The City’s Annual Comprehensive Financial Report (ACFR) provides an overview of the City’s financial activities and position, including revenues, expenditures, fund balances and performance compared with the adopted budget.

The report is prepared by the City’s finance team with assistance from its contracted financial consultant, Abdo Financial Solutions, and is independently audited by LB Carlson. The City Council formally accepted the 2025 ACFR at its June 27 meeting.

Overall, the 2025 report reflects a strong financial position and sound financial management. The City’s General Fund ended the year with revenues exceeding budget expectations and expenditures below budget. The combined net position of the City’s enterprise funds, which support services including water, sewer, storm water, street lighting, the golf course and ice arena, also increased by more than $2.2 million.

LB Carlson issued an unmodified audit opinion, meaning the auditors found that the City’s financial statements fairly presented its financial position. The auditors also reported no material weaknesses in internal controls and no findings related to the City’s compliance with Minnesota laws and regulations.

CITY RECEIVES AWARD FOR FINANCIAL REPORTING
The City’s financial reporting has also earned recognition. At the same meeting in June, the City received the Government Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting for its 2024 annual financial report.

The award recognizes governments that demonstrate excellence in accounting and financial reporting and is considered the highest form of recognition in the field. This isn’t New Hope’s first time receiving the award. The City has earned the recognition in previous years as well, reflecting its ongoing commitment to accurate, transparent and complete financial reporting.

MORE INFORMATION
The complete ACFR and corresponding presentation are available on the City’s website at newhopemn.gov/finance.