Comprehensive Annual Financial Report 12/31/2002

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Lars nAlled CPAs, Consultants & Advisors www.larsonallen.com INDEPENDENT AUDITOR'S REPORT Honorable Mayor and Members of the City Council City of Lino Lakes, Minnesota 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, 2002 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 U.S. generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, 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. In our opinion, 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, 2002, and the results of its operations and cash flows of its proprietary fund types for the year then ended in conformity with U.S. generally accepted accounting principles. gma In accordance with Government Auditing Standards, we have also issued a report dated March 20, 2003 on our consideration of the City of Lino Lakes Minnesota's internal control over financial reporting and our tests of its —• compliance with certain laws, regulations, contracts, and grants. This report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering the results of our audit. 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, supplementary financial information and statistical section 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 the statistical section on which we express no opinion, has been subjected to the auditing procedures applied in our audit of the general purpose financial statements and, in our opinion, is fairly stated in all material respects in relation to the general purpose financial statements taken as a whole. Austin, Minnesota March 20, 2003 Now 12 LARSON, ALLEN, WEISIIAIR & CO., LLP Larson, Allen, Weishair & Co., LL