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May 29, 2018 <br />Honorable Mayor <br />Members of the City Council <br />Citizens of the City of Lino Lakes, Minnesota <br />Minnesota State law requires that cities over 2,500 population publish within six months of the close of <br />each fiscal year a complete set of financial statements presented in conformity with generally accepted <br />accounting principles (GAAP) and audited in accordance with generally accepted auditing standards by a <br />firm of licensed certified public accountants and submit them to the state auditor. Pursuant to that <br />requirement, we hereby issue the comprehensive annual financial report of the City of Lino Lakes, <br />Minnesota for the fiscal year ended December 31, 2017. <br />This report consists of management's representations concerning the finances of the City of Lino Lakes. <br />Consequently, management assumes full responsibility for the completeness and reliability of all of the <br />information presented in this report. To provide a reasonable basis for making these representations, <br />management of the City of Lino Lakes has established a comprehensive internal control framework that is <br />designed both to protect the government's assets from loss, theft, or misuse and to compile sufficient <br />reliable information for the preparation of the City of Lino Lakes' financial statements in conformity with <br />GAAP. Because the cost of internal controls should not outweigh their benefits, the City's comprehensive <br />framework of internal controls has been designed to provide reasonable rather than absolute assurance <br />that the financial statements will be free from material misstatement. As management, we assert that, to <br />the best of our knowledge and belief, this financial report is complete and reliable in all material respects. <br />The City of Lino Lakes' financial statements have been audited by Redpath and Company, Ltd., a firm of <br />licensed certified public accountants. The goal of the independent audit was to provide reasonable <br />assurance that the financial statements of the City for the fiscal year ended December 31, 2017, are free of <br />material misstatement. The independent audit involved examining, on a test basis, evidence supporting <br />the amounts and disclosures in the financial statements; assessing the accounting principles used and <br />significant estimates made by management; and evaluating the overall financial statement presentation. <br />The independent auditor concluded, based upon the audit that there was a reasonable basis for rendering <br />an unmodified opinion that the City's financial statements for the fiscal year ended December 31, 2017, <br />are fairly presented in conformity with GAAP. The independent auditors' report is presented as the first <br />component of the financial section of this report. <br />GAAP require that management provide a narrative introduction, overview and analysis to accompany the <br />basic financial statements in the form of Management's Discussion and Analysis (MD&A). This letter of <br />transmittal is designed to complement MD&A and should be read in conjunction with it. The City of Lino <br />Lakes' MD&A can be found immediately following the report of the independent auditors. <br />600 Town Center Parkway, Lino Lakes, MN 55014 <br />Phone: 651-982-2400 • Fax: 651-982-2499 <br />