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I <br />I <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />I <br />I <br /> <br />PRINCIPALS <br />KENNETH W, MALLOY, CPA <br />THOMAS A, KARNOWSKI, CPA <br />PAUL A. RADOSEVICH, CPA <br /> <br />May 14, 1992 <br /> <br />City Council and Residents <br />City of Ramsey <br />Ramsey, MinneSota <br /> <br />The following c0mm, ents relating to your 1991 audit are provided to assist you with the financial planning <br />for your City arid for continued improvement of your accounting records. <br /> <br /> Condition of Financial Records <br /> <br />In the past few years the City has experienced a certain amount of change in the financial records <br />area. Chaqges b personnel and data processing systems caused a backlog of work in processing <br />the financial records on a timely basis. <br /> <br />During our aud!t, we noted an improvement this year in the organization of the City's records <br />and in the preparation of schedules required for our audit. The most significant improvement <br />noted is that the monthly processing of financial data has been done in a much more timely <br />manner. We Would like to commend the City's Finance Department for its commitment to <br />quality in financial reporting. <br /> <br />Deficit Retained Earnings in Sewer and Water Fund <br /> <br />The City has incurred a net loss in its Sewer and Water Enterprise Fund in each of the last three <br />years. In additipn to these accrual basis losses, the City has experienced negative cash flow from <br />sewer and 'rWatOr operations in each of the last three years. These losses and cash flows are <br />summarized as follows: <br /> <br /> Cash Outflow <br />Year Net Loss From Operations <br /> <br />1989 $ 73,613 $ 67,655 <br />1990 81,120 41,197 <br />1991 76,639 11,603 <br /> <br />410R~0:IK NATIONAL BANK BUILDING <br />~ ~iNAYZATA BOIJt..EVARO <br />I~, MINN~SC~rA ~418 <br />l'~t.~F~Vn~ E: 012~-o45-0424 <br />TE~0(: 612-545-05~ <br /> <br /> <br />