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Audit Report 12/31/1977
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Audit Report 12/31/1977
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Audit Report 12/31/1977
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12/31/1977
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1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />ANFINSON, HENDRICKSON 6 CO. <br />CERTIFIED PUBLIC ACCOUNTANTS <br />ORIS A. HENDRICKSON, C. P. A. <br />DONALD D. ANFIN SON, C. P. A. <br />NEIL 1. HENDRICKSON, C. P. A. <br />The City Council and Residents <br />City of Lino Lakes <br />Lino Lakes, Minnesota <br />AFFILIATED WITH <br />NATIONAL CPA GROUP <br />MEMBER FIRMS IN PRINCIPAL CITIES <br />10501 WAYZATA BOULEVARD <br />MINNETONKA, MtNNE sOTA 55343 <br />TELEPHONE (612) 545 -0421 <br />We have examined the financial statements of the various funds and the general long- <br />term debt group of accounts of the City of Lino Lakes, Minnesota for the year ended <br />December 31, 1977 shown on pages 5 through 22. Our examination was made in accor- <br />dnace with generally accepted auditing standards, and accordingly included such <br />tests of the accounting records and such other auditing procedures as we considered <br />necessary in the circumstances, except that we did not examine the Statement of <br />General Fixed Assets for the reason stated in the following paragraph. <br />Because the City does not maintain fixed asset records which provide complete accounting <br />control over quantities and costs of all equipment it was impracticable to audit the <br />accompanying balance sheet of General Fixed Assets and we express no opinion thereon, <br />except with respect to the basis of valuation of certain assets included therein, <br />which is at variance with generally accepted accounting principles as more fully <br />explained in Note 1. <br />In our opinion, except for the Statement of General Fixed Assets, the aforementioned <br />financial statements present fairly the financial position of the various funds and <br />general long -term debt group of accounts of the City of Lino Lakes, Minnesota as of <br />December 31, 1977 and the result of operations of such funds and the changes in <br />financial position of the Water and Sewer Fund for the year then ended in conformity <br />with generally accepted accounting principles applied on a basis consistent with <br />that of the preceding year, after giving retroactive effect to the changes, with <br />which we concur, in the method of accounting for prepayments and customer deposits <br />as described in Note 6 to the Financial Statements. <br />Minnetonka, Minnesota <br />January 18, 1978 <br />Certified Public Accountants <br />
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