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~SEY 7550 Sunwood Drive NW. Ramsey, Minnesota 55303 City Hall: 763-427-1410 · Fax: 763-427-5543 www.cl.ramsey.mn.us June 10,2008 Honorable Mayor and Members of the City Council City of Ramsey, Minnesota The comprehensive annual financial report (CAFR) of the City of Ramsey, Minnesota (the City) for the fiscal year ended December 31,2007 is hereby submitted. Management assumes full responsibility for the completeness and reliability of the information contained in this report, based upon a comprehensive framework of internal control that it has established for this purpose. Because the cost of internal control should not exceed anticipated benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial statements are free of any material misstatements. To the best of our knowledge and belief, the enclosed data is accurate in all material respects and is reported in a manner designed to present fairly the fmancial position and results of operations of the City. All disclosures necessary to enable the reader to gain an understanding of the City's fmancial activities have been included. Minnesota Statutes and the City Charter require an annual audit of all accounts, fmancial records, and transactions of the City by independent certified public accountants. The accompanying fmancial statements have been audited by the firm of Malloy, Montague, Kamowski, Radosevich & Co., P.A., Independent Certified Public Accountants. The firm is engaged by the City Council to render an opinion on the City's financial statements in accordance with accounting principles generally accepted in the United States of America, and an unqualified opinion has been issued. The independent auditor's report is located at the front of the financial section of this report. Accounting principles generally accepted in the United States of America require that management provide a narrative introduction, overview, and analyis to accompany the basic fmancial statements in the form of Management's Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The City's MD&A can be found immediately following the report of the auditors. PROFILE OF THE CITY Ramsey is located in the southwestern part of Anoka County and is situated approximately 25 miles from Minneapolis. The City has 28.8 square miles within its corporate boundaries and is bordered by two major rivers, the Mississippi River along the southern border and the Rum River along the east. Ramsey was incorporated as a city in 1974, and is organized as a Home Rule City under a City Charter originally adopted in 1984. The City Council consists of a Mayor and six Councilmembers, and is elected at large on a nonpartisan basis. Elections are held in November of each even numbered year. The terms of office are four years for the Mayor and four years for Councilmembers. The City Council is responsible for enacting ordinances, resolutions, and regulations governing the City, and appointing the City Administrator, City Attorney, and members of the various advisory boards and commissions. Because the City Council acts as the Board of Directors of the Ramsey Economic Development -IV -