07-27-1998 Council Packet - Laserfiche WebLink

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M<^ PRINCIPALS KENNETH W MALLOY. CPA THOMAS M MONTAGUE. CPA THOMAS A KARNOWSKI. CPA PAUL A RADOSEVICH. CPA WILLIAM J LAUER CPA INDEPENDENT AUDITOR VS RFPOPT City Council and Residents City of Orono Orono, Minnesota We have audited the general purpose finMcial statements of the City of Orono, Minnesota, as of and for the year ended December 31,1997, 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 the standards ^plicable to financial audits contained in Government Auditinp Standard.s. 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 m 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 reacts, the financial position of the City of Orono at December 31,1997, and the results of its operations and cash flows of the propnetary fund type for the year then ended in conformity with generally accepted accounting principles. ^ r In accordance wth Government Auditing Standards, we have also issued our report dated May 15,1998, on our consideration of the City of Orono’s internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grants. Oui 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 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 is not necessary for a fair presentation of the general purpose financial statements, but is presented as additional analytical data. This information is unaudited and we do not expre;>s an opinion on it. May 15, 1998 C«?M T ir iiSO lo kCOOl Jisi r AMTEl 410 PAMa NATK>NAL BANK BUILDlNO S.lSl WAV^ATA BOULt VAfU) MlNNFAPOilS MlNNtSOTAbb416 TF ltPtONK 612 545 0424 TFLtFAX 612 545 0569 -15- -1-—-Vi e* t»*y n