My WebLink
|
Help
|
About
|
Sign Out
Home
Search
06/28/2010 Council Packet
LinoLakes
>
City Council
>
City Council Meeting Packets
>
1982-2020
>
2010
>
06/28/2010 Council Packet
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
3/27/2014 1:34:15 PM
Creation date
3/26/2014 9:47:02 AM
Metadata
Fields
Template:
City Council
Council Document Type
Council Packet
Meeting Date
06/28/2010
Council Meeting Type
Regular
Jump to thumbnail
< previous set
next set >
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
220
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
June 21, 2010 <br />Honorable Mayor <br />Members of the City Council <br />Citizens of the City of Lino Lakes, Minnesota <br />Minnesota State law requires that cities over 2,500 population publish within six months of the close of each <br />fiscal year a complete set of financial statements presented in conformity with generally accepted accounting <br />principles (GAAP) and audited in accordance with generally accepted auditing standards by a firm of licensed <br />certified public accountants and submit them to the state auditor. Pursuant to that requirement, we hereby issue <br />the comprehensive annual financial report of the City of Lino Lakes, Minnesota for the fiscal year ended <br />December 31, 2009. <br />This report consists of management's representations concerning the finances of the City of Lino Lakes. <br />Consequently, management assumes full responsibility for the completeness and reliability of all of the <br />information presented in this report. To provide a reasonable basis for making these representations, management <br />of the City of Lino Lakes has established a comprehensive internal control framework that is designed both to <br />protect the government's assets from loss, theft, or misuse and to compile sufficient reliable information for the <br />preparation of the City of Lino Lakes' financial statements in conformity with GAAP. Because the cost of <br />internal controls should not outweigh their benefits, the city's comprehensive framework of internal controls has <br />been designed to provide reasonable rather than absolute assurance that the financial statements will be free from <br />material misstatement. As management, we assert that, to the best of our knowledge and belief, this financial <br />report is complete and reliable in all material respects. <br />The City of Lino Lakes' financial statements have been audited by LarsonAllen LLP, a firm of licensed certified <br />public accountants. The goal of the independent audit was to provide reasonable assurance that the financial <br />statements of the City for the fiscal year ended December 31, 2009, are free of material misstatement. The <br />independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the <br />financial statements; assessing the accounting principles used and significant estimates made by management; <br />and evaluating the overall financial statement presentation. The independent auditor concluded, based upon the <br />audit that there was a reasonable basis for rendering an unqualified opinion that the City's financial statements <br />for the fiscal year ended December 31, 2009, are fairly presented in conformity with GAAP. The independent <br />auditor's report is presented as the first component of the financial section of this report. <br />GAAP require that management provide a narrative introduction, overview and analysis to accompany the basic <br />financial statements in the form of Management's Discussion and Analysis (MD &A). This letter of transmittal is <br />designed to complement MD &A and should be read in conjunction with it. The City of Lino Lakes' MD &A can <br />be found immediately following the report of the independent auditors. <br />3 <br />600 Town Center Parkway, Lino Lakes, Minnesota 55014-1182 <br />Phone: 651 - 982 -2400 • Fax: 651 - 982 -2499 <br />
The URL can be used to link to this page
Your browser does not support the video tag.