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PRINCIPALS <br /> Thomas M.Montague,CPA <br /> Thomas A. Karnowski,CPA <br /> MMKRPaul A.Radosevich,CPA <br /> William].Lauer,CPA <br /> C E R T I F I E I) P U B Li C James H.Eichten,CPA <br /> ACCOUNTANTS Aaron J.Nielsen,CPA <br /> Victoria L.Holinka,CPA <br /> INDEPENDENT AUDITOR'S REPORT <br /> To the City Council and Management <br /> City of Ramsey,Minnesota <br /> REPORT ON THE FINANCIAL STATEMENTS <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, 2015, and the related notes to the <br /> financial statements, which collectively comprise the City's basic financial statements as listed in the <br /> table of contents. <br /> MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS <br /> Management is responsible for the preparation and fair presentation of these financial statements in <br /> accordance with accounting principles generally accepted in the United States of America; this includes <br /> the design, implementation, and maintenance of internal control relevant to the preparation and fair <br /> presentation of financial statements that are free from material misstatement, whether due to fraud or <br /> error. <br /> AUDITOR'S RESPONSIBILITY <br /> Our responsibility is to express opinions on these financial statements based on our audit. We conducted <br /> our audit in accordance with auditing standards generally accepted in the United States of America and <br /> the standards applicable to financial audits contained in Government Auditing Standards, issued by the <br /> Comptroller General of the United States. Those standards require that we plan and perform the audit to <br /> obtain reasonable assurance about whether the financial statements are free from material misstatement. <br /> An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in <br /> the financial statements. The procedures selected depend on the auditor's judgment, including the <br /> assessment of the risks of material misstatement of the financial statements,whether due to fraud or error. <br /> In making those risk assessments, the auditor considers internal control relevant to the City's preparation <br /> and fair presentation of the financial statements in order to design audit procedures that are appropriate in <br /> the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City's <br /> internal control. Accordingly, we express no such opinion. An audit also includes evaluating the <br /> appropriateness of accounting policies used and the reasonableness of significant accounting estimates <br /> made by management,as well as evaluating the overall presentation of the financial statements. <br /> We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for <br /> our audit opinions. <br /> (continued) <br /> Malloy, Montague, Karn(Nski, Radosevich, & Co., P.A. <br /> 5353 Wayzata Boulevard • Suite 410 •Minneapolis. MN 55416•Tclephonc:952.545-0424•Telefaz:952.545-0569•www.mmkr.com <br />