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• June 7, 1983 City of Ramsey 15153 NOWTHEN BOULEVARD N.W., RAMSEY, MINNESOTA 55303 • (612)_427 -1410 Honorable Mayor and Members of the City Council City of Ramsey, Minnesota Submitted herewith is the Comprehensive Annual Financial Report of the City of Ramsey, Minnesota for the fiscal year ended December 31, 1982. This report was prepared by the City's Finance Department. Responsi- bility for both the accuracy of the presented data and the complete- ness and fairness of the presentation, including all disclosures, rests with the City. We believe 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 Certified 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 appro- priate for governmental and expendable trust funds. The report consists of three sections: Section I is the introductory section and contains the table of contents, letter of transmittal and other appropriate material. Section II is the financial section and contains the auditor's opinion, the combined general purpose financial statements, and account group. statements and schedules. Section III is the statistical section which includes past years financial and non- financial data. Accounting System and Budgetary Control In developing and evaluating the City's accounting system, consider- ation is given to the adequacy of internal accounting controls. Internal accounting controls are designed to provide reasonable, but not absolute, assurance regarding: 1) the safeguarding of assets against loss from unauthorized use or disposition; and 2) the relia- bility 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 judgements by management. -vii-