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ANNUAL FINANCIAL STATEMENTS <br /> <br />APPENDIX III <br /> <br />The City is audited annually by an independent certified public accounting firm. Selected <br />audited financial statements for fiscal years ending December 31, 1992, 1991 and 1990. <br />Governmental funds and expendable trust funds are accounted for using the modified accrual <br />basis of accounting. Proprietary funds are accounted for using the accrual basis of <br />accounting. The reader should be aware that the complete financial statement may contain <br />additional information which may interpret, explain or modify the data presented here. <br /> <br />The Government Finance Officers Association of the United States and Canada (GFOA) has <br />awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of <br />Ramsey for its Comprehensive Annual Financial Report (CAFR) for the fiscal years ended <br />December 31, 1981 through 1988. The Certificate of Achievement is the highest form of <br />recognition for excellence in state and local governmental financial reporting. <br /> <br />In order to be awarded a Certificate of Achievement, a government unit must publish an easily <br />readable and efficiently organized comprehensive annual financial report, whose contents <br />confirm to program standards. Such CAFR must satisfy both generally accepted accounting <br />principles and applicable legal requirements. <br /> <br />The City did not apply for a Certificate of Achievement for fiscal years ending <br />December 31, 1989 through 1992. <br /> <br /> <br />