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City Council and Residents City of Ramsey Ramsey, Minnesota INDEPENDENT AUDITOR'S REPORT We have audited the General Purpose Financial Statements of the City of Ramsey, Minnesota, as of and for the year ended December 31, 1988, as listed in the table of contents. These financial statements are the responsibility of the City's management. Our responsibility is to express an opinion on these finan- cial 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 financial statements are free of material misstate- ment. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall 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 pre- sent fairly, in all material respects, the financial position of the City of Ramsey, Minnesota, at December 31, 1988, and the results of its operations, changes in fund balance, and changes in financial position of the Proprietary Fund Types for the year then ended, in conformity with generally accepted accounting principles. 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 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. -1- PANNELL KERR FORSTER Certified Public Accountants 400 Park National Bank Bldg. 5353 Wayzata Boulevard Minneapolis, MN 55416 Telephone (612) 545 -0421 Telefax 612 - 545 -0569 (Continued)