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Certificate of Achievement for Excellence in Financial Reporting <br />Summary of Grading <br />City of Lake Elmo, Minnesota <br />Member ID: 300148809 <br />Report #: COA-2023-03940 <br />The Certificate of Achievement Program Special Review Committee (SRC) has completed its review of your annual <br />comprehensive financial report. The grades awarded for each grading category are listed below, followed by <br />comments and suggestions for improvement grouped by category. <br />Any category showing a grade of “Needs Significant Improvement” indicates an area of particular concern to the <br />SRC. On the detailed listing of comments and suggestions for improvement, further notation will indicate which <br />comment or comments gave rise to the areas of concern and the degree of severity of the deficiency noted by those <br />comments. We encourage you to give special attention to these comments in order to be eligible to win the <br />Certificate going forward. <br />Grading Category Grade <br />101 - Cover, table of contents, and formatting Proficient <br />102 - Introductory section Proficient <br />103 - Report of the independent auditor Proficient <br />104 - Management's discussion and analysis (MD&A)Proficient <br />105 - Basic financial statements (preliminary considerations)Proficient <br />106 - Government-wide financial statements Needs Significant Improvement <br />107 - Fund financial statements (general considerations)Proficient <br />108 - Governmental fund financial statements Proficient <br />109 - Proprietary fund financial statements Proficient <br />110 - Fiduciary fund financial statements Not Applicable <br />111 - Summary of significant accounting policies (SSAP)Proficient <br />112 - Note disclosure (other than the SSAP and pension-related <br />disclosures) <br />Proficient <br />113 - Pension-related note disclosures Proficient <br />114 - Required supplementary information (RSI)Proficient <br />115 - Combining and individual fund information and other <br />supplementary information <br />Proficient <br />118 - Statistical section Proficient <br />119 - Other considerations Proficient