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7550 Sunwood Drive NW•Ramsey,Minnesota 55303 <br /> City Hall: 763-427-1410 •Fax: 763-427-5543 <br /> www.cityoframsey.com <br /> June 1,2022 <br /> Honorable Mayor and Members of the City Council <br /> City of Ramsey,Minnesota <br /> The annual comprehensive financial report of the City of Ramsey,Minnesota(the City)for the fiscal year <br /> ended December 31, 2021 is hereby submitted. Management assumes full responsibility for the <br /> completeness and reliability of the information contained in this report, based upon a comprehensive <br /> framework of internal control that it has established for this purpose. Because the cost of internal control <br /> should not exceed anticipated benefits, the objective is to provide reasonable, rather than absolute, <br /> assurance that the financial statements are free of any material misstatements.To the best of our knowledge <br /> and belief, the enclosed data is accurate in all material respects and is reported in a manner designed to <br /> present fairly the financial position and results of operations ofthe City. All disclosures necessary to enable <br /> the reader to gain an understanding of the City's financial activities have been included. <br /> Minnesota Statutes and the City Charter require an annual audit of all accounts, financial records, and <br /> transactions of the City by independent certified public accountants. The accompanying financial <br /> statements have been audited by the firm of Malloy, Montague, Karnowski, Radosevich & Co., P.A., <br /> Independent Certified Public Accountants. The firm is engaged by the City Council to render an opinion <br /> on the City's financial statements in accordance with accounting principles generally accepted in the United <br /> States of America,and an unmodified opinion has been issued. The independent auditor's report is located <br /> at the front of the financial section of this report. <br /> Accounting principles generally accepted in the United States of America require that management provide <br /> a narrative introduction, overview, and analyis to accompany the basic financial statements in the form of <br /> Management's Discussion and Analysis(MD&A). This letter of transmittal is designed to complement the <br /> MD&A and should be read in conjunction with it. The City's MD&A can be found immediately following <br /> the report of the auditors. <br /> PROFILE OF THE CITY <br /> Ramsey is located in the southwestern part of Anoka County and is situated approximately 25 miles from <br /> Minneapolis. The City has 28.8 square miles within its corporate boundaries and is bordered by two major <br /> rivers,the Mississippi River along the southern border and the Rum River along the east. <br /> Ramsey was incorporated as a city in 1974, and is organized as a Home Rule City under a City Charter <br /> originally adopted in 1984. The City Council consists of a Mayor and six Councilmembers, and is elected <br /> at large on a nonpartisan basis. Elections are held in November of each even numbered year. The terms of <br /> office are four years for the Mayor and four years for Councilmembers. The City Council is responsible <br /> for enacting ordinances, resolutions, and regulations governing the City, and appointing the City <br /> Administrator,City Attorney, and members of the various advisory boards and commissions. Because the <br /> City Council acts as the Board of Directors of the Ramsey Economic Development Authority(EDA)this <br /> organization is included as a blended component unit in these financial statements. <br /> 15 <br />