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06-24-2019 Council Packet
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06-24-2019 Council Packet
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<br /> <br /> <br /> <br />Honorable Mayor and Members <br /> of the City Council <br />City of Little Canada <br />Little Canada, Minnesota <br /> <br />We have audited the financial statements of the governmental activities, the business-type activities, <br />each major fund, and the aggregate remaining fund information of the City of Little Canada as of and <br />for the year ended December 31, 2018, and have issued our report thereon dated June 11, 2019. We <br />have previously communicated to you information about our responsibilities under auditing standards <br />generally accepted in the United States of America and Government Auditing Standards, as well as <br />certain information related to the planned scope and timing of our audit. Professional standards also <br />require that we communicate to you the following information related to our audit. <br />Significant audit findings <br />Qualitative aspects of accounting practices <br />Accounting policies <br />Management is responsible for the selection and use of appropriate accounting policies. The significant <br />accounting policies used by City of Little Canada are described in Note 1 to the financial statements. <br />The City adopted Statement of Governmental Accounting Standards Board (GASB) Statement No. 75, <br />Accounting and Financial Reporting of Postemployment Benefits Other Than Pensions, in 2018. In <br />addition, the City adopted Statement of Governmental Accounting Standards Board (GASB) Statement <br />No. 89, Accounting for Interest Cost Incurred Before the End of a Construction Period. There were no <br />significant effects on the financial statements as a result of implementing these standards. <br />We noted no transactions entered into by the entity during the year for which there is a lack of <br />authoritative guidance or consensus. All significant transactions have been recognized in the financial <br />statements in the proper period. <br />Accounting estimates <br />Accounting estimates are an integral part of the financial statements prepared by management and are <br />based on management’s knowledge and experience about past and current events and assumptions <br />about future events. Certain accounting estimates are particularly sensitive because of their <br />significance to the financial statements and because of the possibility that future events affecting them <br />may differ significantly from those expected. The most sensitive estimates affecting the financial <br />statements were: <br /> Management’s estimate of the valuation of investments is based on published market values as <br />of December 31, 2018. We evaluated the key factors and assumptions used to develop the <br />value of investments in determining that it is reasonable in relation to the financial statements <br />taken as a whole. <br />
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