05-11-2022 Council Packet - Laserfiche WebLink

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515 Little Canada Road, Little Canada, MN 55117-1600 (651) 766-4029 / FAX: (651) 766-4048 www.littlecanadamn.org MAYOR John Keis COUNCIL Michael McGraw Tom Fischer Christian Torkelson Teresa Miller April 27, 2022 City of Little Canada Mayor and City Council Citizens of Little Canada Little Canada, Minnesota Minnesota statutes require all cities to submit an annual audited financial statement to the Office of the State Auditor. Pursuant to that requirement, we hereby issue the Annual Comprehensive Financial Report for the City of Little Canada for the year ended December 31, 2021. The Annual Comprehensive Financial Report is prepared in accordance with Generally Accepted Accounting Principles (GAAP) as established by the Governmental Accounting Standards Board (GASB), and the American Institute of Certified Public Accountants, State Auditor’s Office and the state of Minnesota, as well as in accordance with the recommendations of the Government Finance Officers Association of the United States and Canada (GFOA). Management assumes full responsibility for the completeness and reliability of the information contained in this report, based upon a comprehensive framework of internal control standards that it has established for this purpose. Because the cost of an internal control should not exceed anticipated benefits, the objective is to provide reasonable, rather than absolute assurance that the financial statements are free of any misstatements. City of Little Canada’s financial statements have been audited by CliftonLarsonAllen LLP, a firm of licensed certified public accountants appointed by the City Council. The goal of the independent audit was to provide reasonable assurance that the financial statements of the City for the year ended December 31, 2021 are free from material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessing the accounting principles and significant estimates used by management; and evaluating the overall financial statement presentation. Based upon the audit, the independent auditor concluded that there was a reasonable basis for rendering an unmodified opinion that the City’s financial statements, as of and for the year ended December 31, 2021, are presented in conformity with GAAP. The independent auditors’ report is presented as the first component of the financial section of this report. Management’s discussion and analysis (MD&A) immediately follows the independent auditors’ report and provides a narrative introduction, overview, and analysis of the basic financial statements. This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. 3