Richfield Maintains Strong Fiscal Health, Council Accepts Unmodified 2025 Financial Report
The City of Richfield received an 'unmodified opinion' on its Annual Comprehensive Financial Report for Fiscal Year 2025, signaling sound financial management and transparency despite staffing challenges.
The Richfield City Council officially accepted its Annual Comprehensive Financial Report (ACFR) for Fiscal Year 2025 during its June 23rd, 2026, meeting, receiving a highly favorable 'unmodified opinion' from its independent auditors. This significant finding confirms that the city's financial statements are presented fairly and accurately in all material respects, underscoring Richfield’s strong fiscal management.
Carolyn Stutsman, a Partner with the audit firm, presented the findings to the Council, highlighting the positive outcome of their review. The unmodified opinion is the highest level of assurance an auditor can provide, indicating the city’s adherence to financial reporting standards and internal controls.
The opinion we're providing is an unmodified opinion, meaning we do believe the financial statements are fairly stated in all material respects as of December 31st, 2025.
Stutsman further commended the city's finance department for its exceptional accuracy in managing the budget. She noted that the variance between the city’s budgeted and actual expenditures was less than half a percentage point, an impressive feat for a budget of Richfield's size.
When you're looking at the size of budget that you're dealing with to be less than half a percentage off, I'd say that's about as close as you can get. So great job there.
Councilmembers expressed their satisfaction with the report's findings, particularly acknowledging the efforts of the city staff. Councilmember Berg emphasized the importance of public trust in the city’s financial reporting, especially given recent operational hurdles.
The public should be certain that this is highly accurate in spite of the challenges the city's had with with staffing.
Other Topics from This Document
Call to Order and Pledge of Allegiance
Gene and Mary Jacobson Award Ceremony
Approval of Agenda
Approval of City Council Meeting Minutes (June 9th & June 16th, 2026)
Open Forum for Public Comments
Approval of Consent Calendar
Proposed Ordinance: Alcohol in City Parks (First Reading)
Resolution: Amended 2026 General Pay Plan (City Manager compensation)
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