HomeMy WebLinkAboutCAFR-2021
Annual ComprehensiveFinancial Report
For the year ended December 31, 2021
City of Brooklyn Center, Minnesota
Member of the Government Finance Officers Association of the United States
ANNUAL COMPREHENSIVE FINANCIAL REPORT
OF THE
CITY OF BROOKLYN CENTER,
MINNESOTA
Dr. Reginald M. Edwards
City Manager
Prepared By:
FINANCE DIVISION
DEPARTMENT OF FISCAL& SUPPORT SERVICES
Andrew Splinter
Finance Director
Angela Holm
Deputy Finance Director
FOR THE YEAR ENDED
DECEMBER 31, 2021
Member of Government Finance Officers
Association of the United States and Canada
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Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Brooklyn Center
Minnesota
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
December 31, 2020
Executive Director/CEO
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INDEPENDENT AUDITORS REPORT
To the City Council and Management
City of Brooklyn Center, Minnesota
O
PINIONS
We have audited the accompanying financial statements of the governmental activities, the business-type
activities, each major fund,and the aggregate remaining fund information of the City of Brooklyn Center,
Minnesota(the City)as of and for the year ended December 31,2021,and the related notes to the
financial statements, which collectively comprise theCitys basic financial statements as listed in the
table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business-type activities, each major fund,
and the aggregate remaining fund information of the City as of December 31, 2021, and the respective
changes in financial position, and, where applicable, cash flows thereof, and the budgetary comparison for
the General Fundand budgeted major special revenue fundsfor the year then ended in accordance with
accounting principles generally accepted in the United States of America.
BFO
ASIS OR PINIONS
We conducted our audit 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. Our responsibilities under those standards are
report. We are required to be independent of the City and to meet our other ethical responsibilities in
accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence
we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
RMFS
ESPONSIBILITIES OF ANAGEMENT FOR THE INANCIALTATEMENTS
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; and for the
design, implementation, and maintenanceof internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, management is required to evaluate whether thereare conditions or
going concern within 12 months beyond the financial statements date, including any currently known
information that may raise substantial doubt shortly thereafter.
(continued)
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ARFAFS
UDITORSESPONSIBILITIES OR THE UDIT OF THE INANCIAL TATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
includes our opinions. Reasonable assurance is a high level of assurance, but is not absolute assurance
and, therefore, is not a guarantee that an audit conducted in accordance with generally accepted auditing
standards and Government Auditing Standardswill always detect a material misstatement when it exists.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control. Misstatements are considered material if there is a substantial likelihood that,
individually or in the aggregate, they would influence the judgement made by a reasonable user based on
the financial statements.
In performing an audit in accordance with generally accepted auditing standards and Government
Auditing Standards, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding the amounts and disclosures in
the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate,
period of time.
We are required to communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit, significant audit findings, and certain internal control related
matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United
discussion and analysis and the required supplementary information (RSI), as listed in the table of
contents, be presented to supplement the basic financial statements. Such information is the responsibility
of management and, although not a part of the basic financial statements, is required by the Governmental
Accounting Standards Board,who considers it to be an essential part of financial reporting for placing the
basic financial statements in an appropriate operational, economic, or historical context. We have applied
certain limited procedures to the RSIin accordance with auditing standards generally accepted in the
United States of America, which consisted of inquiries of management about the methods of preparing the
inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic
financial statements. We do not express anopinion or provide any assurance on the information because
the limited procedures do not provide us with sufficient evidence to express an opinion or provide any
assurance.
(continued)
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Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
and schedules, as listed in the table of contents, are presented for purpose of additional analysis and are
not a required part of the basic financial statements. Such information is the responsibility of management
and was derived from and relates directly to the underlying accounting and other records used to prepare
the basic financial statements. The information has been subjected to the auditing procedures applied in
the audit of the basic financial statements and certain additional procedures, including comparing and
reconciling such information directly to theunderlying accounting and other records used to prepare the
basic financial statements or to the basic financial statements themselves, and other additional procedures
in accordance with auditing standards generally accepted in the United States of America. In our opinion,
the supplementary information is fairly stated, in all material respects, in relation to the basic financial
statements as a whole.
Other Information
Management is responsible for the other information included in the annual report. The other information
comprises the introductory and statistical sections, but does not include the basic financial statements and
information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other
information and consider whether a material inconsistency exists between the other information and the
basic financial statements, or the other information otherwise appears to be materially misstated. If, based
on the work performed, we conclude that an uncorrected material misstatement of the other information
exists, we are required to describe it in our report.
ORR
GAS
OVERNMENT UDITING TANDARDS
THER EPORTING EQUIRED BY
In accordance with Government Auditing Standards, we have also issued our report dated May 31, 2022,
on our
compliance with certain provisions of laws, regulations, contracts, grant agreements, and other matters.
The purpose of that report is solely to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness
egral part of
an audit performed in accordance with Government Auditing Standards
control over financial reporting and compliance.
Minneapolis, Minnesota
May 31, 2022
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