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Minnesota Statutes and the City Charter require an annual audit of all accounts, fmancial 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 fmancial statements have been audited by the firm of Malloy, Montague, Karnowski, Radosevich and Company, Independent Certified Public Accountants. The firm is engaged by the City Council to render an opinion on the City's fmancial statements in accordance with generally accepted accounting principles, 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 Financia? Reporting to the City for its comprehensive annual fmancial report for the year ended December 31, 1996. This was the third time the City has received this prestigious award since 1988. The City had consecutively received the award from 1981 through 1988, after which point, due to a number of factors, there had not been application for review. In order to be awarded a Certificate of Achievement, the City published an easily readable and efficiently organized comprehensive annual financial report. This report satisfied both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe our current comprehensive annual fmancial report continues to meet the Certificate of Achievement Program's requirements and we are submitting it to the GFOA to determine its eligibility for another certificate. The 1997 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 submitted, James Norman City Administrator ~~ ~~ Diana Lund Finance Officer XX