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City of Orono - 3 - April 25, 19185 <br />Condition of Financial Records <br />Last year the City's financial statements required several changes in <br />accounting policies in order to comply with Generally Accepted Accounting <br />Principals (GAAP). The City's financial records for the current year <br />required very few adjustments. They were the typical tpe of adjustments <br />that are almost impossible to detect until the audit :s underway. <br />This being the second year we have audited your City, we were able to more <br />deeply observe and analyze your accounting system. The financial records <br />were in excellent condition and the accounting system was working effi- <br />ciently and accurately. <br />One area of potential improvement we - -iced is in fixed asset accounting. <br />The City does have a good fixed asset system. Recordkeeping for additions, <br />deletions, and the reconciliation of December 31 balances could be mere <br />systematic and efficient. The result would be improved records, with less <br />effort. <br />We would be pleased to discuss these recommendations with you and to assist with <br />any changes you wish to make. We also wish to express our tnanxs for the cour- <br />tesy and assistance extended to us during the course of our examination. <br />Very truly yours, <br />P' 'L KEir FORSTER <br />Donald D. Anfinson, Partner <br />DDA:b]s <br />