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CERTIFIED PUBI,IC A C C O U N ]:"A N TS INDEPENDENT AUDITOR'S REPORT City Council and Residents Ramsey, Minnesota We have audited the accompanying financial statements of the governmental activities, business-type activities, major funds, and the aggregate remaining fund information of the City of Ramsey, Minnesota (the City), as of and for the year ended December 31, 2004, which collectively comprise the City's basic financial statements as listed in the table of contents. These financial statements are the responsibility of the City's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards' issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, business-type activities, major funds, and the aggregate remaining fund information of the City at December 31, 2004, as well as the respective changes in financial position and cash flows thereof, where applicable, and the budgetary comparison for the General Fund for the year then ended in conformity with accounting principles generally accepted in the United States of America. As described in Note 1, the City has implemented a new financial reporting model, as required by the provisions of Governmental Accounting Standards Board (GASB) Statement No. 34, Basic Financial Statements--Management's Discussion and Analysis--for State and Local Governments for the year ended December 31, 2004. In accordance with Government Auditing Standards', we have also issued our report dated April 29, 2005, on our consideration of the City's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements, and other matters. The purpose of this report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards' and should be considered in assessing the results of our audit. (continued) -1- Ma!loy, Montagu¢, Karnowski, Radosevlch, & Co., P.A. 5353 Wayza!:~ P,o~!Ievard ' St!itt' 4!0' Minneapolis, MN 554[6' Telephone: 952-545-1Ni24 * Ielet:ax: 952-545-(1569 · www,mmkr,com