City of Red Wing

2009 Comprehensive Annual Financial Report

Wednesday, July 14 2010 12:00 AM
2009 Comprehensive Annual Financial Report Marshall Hallock, Director, Finance Department The accounting firm of Abdo, Eick & Meyers, LLP recently concluded their audit of the city’s 2009 Comprehensive Annual Financial Report (CAFR). The City of Red Wing was issued the highest audit opinion possible - an unqualified opinion. It states that, in the auditor’s opinion, the City of Red Wing’s financial statements present fairly, in all material respects, its financial position and the results of operations and cash flows. City Staff will work diligently to ensure that the City’s financial condition remains strong and that the highest audit opinion possible continues to be earned. 

The CAFR indicates that the City’s financial condition remains strong.  Financial highlights from the 2009 CAFR include:

  • The assets of the City exceeded its liabilities at the close of the most recent fiscal year by $124,931,258.  Of this amount, $46,285,753 (unrestricted net assets) may be used to meet the City’s ongoing obligations to citizens and creditors.
  • The City’s total net assets increased by $4,103,112, compared to an increase of $5,383,216 in the previous year.  Substantially all of this increase is attributable to capital grants and contributions including special assessments, municipal state aids and Federal and State funding for the material recovery facility in the Incinerator Enterprise Fund, park, street and other various improvements.  Governmental activities accounted for 15.7 percent of the total increase while business-type activities accounted for the remaining 84.3 percent of the total increase.
  • As of the close of the current fiscal year, the City’s governmental funds reported combined ending fund balances of $36,462,784, an increase of $1,504,281 in comparison with the prior year.  Approximately 54.7 percent of this total amount, $19,934,753, is available for spending at the City’s discretion (unreserved fund balance).
  • During the year, the City’s governmental expenditures and financing uses totaled $27,458,397 compared to $28,962,678 generated in revenues and other financing sources for governmental programs.
  • The General fund reported an increase in fund balance this year of $3,185,404.  Revenues were lower than the final budget by $89,100 and expenditures were lower than the final budget by $2,670,049.
  • At the end of the current fiscal year, unreserved fund balance for the General fund was $14,164,796, or 80.4 percent of total 2010 General Fund budget.
  • The City’s total debt decreased by $2,930,218 or 9.0 percent during 2009. This was a result of $2,930,218 that was retired during the year. 
 If you would like additional information the City’s 2009 Comprehensive Annual Financial Report is available on the City’s website and at the Red Wing Public Library.
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