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REdNTNYH <br />A N D C O MP <br />INDEPENDENT AUDITOR'S REPORT <br />To the Honorable Mayor and <br />Members of the City Council <br />City of Lino Lakes, Minnesota <br />Report on the Audit of the Financial Statements <br />Opinions <br />We have audited the accompanying financial statements of the governmental activities, the <br />business -type activities, each major fund, and the aggregate remaining fund information of the <br />City of Lino Lakes, Minnesota, as of and for the year ended December 31, 2024, and the related <br />notes to the financial statements, which collectively comprise the City of Lino Lakes, <br />Minnesota's basic financial statements as listed in the table of contents. <br />In our opinion, the financial statements referred to above present fairly, in all material respects, <br />the respective financial position of the governmental activities, the business -type activities, each <br />major fund, and the aggregate remaining fund information of the City of Lino Lakes, Minnesota, <br />as of December 31, 2024, and the respective changes in financial position, and, where applicable, <br />cash flows thereof for the year then ended in accordance with accounting principles generally <br />accepted in the United States of America. <br />Basis for Opinions <br />We conducted our audit in accordance with auditing standards generally accepted in the United <br />States of America and the standards applicable to financial audits contained in Government <br />Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities <br />under those standards are further described in the Auditor's Responsibilities for the Audit of the <br />Financial Statements section of our report. We are required to be independent of the City of <br />Lino Lakes, Minnesota and to meet our other ethical responsibilities, in accordance with the <br />relevant ethical requirements relating to our audit. We believe that the audit evidence we have <br />obtained is sufficient and appropriate to provide a basis for our audit opinions. <br />Responsibilities of Managementfor the Financial Statements <br />Management is responsible for the preparation and fair presentation of the financial statements in <br />accordance with accounting principles generally accepted in the United States of America, and <br />for the design, implementation, and maintenance of internal control relevant to the preparation <br />and fair presentation of financial statements that are free from material misstatement, whether <br />due to fraud or error. <br />400 Robert Street North, Suite 1600, St. Paul, MN, 55101 651.426.7000 www.redpathcpas.com <br />15 <br />