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General Fixed Asset Account Group: The general fixed assets of the City are those fixed assets of tangible nature and significant value, which have a service life in excess of one year, are used in the performance of general governmental functions, and are not accounted for in the Enterprise Funds. These assets are accounted for in the General Fixed Asset Account Group. The City has chosen not to report infrastructure fixed assets such as streets, storm sewers, and similar assets that are immovable and of value only to the City. As of December 31, 1994, the general fixed assets of the City amounted to $4,131,247. This amount represents the original cost of the assets and is considerably less than their present replacement value. Depreciation is recognized in the City's accounting system for only the Enterprise Funds fixed assets, and not the general fixed assets. General Long -Term Debt Account Group General obligation bonds and other forms of long -term debt supported by general revenues and the full faith and credit of the City are obligations of the City as a whole and not a single individual fund. The proceeds from such debt may also be spent on facilities which are utilized in the operations of several funds. For these reasons, the amount of un- matured, long -term indebtedness, which is backed by the City, are accounted for and reported in a separate self - balancing group of accounts entitled General Long -Term Debt Account Group. jjNJIDIEFENJU JEN7P AUNT' Minnesota Statutes and the City Charter require an annual audit of all accounts, financial records and transactions of the City by independent certified pubic accountants. This requirement has been complied with and the auditors' opinions have been included in this report. The accompanying financial statements have been audited by the firm of Malloy, Montague, Karnowski, Radosevich & Co., P.A., Independent Certified Public Accountants. The firm is engaged by the City Council to render an opinion on the City's financial statements in accordance with generally accepted accounting principles, and an unqualified opinion has been issued. s4 CKNOWJLIF,iTD(GJEMIENT The 1994 Comprehensive Annual Financial Report of the City of Ramsey meets the highest professional standards and was prepared in a timely and cost effective manner. This could never have been accomplished without the excellent work of the entire Finance Department. We would like to express our appreciation to the Finance Department and all members of City staff who assisted in the contribution to its preparation. Respectfully su . mitred, Ryan Schroeder City Administrator juNAN(1IAIL VITJMMAIRW; (Continued) xix Jessie L. Hart Finance Officer