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Adjusting Journal Entries JE # 45 <br />To reclass developer deposit <br />404-000-0000-36240 Dedication Fees <br />803-000-0000-10100 Cash <br />404-000-0000-10100 Cash <br />803-000-0000-22910 Developer Payments <br />Total <br />Adjusting Journal Entries JE # 48 <br />to reclass LMC Insurance divided <br />101-410-1320-43610 Insurance <br />101-000-0000-36200 Miscellaneous Revenue <br />Total <br />Adjusting Journal Entries JE # 52 <br />To reclass WAC coded to water mains <br />601-000-0000-16400 Water Mains <br />601-000-0000-37150 Water Connections - Municipal <br />Total <br />Disagreements with Management <br />City of Lake Elmo <br />February 17, 2006 <br />Page Seven <br />Debit Credit <br />$ <br />101,900 <br />101,900 <br />$ <br />101,900 <br />101,900 <br />$ <br />203,800 <br />$ <br />203,800 <br />$ <br />11,060 <br />$ <br />11,060 <br />$ <br />11,060 <br />$ <br />11,060 <br />9,200 <br />$ 9,200 <br />$ 9,200 $ 9,200 <br />For purposes of this letter, professional standards define a disagreement with management as a matter, whether or not resolved to <br />our satisfaction, concerning a financial accounting, reporting or auditing matter that could be significant to the financial statements <br />or the auditors' report. We are pleased to report that no such disagreements arose during the course of our audit. <br />Consultations with Other Independent Accountants <br />In some cases, management may decide to consult with other accountants about auditing and accounting matters, similar to <br />obtaining a "second opinion" on certain situations. If a consultation involves application of an accounting principle to the City's <br />financial statements or a determination of the type of auditors' opinion that may be expressed on those statements, our professional <br />standards require the consulting accountant to check with us to determine that the consultant has all the relevant facts. To our <br />knowledge, there were no such consultations with other accountants. <br />Issues Discussed Prior to Retention of Independent Auditors <br />We generally discuss a variety of matters, including the application of accounting principles and auditing standards, with <br />management each year prior to retention as the City's auditors. However, these discussions occurred in the normal course of our <br />professional relationship and our responses were not a condition to our retention. <br />Difficulties Encountered in Performing the Audit <br />We encountered no significant difficulties in dealing with management in performing our audit. <br />952.835.9090 • Fax 952.835.3261 <br />w .aemcpas.com <br />