06-08-2020 Council Packet - Laserfiche WebLink

Home Search

IV-3 INDEPENDENT AUDITOR'S REPORT To the Honorable Mayor and Members of the City Council City of Lino Lakes, Minnesota ReportontheFinane1aISUtements We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Lino Lakes, Minnesola, as of and for the year ended December 31, 2018, and the related notes to the financial statements, which collectively comprise the City of Lino Lakes, Minnesota's basic financial statements as list.ed in the table of contents. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation. and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement,, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted om audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Aud/Ung Standards, issued by the Comptroller General of the United States. Those -dards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. Toe procedures selected depend on the auditor's judgment. including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accomrting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Lino Lakes, Minnesota, as of December 31, 2018, and the respective changes in financial position, and, where applicable, cash flows thereof for the year then ended in accordance with accowtting principles generally accepted in the United States of America. Other Matten Required Supplementary Information Accounting principles generally accepted in the United Stau:s of America require that the management's discussion and analysis, the budgetary cQP11)8rison infonnation, and the schedules of OPEB and pension information, as listed in the table of contents, be presented to supplement the basic financial statements. Such information, although not a part of the basic financial s1atements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing --. generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the in.formation and comparing the information for consistency with management's responses to our inquiries,, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City of Lino Lakes, Minnesota's basic financial statements. The in1roductory section, combining and individual nonmajor fund financial statements and schedules, statistical section and other information are presented for purposes of additional analysis and are not a required part of the basic financial statements. The combining and individual nonmajor fund financial statements and schedules are the responsibility of management and were derived from and relate directly to the widerlying accounting and other records used to prepare the basic financial statements. Sueh information has been subjected to the auditing procedures applied in the audit of the bssic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other n:cords used to prepare the bssic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United Stat.es of America. In our opinion, the combining and individual nonmajor ftmd financial statements and schedules are fairly stated in all material respects in relation to the basic financial statements as a whole. The introductory section, the statistical section and other information have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them. Other Reporting Required by Govmunent Arulltlng Standllrtls In accordance with Government Auditing Standards, we have also issued our report dated May 24, 2019, on our consideration of the City of Lino Lakes, Minnesota's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. Toe purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City of Lino Lakes, Minnesota's internal control over financial reporting or on compliance. That report is an intx:graJ part of an audit performed in accordance with Government Auditing Standards in considering the City of Lino Lakes, Minnesota's internal control over financial reporting and compliance. ~...J_ ~' "'· REDPAIB AND COMPANY, LTD. SL Paul, Minnesota May24,2019