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<br />PRINCIPALS
<br />Kenneth W Malloy, CPA
<br />Thomas M. Montague, CPA
<br />Thomas A. Karnowski, CPA
<br />Paul A. Radosevich, CPA
<br />William J. Lauer, CPA
<br />James H. Eichten, CPA
<br />Aaron J. Nielsen, CPA
<br />Victoria L. Holinka, CPA
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<br />CERTIFIED PUBLIC
<br />ACCOUNTANTS
<br />
<br />INDEPENDENT AUDITOR'S REPORT
<br />
<br />To the City Council and Residents
<br />City of Ramsey, Minnesota
<br />
<br />We have audited the accompanying financial statements of the governmental activities, the business-type
<br />activities, each major fund, and the aggregate remaining fund information of the City of Ramsey,
<br />Minnesota (the City) as of and for the year ended December 31, 2007, which collectively comprise the
<br />City's basic financial statements as listed in the table of contents. These financial statements are the
<br />responsibility of the City's management. Our responsibility is to express opinions on these financial
<br />statements based on our audit.
<br />
<br />We conducted our audit in accordance with auditing standards generally accepted in the United States of
<br />America and the standards applicable to financial audits contained in Government Auditing Standards,
<br />issued by the Comptroller General of the United States. Those standards require that we plan and perform
<br />the audit to obtain reasonable assurance about whether the financial statements are free of material
<br />misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
<br />disclosures in the financial statements. An audit also includes assessing the accounting principles used
<br />and significant estimates made by management, as well as evaluating the overall financial statement
<br />presentation. We believe that our audit provides a reasonable basis for our opinions.
<br />
<br />In our opinion, the financial statements referred to above present fairly, in all material respects, the
<br />respective financial position of the governmental activities, the business-type activities, each major fund,
<br />and the aggregate remaining fund information of the City as of December 31, 2007, and the respective
<br />changes in financial position, and, where applicable, cash flows thereof and the respective budgetary
<br />comparison for the General Fund for the year then ended, in conformity with accounting principles
<br />generally accepted in the United States of America.
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<br />In accordance with Government Auditing Standards, we have also issued a report dated May 30, 2008, on
<br />our consideration of the City's internal control over financial reporting and on our tests of its compliance
<br />with certain provisions of laws, regulations, contracts, grant agreements, and other matters. The purpose
<br />of that report is to describe the scope of our testing of internal control over financial reporting and
<br />compliance and the results of that testing, and not to provide an opinion on the internal control over
<br />financial reporting or on compliance. That report is an integral part of an audit performed in accordance
<br />with Government Auditing Standards and should be considered in assessing the results of our audit.
<br />
<br />The Management's Discussion and Analysis, which follows this report letter, is not a required part of the
<br />basic financial statements, but is supplementary information required by accounting principles generally
<br />accepted in the United States of America. We have applied certain limited procedures, which consisted
<br />principally of inquiries of management, regarding the methods of measurement and presentation of the
<br />required supplementary information. However, we did not audit the information and, accordingly, we
<br />express no opinion on it.
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<br />(continued)
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<br />Malloy, Montague, Karnowski, Radosevich & Co., P.A.
<br />5353 Wayzata Boulevard. Suite 410 . Minneapolis, MN 55416 . Telephone: 952-545-0424 . Telefax: 952-545-0569 . www.mmkr.com
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