07-08-1996 Council Packet - Laserfiche WebLink

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r I I PRINCIPALS MAtXOV MONTAOU6 KEMNETM VK MAU.OV. CP(^ THOMAS M MONTAGUE. CM THOMAS A KARNOWSKt. CPA RAUL A RAOOSEVICH. CPA william J LAUER. CPA INDEPENDENT AUDITOR’S REPORT 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. 1995, 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 Standards, 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 os erall general purpose financial statement presenution. 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, 1995, arid 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. In accordance w ith Government Auditing Standards, we have also issued a report on our consideration of the City of Omno’s internal control structure and a report on its compliance with laws and regulations, both dated May 29, 1996. 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 puiposes 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 our 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. The statistical information as listed in the table of contents are not necessary for a fair presentation of the general purpose financial statements, but are presented as additional analytical data. This information is unaudited and we do not express an opinion on it. May 29. 1996 AOCOCJN T AfsiTS 410 PAHK national BANK BUILDING 5353 WAYZAIA BOULEVARD MINNLAPOI.IS MINNESOTA 654Pi TEIFP»K>NE 612 545 0424 TEIFEAX 612 545 0569 -16-