Audit Report Letter 1996 - Laserfiche WebLink

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Tautges, Redpath & Co., Ltd. Representation Letter, Page 2 b) Arrangements with financial institutions involving repurchase or reverse repurchase agreements, compensating balances, or other arrangements involving restrictions on cash balances and line -of -credit or similar arrangements. c) Agreements to repurchase assets previously sold. 6. There are no: a) Violations or possible violations of laws or regulations whose effects should be considered for disclosure in the financial statements or as a basis for recording a loss contingency. b) Other material liabilities or gain or loss contingencies that are required to be accrued or disclosed by Statement of Financial Accounting Standards No. 5. c) Reservations or designations of fund equity that were not properly authorized and approved. 7. There are no unasserted claims or assessments that the City attorney has advised us are probable of assertion and must be disclosed in accordance with Statement of Financial Accounting Standards No. 5. 8. There are no material transactions that have not been properly recorded in the accounting records or related data underlying the financial statements. 9. The City has satisfactory title to all owned assets, and there are no unrecorded liens or encumbrances on such assets nor have any assets been pledged. 10. We are responsible for the City of Lino Lakes, Minnesota compliance with laws and regulations applicable to it; and we have identified, and disclosed to you, all laws and regulations that have a direct and material effect on the determination of financial statement amounts. We have complied with all aspects of laws, regulations, and contractual agreements that would have a material effect on the financial statements in the event of noncompliance. 11. We have identified all accounting estimates that could be material to the financial statements, including the key factors and significant assumptions underlying those estimates, and we believe the estimates are reasonable in the circumstances. 12. No events have occurred subsequent to the balance sheet date that would require adjustment to, or disclosure in, the financial statements. 13. With respect to federal financial assistance programs: a) We have identified in the schedule of federal financial assistance all assistance provided by federal agencies in the form of grants, contracts, loans, loan guarantees, property, cooperative agreements, interest subsidies, insurance, or direct appropriations.