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I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br />,I <br /> ! <br /> ! <br /> ! <br /> ! <br /> ! <br /> <br />I <br />I <br />I <br />I <br /> <br />FORMAL REQUIRED COMMUNICATIONS <br /> <br />Statement on Auditing Standards No. 61, "Communication With Audit Committees," requires the auditor <br />to ensure that certain matters related to the conduct of an audit are communicated to those who have <br />responsibility for oversight of the financial reporting process. The following constitutes our communication <br />of such matters. <br /> <br />THE AUDITOR'S RESPONSIBILITY UNDER GENERALLY ACCEPTED AUDITING STANDARDS <br /> <br />Our audit, conducted in accordance with generally accepted auditing standards, is designed to provide <br />reasonable, but not absolute, assurance about whether the financial statements are free of material <br />misstatement. These financial statements are the responsibility of management and it is our responsibility <br />to express an opinion on these financial statements based on our audit results. <br /> <br />SIGNIFICANT ACCOUNTING POLICIES <br /> <br />There were no changes in significant accounting policies or their application during the year audited. <br /> <br />SIGNIFICANT AUDIT ADJUSTMENTS <br /> <br />Our audit of the 1997 financial statements resulted in no audit adjustments (except for the normal year-end <br />accrual entries) which we considered significant enough to be recorded by the City to prevent the financial <br />statements from being misleading. We recognize that for management purposes, the City maintains its <br />accounting records primarily using the cash basis during the year. <br /> <br />OTHER MATTERS <br /> <br />Statement on Auditing Standards No. 61 also requires communications to the committee in the following <br />areas: <br /> <br />Accounting estimates and management judgments <br />Other information in documents containing audited financial statements <br />Disagreements with management <br />Consultations with other accountants <br />Major issues discussed with management prior to retention as auditors <br />Difficulties encountered in performing the audit <br /> <br />During our audit, we did not encounter any circumstances and we are unaware of any items in any of these <br />areas which require discussion with those who have responsibility for oversight of the financial reporting <br />process. <br /> <br />This report is intended solely for the information and use of those who have responsibility for oversight of <br />the financial reporting process. <br /> <br />-16- <br /> <br /> <br />