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City audit shows clean, if imperfect, practices

Park Rapids was dinged for the usual internal controls issue, a material adjustment regarding bank reconciliations and a couple of improperly documented journal entries.

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The city's 2020 general fund revenues totaled $4.4 million, an increase of $563,000, or 14.5 percent, from 2019 to 2020. Stutsman said the biggest part of the increase came from CARES Act funding. (Courtesy of the BerganKDV and the City of Park Rapids)
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The Park Rapids City Council received a clean audit report Tuesday, June 22 about the city’s 2020 finances.

Caroline Stutsman with the accounting firm BerganKDV presented the report, which the council will officially accept at a later date.

Stutsman said the audit received an “unmodified opinion,” the highest level of confidence that the city’s financial statements are fairly represented. The auditors found no legal compliance issues and the usual internal controls issue regarding segregation of duties.

However, Stutsman reported that a material adjustment was necessary because last year’s monthly bank reconciliations were not completed on time or accurately. Also, the auditors found two journal entries lacking the required documentation.

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Related Topics: GOVERNMENT AND POLITICS
Robin Fish is a staff reporter at the Park Rapids Enterprise. Contact him at rfish@parkrapidsenterprise.com or 218-252-3053.
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