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MALLOY <br />KARNOWSKI <br />RADOSEVICH <br />&CO.,P.A. <br />City Council and Residents <br />City of Ramsey <br />Ramsey, Minnesota <br />INDEPENDENT AUDITOR'S REPORT <br />PRINCIPALS <br />KENNETH W. MALLOY, CPA <br />THOMAS A. KARNOWSKI, CPA <br />PAUL A. RADOSEVICH, CPA <br />We have audited the general purpose financial statements of the City of Ramsey, Minnesota, as of and <br />for the year ended December 31, 1992, as listed in the table of contents. These general purpose financial <br />statements are the responsibility of the City's management. Our responsibility is to express an opinion <br />on these general purpose financial statements based on our audit. <br />We conducted our audit in accordance with generally accepted auditing standards. Those standards <br />require that we plan and perform the audit to obtain reasonable assurance about whether the general <br />purpose financial statements are free of material misstatement. An audit includes examining, on a test <br />basis, evidence supporting the amounts and disclosures in the general purpose financial statements. An <br />audit also includes assessing the accounting principles used and significant estimates made by <br />management, as well as evaluating the overall general purpose financial statement presentation. We <br />believe that our audit provides a reasonable basis for our opinion. <br />In our opinion, the general purpose financial statements referred to above present fairly, in all material <br />respects, the financial position of the City of Ramsey, Minnesota, at December 31, 1992, and the results <br />of its operations and cash flows of the Proprietary Fund Type for the year then ended, in conformity with <br />generally accepted accounting principles. <br />Our audit was made for the purpose of forming an opinion on the general purpose financial statements <br />taken as a whole. The combining and individual fund and account group statements as listed in the table <br />of contents are presented for purposes of additional analysis and are not a required part of the general <br />purpose financial statements. Such information has been subjected to the auditing procedures applied in <br />the audit of the general purpose financial statements and, in our opinion, is fairly stated in all material <br />respects in relation to the general purpose financial statements taken as a whole. <br />April 6, 1993 <br />410 PARK NATIONAL BANK BUILDING <br />szsq WAYZATA BOULEVARD <br />MINNEAPOLIS, MINNESOTA 55416 <br />TELEPHONE: 612- 545-0424 <br />TELEFAX: 612-545-0569 <br />-2- <br />