05-26-2015 Council Packet - Laserfiche WebLink

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Honorable Mayor and Members of the City Council City of Lino Lakes Page 2 Qualitative aspects of accounting practices (continued) Accounting estimates (continued) • Management's estimate of the amount of the year-end compensated absences payable to employees is based on historical trends and anticipated leave time activity. • Management's estimate of the investments at fair value is based on published market values at December 31, 2014. • Management's estimate of other postemployment benefits payable is based on an actuarial study performed by an independent third -party and the City's historical activity. We evaluated the key factors and assumptions used to develop the other postemployment benefits payable in determining that it is reasonable in relation to the financial statements taken as a whole. Financial statement disclosures Certain financial statement disclosures are particularly sensitive becau a fir significance to financial statement users. There were no particularly sensitive financial statemen ', d s. i?s. The financial statement disclosures are neutral, consistent, an ear. Difficulties encountered in performing the audit We encountered no significant difficulties in dealing with a ement in performing and completing our audit. Uncorrected misstatements Professional standards require us to accumulat tements identified during the audit, other than those that are clearly trivial, and communicate th . appropriate level of management. Management did not identify and we did not notify them of an- u, s r ed financial statement misstatements. Corrected misstatements None of the misstatements z et ated s a result of audit procedures and corrected by management were material, either individually or i h regate, to the financial statements taken as a whole. Disagreements with manag For purposes of this letter, a disagreement with management is a financial accounting, reporting, or auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial statements or the auditors' report. No such disagreements arose during our audit. Management representations We have requested certain representations from management that are included in the management representation letter dated May 18, 2015.