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PRINCIPALS MALLOY KENNETH W. MALLOY, CPA MONTAGUE THOMAS M. MONTAGUE, CPA KARNOWSKI THOMAS A. KARNOWSKI, CPA RADOSEVICH PAULA. RADOSEVICH, CPA NCO., P.A. WILLIAM J. LAUER, CPA INDEPENDENT AUDITOR'S REPORT City Council and Residents City of Ramsey Ramsey, Minnesota We have. audited the general purpose financial statements of the City of Ramsey, Minnesota, as of and for the year ended December 31, 1996, as listed in the table of contents. These general purpose financial statements are the responsibility of the City's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Bards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose fmancial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose fmancial statements. An audit also includes assessing the - accounting principles used and significant estimates made by management, as well as evaluating the overall general purpose financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the general purpose fmancial statements referred to above present fairly, in all material respects, the financial position of the City of Ramsey at December 31, 1996, and the .results of its operations and cash flows of the proprietary fund type for the year then ended in conformity with generally accepted accounting principles. The City has elected early implementation of Governmental Accounting Standards Board (GASB) Statement No. 27, Accounting for Pensions by State and Local Governmental Employers for Disclosure of the Public Employers Retirement Association of Minnesota's Defined Benefit Pension Plans. In accordance with Government Auditing Standards, we have also issued a report on our consideration of the City of Ramsey's internal control structure and a report on its compliance with laws and regulations, both dated March 25, 1997. Our audit was made for the purpose of forming an opinion on the general purpose financial statements ' taken as a whole. The combining and individual fund and account group statements and schedules as listed in the table of contents are presented for purposes of additional analysis and are not a required part of the general purpose fmancial statements. Such information has been subjected to the auditing procedures applied in the audit of the general purpose fmancial statements and, in our opinion, is fairly stated in all material respects in relation to the general purpose financial statements taken as a whole. The supplementary schedules and statistical information as listed in the table of contents is not necessary for a fair presentation of the general purpose financial statements, but is presented as additional analytical data. This information is unaudited and we do not express an opinion on it. March 25, 1997 410 PARK NATIONAL BANK BUILDING 5353 WAYZATA BOULEVARD MINNEAPOLIS, MINNESOTA 55416 TELEPHONE: 612-545-0424 -1- TELEFAX: 612-545-0569