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HILL, MILNE, GUTTORMSON & CO. <br />Public Accountants <br />2810 County Road 10 <br />Minneapolis, Minnesota 55430 <br />ACCOUNTANTS' REPORT <br />Members of the City Council <br />City of Lino Lakes <br />Anoka County, Minnesota <br />We have examined, on a cash basis, the balance sheet and the fund <br />balances of the City of Lino Lakes as of December 31, 1975, and the related <br />fund transactions for the year then ended. Our examination was made in ac- <br />cordance with generally accepted auditing standards and accordingly included <br />such tests of the accounting records and such other auditing procedures as we <br />considered necessary in the circumstances. <br />We have modified the cash basis presentation of the balance sheet, Exhibit <br />A, to such an extent as to reflect all significant known assets and liabilities <br />therein for additional information purposes. <br />In our opinion, the accompanying statements present fairly, on a. modified <br />cash basis, the financial position of the City of Lino Lakes at December 31, <br />1975, and the cash fund transactions for the year then ended, in conformity <br />with generally accepted governmental accounting principles applied on a consistent <br />basis. The supplementary and statistical data presented in this report have been <br />subjected to the same auditing procedures and, in our opinion, are stated fairly <br />in all material respects when taken as a whole with the basic financial statements. <br />Minneapolis, Minnesota <br />March 25, 1976 <br />HILL, MILNE, GUTTORMSON & CO. <br />Waldemar A. Hill <br />Certified Public Accountant <br />