Laserfiche WebLink
Imm <br />June 1, 2008 <br />Honorable Mayor <br />Members of the City Council <br />Citizens of the City of Lino Lakes, Minnesota <br />Vow <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, 2007. <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, 2007, 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, 2007, 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 />IMMO <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 />6O0 Town Center Parkway, ino Lakes, Minnesota 55014 -1182 <br />Phone: 651- 982 -2400 • Fax: 631- 982 -2499 <br />