City of Lake Forest Park Receives Clean Audit and Qualifies for Two-Year Audit Cycle

The City of Lake Forest Park received notice from the State Auditor’s Office on February 11, 2013 that it had received a clean audit of 2011 finances and accountability processes. This was good news for the City, which was issued a finding related to cash receipting procedures in its 2010 audit.

The audit examined the City’s financial condition, cash receipting, credit card use and procedures, travel and reimbursement policies and procedures, state grants, and fuel use for the period of calendar year 2011.

The State Auditor’s Office is an independent agency of State Government charged with promoting accountability, fiscal integrity and openness in state and local government, and strives to ensure the effective use of public resources. Audit procedures were performed to determine whether the City complied with state laws and regulations and its own policies and procedures. The Auditor’s office issued an unqualified opinion regarding the 2011 financial statements, which means the City’s finances were presented fairly, in all material respects.

As a result of the clean audit of 2011 finances and for addressing all issues identified in the 2010 audit, the Auditor’s office also notified the City that it had qualified for a two-year audit cycle, with a corresponding reduction in cost. The City had been on a two-year audit cycle until receiving the audit finding in the 2010 audit.

The next scheduled audit in 2014 will focus on the City’s financial statements and accountability for use of public resources for years 2012 and 2013.