SCC Item 1- 2025 Audit Presentation6/16/2026 1
City of Otsego
Otsego, Minnesota
Nancy Schulzetenberg, CPA
1
SCC- Item 1
6/16/2026
2
The Audit
2
6/16/2026
3
Opinion on the City’s Basic Financial Statements
Unmodified Opinion – Best opinion an auditor is able to offer
Provides assurance that the financial statements are fairly presented in all
material respects
Report on the results of an audit performed in accordance with
Government Auditing Standards
Lack of Segregation of Accounting Duties
No compliance findings
Report on the results of an audit performed in accordance with Uniform
Guidance
Unmodified opinion on compliance
No internal control findings
Components of the Audit
3
6/16/2026
4
Report on the results of testing on Minnesota Legal Compliance
No findings
Communications Letter
Required communications
Financial analysis
Emerging issues
Components of the Audit (Continued)
4
6/16/2026
5
Financial Communications
5
6/16/2026
6
General Fund
6
6/16/2026
7
General Fund Revenues
7
6/16/2026
8
General Fund Revenues (Continued)
8
6/16/2026
9
General Fund Revenues – Budget and Actual
9
6/16/2026
10
General Fund Expenditures
10
6/16/2026
11
General Fund Expenditures (Continued)
11
6/16/2026
12
General Fund Expenditures
– Budget and Actual
12
6/16/2026
13
Tax Capacity, Levy, and Rates
13
6/16/2026
14
Water Fund
14
6/16/2026
15
Sewer Fund
15
6/16/2026
16
Storm Water Fund
16
6/16/2026
17
Auditor
17
6/16/2026
18
Nancy Schulzetenberg
A U D I T PA RTN E R
320 - 650 - 0219
N A N C Y. S CH U L Z E TE N BE R G @CR E ATI V E P L A N N I N G .CO M
18
6/16/2026
19
Thank You
19
6/16/2026
20
This commentary is provided for general information purposes only, should not be construed as investment, tax or legal advice, and does not constitute an
attorney/client relationship. Past performance of any market results is no assurance of future performance. The information contained herein has been obtained
from sources deemed reliable but is not guaranteed.
20