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..■4 <br />INDEPENDENT AUDITOR’S REPORT <br />City Council and Residents <br />City of Orono <br />Orono, Minnesota <br />PANNELL <br />KERR <br />FORSTER <br />Certified Public Accountants <br />400 Parl^ National Bank Bldg <br />5353 Wayzata Boulevard <br />Minneapolis, MN 55416 <br />Telephone (612) 545-0421 <br />Telefax 612-545-0569 <br />“1I <br />J <br />We have audited the general purpose financial statements of the City of Orono, <br />Minnesota, as of and for the year ended December 31, 1989, as listed In the <br />table of contents. These general purpose financial statements are the respon­ <br />sibility of the City’s management. Our responsibility is to express an opinion <br />on these general purpose financial statements based on our audit. <br />We conducted our audit in accordance with generally accepted auditing standards. <br />Those standards require that we plan and perform the audit to obtain reasonable <br />assurance about whether the general purpose financial statements are free of <br />material misstatement. An audit includes examining, on a test basis, evidence <br />supporting the amounts and disclosures in the general purpose financial star ■- <br />ments. An audit also includes assessing the accounting principles used and <br />significant estimates made by management, as well as evaluating the overall <br />general purpose financial statement presentation. We believe that our audit <br />provides a reasonable basis for our opinion. <br />In our opinion, the general purpose financial statements referred to above pre­ <br />sent fairly, in all material respects, the financial position of the City of <br />Orono at December 31, 1989, and the results of its operations, changes in fund <br />balance, and changes in financial position of the Proprietary Fund Type for the <br />year then ended in conformity with generally accepted accounting principles. <br />Our audit was made for the purpose of forming an opinion on the general purpose <br />financial statements taken as a whole. The combining and individual fund and <br />account group statements and schedules as listed in the table of contents are <br />presented for purposes of additional analysis and are not a required part of the <br />general purpose financial statements. Such information has been subjected to <br />the auditing procedures applied in our audit of the general purpose financial <br />statements and, in our opinion, is fairly stated in all material respects in <br />relation to the general purpose financial statements taken as a whole. <br />(Continued) <br />-15-