Audit Report 12/31/1976 - Laserfiche WebLink

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ANFINSON, HENDRICKSON . fh CO. ORIS A. HENDRICKSON, C. P. A. DONALD D. ANFINSON, C. P. A. NEIL L. HENDRICKSON, C. P. A. DAVID W. HERBST, C. P. A. DONALD M. FLEISCHMAN, C. P. A. ' The City Council and Residents City of Lino Lakes Lino Lakes, Minnesota CERTIFIED PUBLIC ACCOUNTANTS AFFILIATED WITH NATIONAL CPA GROUP MEMBER FIRMS IN PRINCIPAL CITIES 10501 WAYZATA BOULEVARD MINNETONKA, MINNESOTA 55343 TELEPHONE (612) 545 -0421 We have examined the balance sheets of the various funds and account groups of the City of Lino Lakes, Minnesota as of December 31, 1976 and the related statements of changes in fund balances and cash receipts and disbursements for the year then ended. Our examination was made in accordance with generally accepted auditing standards, and accord - ingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances, except that we did not examine the balance sheet of General Fixed Assets for the reason stated in the following paragraph. Because the City does not maintain fixed . asset records which provide complete accounting control over quantities and costs of all equipment it was impracticable to audit the accompanying balance sheet of General Fixed Assets and we express no opinion thereon, except with respect to the basis of valuation of certain assets included therein, which is at variance with generally accepted accounting principles as more fully explained in Note 1. The accompanying financial statements do not include statements of income and retained earnings and changes in financial position for the Water and Sewer Fund nor statements of revenue and expenditures for the other funds. Accordingly, the financial statements do not present results of operations and changes in financial position in conformity with generally accepted accounting principles. In our opinion, except for the Statement of General Fixed Assets, the aforementioned balance sheets and statements of changes in fund balances present fairly the financial position of the funds and account groups of the City of Lino Lakes, Minnesota as of December 31, 1976 and the changes in fund balances of all funds for the year then ended in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year, after giving retroactive effect to the changes, with which we concur, in the method of accounting for delinquent taxes, delinquent special assessments, deferred special assessments and bonds payable as described in Note 7 to the Financial Statements; and the statements of cash receipts and disbursements of the funds present fairly their cash transactions for the year then ended on a basis consistent with that of the preceding year. Minnetonka, Minnesota January 13, 1977 uPiu c�.zarf j ��a Certified Public Accountants