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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 outstanding long -term indebtedness is accounted for and reported in a separate self - balancing group of accounts entitled General Long -Term Debt Account Group. Minnesota Statutes and the City Charter require an annual audit of all accounts, financial records and transactions of the City by independent certified public 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 and Company, Independent Certified Public Accountants (MMKR). MMKR is engaged by the City Council to render an opinion on the City's financial statements in accordance with accounting principles generally accepted in the United States of America, and an unqualified opinion has been issued. The Government Finance Officers Association of the United States and Canada [GFOA] awarded a Certificate of Achievement for Excellence in Financial Reporting (CAEFR) to the City for its comprehensive annual financial report for the year ended December 31, 2002. This was the seventh consecutive year the City has received this prestigious award. Also, the City had previously received the award from 1981 through 1988, after which the City did not participate in the program for several years. The City published an easily readable and efficiently organized comprehensive annual financial report. This report satisfied both accounting principles generally accepted in the United States of America and applicable legal requirements. A CAEFR is valid for a period of one year only. We believe our current comprehensive annual financial report continues to meet the CAEFR Program's requirements and we are submitting it to the GFOA to determine its eligibility for another certificate. The 2003 Comprehensive Annual Financial Report of the City 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 submitted, Norman dministrator INDEPENDENT AUDIT CERTIFICATE OF ACHIEVEMENT ACKNOWLEDGEMENT Diana Lund Finance Officer xviii