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11 ii April 14,1999 City ~'1 Ram C~'ey PHONE(612)427-1410 ~ FAX (612) 427-5543 15153 NOWTHEN BOULEVARD N.W., RAMSEY, MINNESOTA 55303 TDD (612) 427-8591 Honorable Mayor and Members of the City Council City ofRamsey Ramsey, Minnesota 55303 The Comprehensive Annual Financial Report of the City of Ramsey, Minnesota, for the fiscal year ended December 31, 1998, 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 information, 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 auditors report, the general purpose financial statements, and the combining and individual fund and account group financial statements and schedules. The statistical and other information 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 City's required supplementary information and 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, the Government Finance Officer's Association of the United States and Canada, the American Institute of Certified Public Accountants, 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 of Ramsey to gain a better understanding of the financial condition of the City. REPORTING ENTITY The funds and entities related to the City of Ramsey included in our Comprehensive Annual Financial Report are those for which the City is financially accountable. The criteria used in determining the reporting entity are consistent with those established by the Governmental Accounting Standards Board. Based on these criteria, all funds and account groups, departments and commissions of the City of Ramsey and the Ramsey Economic Development Authority, which is a blended component unit, are included in this report. -iii-