Comp Annual Fincl Rpt 12/31/81 - Laserfiche WebLink

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I I I :1 I I I I I I I I I i I i I I I City of Ramsey 15153 NOWTHEN BOULEVARD N.W., RAMSEY, MINNESOTA 55303 ~, (612) 427-1410 June 2, 1982 Honorable Mayor, Members of the City Council and City Administrator City of Ramsey The Comprehensive Annual Financial Report of the City of Ramsey, for the fiscal year ended December 31, 1981, is submitted herewith. This report was prepared by the City's Accounting Department. Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with the City. We be- lieve the data, as presented, is accurate in all material aspects; that it is presented in a manner designed to fairly set forth the financial position and results of operations of the City as measured by the financial activity of its various funds; and that all disclosures necessary to enable the reader to gain the maximum understanding of the City's financial affairs have been included. Furthermore, the organization form and contents of this report were prepared in accordance with standards prescribed by the Municipal Finance Officers Association of the United States and Canada, the American Institute of Cer- tified Public Accountants, and the State Auditor's Office, State of Minnesota. This financial report presents the financial statements on the modified accrual basis, as is appropriate for governmental and expendable trust funds. Accounting System and Budgetary Control In developing and evaluating the City's accounting system, consideration is given to the adequacy of internal accounting controls. Internal accounting controls are designed to provide reasonable, but not absolute, assurance re- garding: 1) the safeguarding of assets against loss from unauthorized use or disposition; and 2) the reliability of financial records for preparing financial statements and maintaining accountability for assets. The concept of reasonable assurance recognizes that: 1) the cost of a control should not exceed the benefits likely to be derived; and 2) the evaluation of costs and benefits requires estimates and judgments by management. All internal control evaluations occur within the above framework. We believe that the City's internal accounting controls adequately safeguard assets and provide reasonable assurance of proper recording of financial transactions. Budgetary control is maintained through the issuance of purchase requisitions and purchase orders. Purchase orders which would result in an overrun of the budgeted allotments are not released until additional appropriations are made available. -vi -