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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, 2009, 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 consideration of internal control over financial reporting as a basis for
<br />designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing
<br />an opinion on the effectiveness of the City's internal control over financial reporting. Accordingly, we
<br />express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts
<br />and disclosures in the financial statements. An audit also includes assessing the accounting principles
<br />used 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.
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<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, 2009, and the respective
<br />changes in financial position and cash flows, where applicable thereof, and the respective budgetary
<br />comparison for the General Fund and major special revenue fund for the year then ended, in conformity
<br />with accounting principles generally accepted in the United States of America.
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<br />As described in Note 1 of the notes to basic financial statements, the District has implemented
<br />Governmental Accounting Standards Board Statement No. 45, "Accounting and Financial Reporting by
<br />Employers for Post-Employment Benefits Other Than Pensions," during the year ended December 31,
<br />2009.
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<br />In accordance with Government Auditing Standards, we have also issued a report dated June 1,2010 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.
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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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