Audit: Superior's finances improved in 2021
An auditor gave an unmodified or clean opinion of the city's 2021 financial statements.
SUPERIOR — The city's financial statements for 2021 earned a clean opinion during the annual audit by Wipfli LLP.
A clean opinion means the city’s financial statements fairly reflect the city’s finances.
The accounting firm found no issues with reporting, fraud or control issues, Kyle Gruber, a senior manager with Wipfli, told the Superior Finance Committee on Thursday, Aug. 11. He said there was nothing unusual found in the journal entries Wipfli made to the city’s financial statements.
Councilor Jack Sweeney asked how many journal entries the accounting firm made on the city’s behalf.
“It looks like about six or seven,” Gruber said. Four of those entries were things the city normally doesn’t tackle involving the Wisconsin Retirement System.
“That is an extremely low number,” said Tom Andersen, Superior’s contracted internal auditor. “… Five years ago, it was a lot more than that.”
Gruber said in testing the city’s state and federal grants, there were no reportable findings either. Community Development Block Grant and state and federal transit grants were tested this year, he said.
American Rescue Plan Act funding hasn’t been tested yet because it won’t hit the city’s financial statements until the money is spent, Gruber said.
Between the government-type and business-type accounts managed by the city, Gruber said Superior’s net financial position improved by about $5 million in 2021.