HomeMy WebLinkAboutAudit Report Letter 1992March 5,1993
Tautges, Redpath & Co., Ltd.
4810 White Bear Parkway
White Bear Lake, Minnesota 55110
A 41 0/
In connection with your audit of the financial statements of the various funds and account groups
of the City of Lino Lakes, Minnesota as of December 31,1992 and for the year then ended, for the
purpose of expressing an opinion as to whether the financial statements present fairly the financial
position, changes in fund balance, results of operations, and changes in financial position (where
appropriate) of the various funds of the City of Lino Lakes, Minnesota in conformity with
generally accepted accounting principles, we confirm, to the best of our knowledge and belief, the
following representations made to you during your audit.
1. We are responsible for the fair presentation in the financial statements of financial
position; changes in fund balance, results of operations and changes in financial position
in conformity with generally accepted accounting principles. The financial statements
include all properly classified funds and account groups of the oversight unit required by
generally accepted accounting principles to be included in the financial reporting entity.
2. We have made available to you all:
a) Financial records and related data.
b) Minutes of all meetings of the City Council.
3. There have been no:
a) Irregularities involving administration or employees who have significant roles in the
system of internal accounting control.
b) Irregularities involving other employees that could have a material effect on the
financial statements.
c) Communications from regulatory agencies concerning noncompliance with, or
deficiencies in, financial reporting practices that could have a material effect on the
financial statements.
4. The City has no plans or intentions that may materially affect the carrying value or
classification of assets and liabilities.
5. There are no:
a) Violations or possible violations of 1pvs or regulations whose effects should be
considered for disclosure in the financial statements or as a basis for recording a loss
contingency.
b) Other material liabilities or gain or loss contingencies that are required to be accrued
or disclosed by Statement of Financial Accounting Standards No. 5, except as
disclosed in the letter from our City attorney.
c) Reservations or designations of fund equity that were not properly authorized or
approved.
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Tautges, Redpath & Co., Ltd.
Representation Letter, Page 2
6. There are no unasserted claims or assessments that the City attorney has advised us are
probable of assertion and must be disclosed in accordance with Statement of Financial
Accounting Standards No. 5.
7 . There are no material transactions that have not been properly recorded in the accounting
records or related data underlying the financial statements.
8. The City has satisfactory tide to all owned assets, and there are no unrecorded liens or
encumbrances on such assets nor have any assets been pledged. The City does not have
title to leased computer equipment.
9. All significant (material) inventories of the Proprietary Fund types have been recorded
and disclosure has been made with regard to valuation basis.
10. The City has complied with all aspects of contractual agreements that would have a
material effect on the financial statements in the event of noncompliance.
12. No events have occurred subsequent to the balance sheet date that would require
adjustment to, or disclosure in, the financial statements.
Paula Schloer, City Accountant
I1(8. tj U(Li Iet.
Mary V&ske, Finance Director
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A 41443