Burnsville Development News

City of Burnsville Receives Clean Audit Opinion for 2025 Financials; Reserves Strong, Infrastructure Funding Noted

Finance Director Elisette Ryan and Rebecca Peterson from Redpath and Company presented the city's 2025 Annual Comprehensive Financial Report (ACFR) and audit. The city received a clean, unmodified audit opinion for its 2025 financial statements, marking the first year with Redpath and Company as auditor. The city also received the GFOA Award for Excellence in Financial Reporting for its 2024 statements, marking the 30th consecutive year. Key findings include one finding for audit adjustments, which were deemed not a cause for concern, and no instances of non-compliance with Minnesota legal requirements. The report highlighted that the city's 2025 general fund unassigned reserves were 50% of the next year's budget, aligning with policy and considered a strong position. The city issued $68 million in bond proceeds for infrastructure improvements and maintained a property tax collection rate of just under 99%. The general fund experienced an increase in fund balance, partly due to $1.5 million in unrealized gains from investments and savings from unfilled positions. Significant capital outlay and technology subscription agreements, totaling $4.6 million each, were noted as offsetting accounting entries. Proprietary funds were reviewed, with the water and sewer fund showing operating revenue not covering expenses, indicating a need for future attention, possibly through a utility rate study. The storm water fund experienced a one-time expense for repairs, highlighting the importance of reserves. The Aim Center and ice arena were discussed as recreational facilities that typically require external support. The golf course performed well post-COVID, covering expenses and depreciation. The street lighting fund was noted as fluctuating yearly. The council accepted the auditor's report.