Annual Financial Report 12/31/1994

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Ilmor To the Honorable Mayor and Members of the City Council City of Lino Lakes, Minnesota TAUTGES, REDPATH & CO., LTD. CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITOR'S REPORT We have audited the accompanying general purpose financial statements of the City of Lino Lakes, Minnesota, as of and for the year ended December 31, 1994, as listed in the table of contents. These general purpose financial statements are the responsibility of the City's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards as issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall general purpose financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. The City does not maintain complete accounting controls over quantities and costs of General Fixed Assets. Therefore, we were not able to obtain sufficient evidential matter to form an opinion regarding the amounts at which property, plant and equipment are recorded in the General Fixed Assets Account Group at December 31, 1994 or 1993 (stated at $2,795,609 and $2,630,549 respectively). Accordingly, we do not express an opinion on this account group. In our opinion, except for the effects of such adjustments, if any, as might have been determined had we been able to obtain sufficient evidential matter regarding the City's General Fixed Assets, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the City of Lino Lakes, Minnesota, as of December 31, 1994 and the results of its operations and cash flows of its proprietary fund types for the year then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The combining and individual fund and account group financial statements and supplementary financial information listed in the table of contents are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the City of Lino Lakes, Minnesota. Such information, except for that portion marked "unaudited," on which we express no opinion, has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole. TAUTGES, REDPATH & CO., LTD. Certified Public Accountants April 10, 1995 9 4810 White Bear Parkway • White Bear Lake, Minnesota 55110 • 612/426 -7000 • FAX /426 -5004 • Member of HLB International