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April 29, 2004 Honorable Mayor and Members of the City Council City of Ramsey Ramsey, Minnesota 15153 Nowthen Boulevard NW • Ramsey, Minnesota 55303 City Hall: (763) 427 -1410 • Fax: (763) 427 -5543 www.ci.ramsey.mn.us The Comprehensive Annual Financial Report of the City of Ramsey, Minnesota (the City) for the fiscal year ended December 31, 2003, is hereby submitted. Responsibility for both the accuracy of the data, and the completeness and fairness of the presentation, including all disclosures, rests with the City. To the best of our knowledge and belief, the enclosed data is accurate, in all material respects, and is reported in a manner designed to present fairly, the financial position and results of operations of the various funds and account groups of the City. All disclosures necessary to enable the reader to gain an understanding of the City's financial activities have been included. The Comprehensive Annual Financial Report is presented in four sections: introductory, financial, statistical, and other required reports. The introductory section, which is unaudited, includes this letter of transmittal, the City's organization chart, the City's mission statement, and a list of the principal officials. The financial section includes the independent auditor's report, the general purpose financial statements, and the combining and individual fund and account group financial statements and schedules. The statistical section, which is unaudited, includes selected financial and demographic information, generally presented on a multi -year basis. The final section contains the auditors' reports on the internal control structure, and compliance with applicable laws and regulations. The organization, form and contents of this report were prepared in accordance with the standards prescribed by the Governmental Accounting Standards Board (GASB), the Government Finance Officer's Association of the United States and Canada, the American Institute of Certified Public Accountants (AICPA), the Minnesota State Auditor's Office, and the Ramsey City Charter. Also, the Comprehensive Annual Financial Report is required by the bond rating agencies before they will rate the City's bonds. The report can be used by the City Council and the citizens of the City to gain a better understanding of the financial condition of the City. iv