Comprehensive Annual Financial Report 12/31/1998

Home Search

INDEPENDENT AUDITOR'S REPORT To the Honorable Mayor and Members of the City Council City of Lino Lakes, Minnesota is LARSON iiii ALLEN 1111•WEISHAIR 1 &CO.,LLP CERTIFIED PUBLIC ACCOUNTANTS 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, 1998 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 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, 1998, 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. The year 2000 supplementary information presented on page 57 is not a required part of the basic financial statements but is supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the supplementary information. However, we did not audit the information and do not express an opinion on it. In addition, we do not provide assurance that the City of Lino Lakes is or will become year 2000 compliant, that the City of Lino Lakes' year 2000 remediation efforts will be successful in whole or in part, or that parties with which the City of Lino Lakes does business are or will become year 2000 compliant. In accordance with Government Auditing Standards, we have also issued a report dated June 23, 1999 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. 21