05-26-2015 Council Packet - Laserfiche WebLink

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a in wlfiw� Clifton LarsonAllen Honorable Mayor and Members of the City Council City of Lino Lakes, Minnesota Clifton LarsonAllen LLP CLAconnect.com We have audited the financial statements of the governmental activities, the business -type activities, each major fund, and the aggregate remaining fund information of the City of Lino La s (the City) for the year ended December 31, 2014, and have issued our report thereon dated May 015. We have previously communicated to you information about our responsibilities under auditing st r generally accepted in the United States of America and Government Auditing Standards, as well c . ry ai , information related to the planned scope and timing of our audit. Professional standards also r _ r t we communicate to you the following information related to our audit. Significant audit findings Qualitative aspects of accounting practices Accounting policies Management is responsible for the selection an u appropriate accounting policies. The significant accounting policies used by the City are des crib F n t to the financial statements. No new accounting policies were adopt a plication of existing policies was not changed during 2014. We noted no transactions entered in p by = e City during the year for which there is a lack of authoritative guidance or consensus. All signif' actions have been recognized in the financial statements in the proper period. Accounting estimates Accounting estimates are an gral part of the financial statements prepared by management and are based on management's knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ significantly from those expected. The most sensitive estimates affecting the financial statements were: • Management's estimate of the useful lives of capital assets is based on authoritative guidance and past experience. We evaluated the key factors and assumptions used to develop the useful lives of capital assets in determining that it is reasonable in relation to the financial statements taken as a whole. • Management's estimate of the allowance for doubtful accounts is based on collection history of ambulance billings and an analysis of the collectability of individual accounts. ♦ An irdepeent neither of Nezia IrWnatlord INTERNATIONAL rd