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nn~a~ov ' CAA NOWSKI INDEPENDENT AUDITOR'S REPORT City Council and Residents .City of Ramsey Ramsey, Minnesota PRINCIPALS KENNETH W. MALLOY, CPA THOMAS A. KARNOWSKi, CPA PAUL A. RADOSEVICH, CPA We have audited the general purpose financial statements of the City of Ramsey, Minnesota, as of and for the year ended December 31, 1990, 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. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial 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 financial statements referred to above present fairly, in all material ' respects, the financial position of the City of Ramsey, Minnesota, at December 31, 1990, and the results of its operations, changes in fund balance, and cash flows of the Proprietary Fund Type for the year then ended, in conformity with generally accepted accounting principles. ' As discussed in Note 1 to the financial statements, the City adopted the Governmental Accounting Standards Board Statement on Reporting Cash Flows of Proprietary Funds for 1990. 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 statements as listed in the table of contents .are presented for purposes of additional analysis and are not a required part of the general purpose financial statements. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is fairly stated in all material respects in relation to the general purpose financial statements taken as a whole. ~~ ~"~e~ June 10, 1991 410 PARK NATIONAL BANK BUILDING 5353 WAY2:4TA BOULEVARD MINNEAPOLIS, MINNESOTA 55416 _2_ TELEPHONE: 612-545-0424 TELEFAX: 612-545-0569