06-09-1997 Council Packet - Laserfiche WebLink

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P r »« r ! - i t Wl ^ .'■Mil I '1 1 1 w I • M<^ PRINCIPALS INDEPENDENT AUDITOR S REPORT KENNETH W MALLOY. CPA THOMAS M MONTAGUE. CPA THOMAS A KARNOWSKI. CPA PAUL A RADOSEVICH. CPA WILLIAM J LAUER CPA City Council and Residents City of Orono Orono, Minnesota We have audited the general purpose financial statements of the City of Orono. 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 StfliiUflrdSi 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 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 puipose 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 Orono 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 Defined Benefit Pension Plan. In accordance with Government Auditing Standards, we have also issued a report on our consideration of the City of Orono ’s internal control structure and a report on its compliance with laws and regulations both Gated April 29, 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 statements and financial 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 financial state,.lents. Such information has been subjected to the auditing procedures applied in our audit of the general purpose financial statements and, in our opinion, is fairly s'.ated in all material respects in relation to the general purpose financial statements ta,.en as a whole. The 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 atid we do not express an opinion on it. April 29, 1997 rztr.i* 1 If It 410 PARK NATIONA*. BANK BUILDING S353 WAYZATA BCX,". EVARO MINNLAPOUS. MINNESOTA SS416 TELEPHONE 612 545 0424 TELEEAX 612 545^569 -15- 1