07-10-1995 Council Packet - Laserfiche WebLink

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H<^PRINCIPALS __ KENNETH VV MAI .OY. CPA THOMAS M MONTAGUE. CPA THOMAS A KARNOWSKI. CPA PAUL A RADOSEVICH CPA INDEPENDENT AUDITOR S REPORT City Council and Residents City of Orono Orono, Minnesota I We have audited the general purpose financial statements of the City of Orono. Minnesota, as of and for the year ended December 31. 1994, as listed in the table of contents. These general purpose financial statements are the responsibility of the City's management. Our re.sponsibility is to expre.ss an opinion on these general purpose financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Thi^se 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 e.stimates 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 purpo.se financial statements referred to above present fairly, in all material respects, the financial position of the City of Orono at December 31, 1994. 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. Our audit was made for the purpose of forming an opinion on the general purpo.se 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 purpo.ses of additional analysis and are not a required part t»f the general purpose financial statements Such information has been subjected to the auditing procedures applied in our audit of the general purpo.se 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 additi(*nal analytical data. This information is unaudited and we do not expre.ss an opinion on it. Mav 17. 1995 cenririKor»ooL.ic ACCOUNT ANTS laAT|i>f4Al HllllIMM* « WAt/AIA HtMll I VAH|» MINNI H tS MINNI V)fA MtfrntoNI »4'i Ml,’I f( ( I I A* fi',’ *>4'* tl'rf.M -18-