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PRINCIPALS <br />KENNETH W. MALLOY, CPA <br />THOMAS A. KARNOVVSKI, CPA <br />PAUL A. FIADOSEVICH, CPA <br /> <br /> I <br />I <br /> I <br /> i <br /> I <br /> <br />Honorable Mayor and Councilmembers <br />City of Ramsey <br />Ramsey, Minnesota <br /> <br />We have performed selected audit procedures on the accounting records of the City of Ramsey as <br />required by Minnesota Statutes Section 574.23 relating to the resignation of the City Administrator, David <br />R. Hartley, as agreed upon in our arrangement letter dated December 20, 1990. The examination was <br />made in conjunction with the annual audit of the City of Ramsey financial statements for the year ended <br />December 31, 1990 dated June 12, 1991. Our procedures and findings are as follows: <br /> <br />We reconciled the City's checking and money market accounts with the Northern Bank to the <br />accounting records as of December 31, 1990. Total cash in these accounts per the City's <br />records at December 31, 1990 was $1,184,618.31. <br /> <br />° We reviewed the ledgers for unusual transactions. We found reasonable justification for all <br /> transactions questioned. <br /> <br />I <br />I <br /> <br />We reviewed all investment transactions which the City encountered with Shearson Lehman <br />Borthers and Dain Bosworth and verified the December 31, 1990 balance through direct <br />contact with representatives of both institutions. We found all invested funds properly <br />accounted for within the City's records. The following is a summary of outstanding <br />investments as of December 31, 1990: <br /> <br />Shearson Lehman <br /> Certificates of Deposit <br /> Government Securities <br /> Strips <br /> U.S. Treasury Receipts <br /> Commercial Paper <br />Dain Bosworth <br /> U.S. Treasury Receipts <br /> <br />Cost <br /> <br />1,176,000.00 <br />1,491,979.56 <br />752,295.04 <br />910,444.43 <br />2,622,599.01 <br /> <br />52,557.06 <br /> <br />This report relates only to the procedures and items specified above and does not extend to any financial <br />statements of the City of Ramsey taken as a whole. <br /> <br />June 12, 1991 <br /> <br />410 PARK NATIONAL BANK BUILDING <br />5353 WAYZATA BOULEVARD <br />MINNEAPOLIS, MINNESOTA 55416 <br />TELEPHONE: 612-545-0424 <br />TELEFAX: 612-545-0569 <br /> <br /> <br />