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Comprehensive Annual Financial Report 12/31/2011
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Comprehensive Annual Financial Report 12/31/2011
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Comprehensive Annual Financial Report
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12/31/2011
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WPM <br />WEEP <br />IIMPII <br />Honorable Mayor and <br />Members of the City Council <br />City of Lino Lakes, Minnesota <br />6, <br />CliftonLarsonAllen <br />INDEPENDENT AUDITORS' REPORT <br />CliftonLarsonAllen LLP <br />www.diftonlarsonallen.com <br />We have audited the accompanying financial statements of the governmental activities, the business - <br />type activities, each major fund, and the aggregate remaining fund information of the City of Lino <br />Lakes, Minnesota, as of and for the year ended December 31, 2011, which collectively comprise the <br />— City's basic financial statements as listed in the table of contents. These financial statements are the <br />responsibility of the City's management. Our responsibility is to express opinions on these financial <br />statements based on our audit. <br />We conducted our audit in accordance with U.S. generally accepted auditing standards and the <br />standards applicable to financial audits contained in Government Auditing Standards, issued by the <br />Comptroller General of the United States. Those standards require that we plan and perform the audit <br />to obtain reasonable assurance about whether the financial statements are free of material <br />misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and <br />disclosures in the financial statements. An audit also includes assessing the accounting principles used <br />— and significant estimates made by management, as well as evaluating the overall financial statement <br />presentation. We believe that our audit provides a reasonable basis for our opinions. <br />— In our opinion, the financial statements referred to above present fairly, in all material respects, the <br />respective financial position of the governmental activities, the business -type activities, each major <br />fund, and the aggregate remaining fund information of the City of Lino Lakes, as of December 31, <br />— 2011, and the respective changes in financial position and cash flows, where applicable, thereof for the <br />year then ended in conformity with accounting principles generally accepted in the United States of <br />America. <br />As discussed in Note 1Q to the basic financial statements, an error resulting in the understatement of <br />capital assets due to not recording previously donated land as of December 31, 2010, was discovered <br />by management. The financial statements include a restatement of beginning net assets to correct this <br />error. <br />As discussed in the notes to the basic financial statements, the City adopted the provisions of <br />Government Accounting Standards Board Statement No. 54, Fund Balance Reporting and <br />Governmental Fund Type Definitions, as of and for the year ended December 31, 2011. The statement <br />results in the City reporting nonspendable, restricted, committed, assigned, and unassigned fund <br />— balances in its governmental funds. <br />9 <br />
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