governance Page 2 Certain financial statement disclosures are particularly sensitive because of their significance to financial statement users. Determining sensitivity is subjective, however,we believe the disclosures most likely to be considered sensitive are Note 8—Defined Benefit Pension Plans and Note 18—Subsequent Event. The financial statement disclosures are neutral, consistent and clear. Difficulties Encountered in Performing the Audit We encountered no difficulties in dealing with management in performing and completing our audit. Corrected and Uncorrected Misstatements Professional standards require us to accumulate all known and likely misstatements identified during the audit, other than those that are clearly trivial, and communicate them to the appropriate level of management. There were no uncorrected misstatements that have an effect on our opinion on the financial statements. The following material misstatements detected as a result of audit procedures were corrected by management: • Construction related expenses of$154,201 were initially recorded in 2016. This work was completed in 2017 and therefore, should not have been recorded as an expenditure until that time. • Interest expense in the amount of$55,910 was incurred during the construction phase of two projects and should have been capitalized instead of expensed. Disagreements with Management For purposes of this letter, a disagreement with management is a financial accounting, reporting, or auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial statements or the auditor's report. We are pleased to report that no such disagreements arose during the course of our audit. Management Representations We have requested certain representations from management that are included in the management representation letter dated June 16, 2017. Management Consultations with Other Independent Accountants In some cases, management may decide to consult with other accountants about auditing and accounting matters, similar to obtaining a"second opinion" on certain situations. If a consultation involves application of an accounting principle to the City's financial statements or a determination of the type of auditor's opinion that may be expressed on those statements, our professional standards require the consulting accountant to check with us to determine that the consultant has all the relevant facts. To our knowledge, there were no such consultations with other accountants. City of Chanhassen, Minnesota Communication With Those Charged With Governance Page 3 Other Audit Findings or Issues We generally discuss a variety of matters, including the application of accounting principles and auditing standards, with management each year prior to retention as the City's auditors. However, these discussions occurred in the normal course of our professional relationship and our responses were not a condition to our retention. Other Matters We applied certain limited procedures to management's discussion and analysis,the budgetary comparison information, the schedule of funding progress, and the pension related information, which are required supplementary information (RSI)that supplements the basic financial statements. Our procedures consisted of inquiries of management regarding the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We did not audit the RSI and do not express an opinion or provide any assurance on the RSI. We were engaged to report on the combining and individual nonmajor fund financial statements and schedules which accompany the financial statements but are not RSI. With respect to this supplementary information, we made certain inquiries of management and evaluated the form, content, and methods of preparing the information to determine that the information complies with accounting principles generally accepted in the United States of America, the method of preparing it has not changed from the prior period, and the information is appropriate and complete in relation to our audit of the financial statements. We compared and reconciled the supplementary information to the underlying accounting records used to prepare the financial statements or to the financial statements themselves. We were not engaged to report on the introductory section, the statistical section or the other information, which accompany the financial statements but are not RSI. We did not audit or perform other procedures on this other information and we do not express an opinion or provide any assurance it. Restriction on Use This information is intended solely for the use of the City Council and management of the City of Chanhassen, Minnesota and is not intended to be, and should not be, used by anyone other than these specified parties. OGS ' , � r REDPATH AND COMPANY, LTD. St. Paul, Minnesota June 16, 2017 AND COMPANY INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS To the Honorable Mayor, Members of 1 the City Council and Management City of Chanhassen, Minnesota We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States,the financial statements of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information of the City of Chanhassen, Minnesota, as of and for the year ended December 31, 2016, and the related notes to the financial statements, which collectively comprise the City of Chanhassen, Minnesota's basic financial statements and have issued our report thereon dated June 16, 2017. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the City of Chanhassen, Minnesota's internal control over financial reporting (internal control)to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the City of Chanhassen, Minnesota's internal control. Accordingly, we do not express an opinion on the effectiveness of the City of Chanhassen, Minnesota's internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during 4810 White Bear Parkway, St. Paul, MN, 55110 651.426.7000 www.redpathcpas.com our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However,material weaknesses may exist that have not been identified. Compliance and Other Matters As part of obtaining reasonable assurance about whether the City of Chanhassen, Minnesota's financial statements are free from material misstatement,we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However,providing an opinion on compliance with those provisions was not an objective of our audit and, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity's internal control and compliance. Accordingly,this communication is not suitable for any other purpose. cfr/(,< oe- Zrg REDPATH AND COMPANY, LTD. St. Paul, Minnesota June 16, 2017 AND . COMPANY MINNESOTA LEGAL COMPLIANCE To the Honorable Mayor and Members of the City Council City of Chanhassen, Minnesota We have audited, in accordance with auditing standards generally accepted in the United States of America, and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, the financial statements of the governmental activities,the business-type activities, each major fund, and the aggregate remaining fund information of the City of Chanhassen, Minnesota as of and for the year ended December 31, 2016, and the related notes to the financial statements, and have issued our report thereon dated June 16, 2017. The Minnesota Legal Compliance Audit Guide for Cities,promulgated by the State Auditor pursuant to Minn. Stat. § 6.65, contains seven categories of compliance to be tested: contracting and bidding, deposits and investments, conflicts of interest,public indebtedness, claims and disbursements, miscellaneous provisions and tax increment financing. Our audit considered all of the listed categories. In connection with our audit, nothing came to our attention that caused us to believe that the City of Chanhassen, Minnesota failed to comply with the provisions of the Minnesota Legal Compliance Audit Guide for Cities. However, our audit was not directed primarily toward obtaining knowledge of such noncompliance. Accordingly, had we performed additional procedures, other matters may have come to our attention regarding the City of Chanhassen, Minnesota's noncompliance with the above referenced provisions. The purpose of this report is solely to describe the scope of our testing of compliance and the results of that testing, and not to provide an opinion on compliance. Accordingly,this communication is not suitable for any other purpose. REDPATH AND COMPANY, LTD. St. Paul, Minnesota June 16, 2017 4810 White Bear Parkway, St. Paul, MN, 55110 651.426.7000 www.redpathcpas.com , . _ z 411 a 0 u 0 z mmk., .( 4..., 0 cev, a) .....,, ... C ,.5N cco I, 0 r, D 0 41- N t 0 U a a d U U h0 0 �- = O -0 C A v CU L c .i z 4 a CD 20 U u c To co 0 'V c w" W co c 0 re LL H C o E p_0 O U +a VI — U C — Co&- 0 CI) O C.0 aj C -1 p U O Q •— — p > u_ C C +J -0 Q) L.. c C N O C C C •- H c w o o = .o E L- i •_ Q Q C CD 0- O c) CC D U CU OC c E V E a) c f oz L- L e LID 0 � r 0 V u ro a o NCU i1 z IIICD 4-J O LL NL O -0 = N L_ L co • w E E — o j cu 4-1 -Q+ •Q .1-+ ca 0 _N •ro� O CU (0 `�) N. p .0 c a �. _ r y— N Q E U 0 a)L. 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