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City’s finance committee hears annual audit report

The Glencoe City Council’s Finance Committee received the executive audit summary at its May 22 meeting.
Christopher Knopik of CliftonLarsonAllen, LLP (CLA), the city’s audit firm, reported the city received a “clean” audit, which is the best possible outcome.
Knopik also reported that the city is in good financial standing.
At the end of 2016, the city’s unassigned fund balance was $2.155 million or 56 percent of expenditures.
Knopik said the state recommends a city have at least 50 percent of its expenditures in the general fund.
The report shows in 2016, the city received 40.31 percent of its revenues from intergovernmental sources, such as local government aid (LGA). Thirty-nine percent was received from taxes and assessments. The remaining 20 percent comes from charges for services, fines and forfeits, licenses and permits and interest.

Read the full story in the May 31 edition of The McLeod County Chronicle.