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05-17-88 CCM
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05-17-88 CCM
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VOTO, TAUTGES, REDPATH & CO., LTD. <br />CERTIFIED PUBLIC ACCOUNTANTS <br />Birch Lake Professional Building • 1310 E. Hwy. 96 • White Bear Lake, MN 55110 • Phone 426-3263 <br />ROBERT I. VOTO, CPA <br />ROBERT G. TAUTCES, CPA <br />TAMES S. REDPATH, CPA <br />April 28, 1988 <br />Marilyn Banister <br />Finance Director <br />City of Lake Elmo <br />3880 Laverne Avenue North <br />Lake Elmo, MN 55042 <br />Dear Marilyn: <br />I thought this letter would be in order to explain the increase in fees related <br />to the 1987 audit. Total fees increased by $7,323 over the 1986 audit related <br />billings. It is important to note that most of the increase is a nonrecurring <br />increase, and therefore we expect the 1988 audit billings to return to prior <br />levels. The increases were as follows: <br />1. Single audit billings increased because of the expanded scope <br />of work related to county financing and real property acqui- <br />sition. Although we will continue to monitor real property <br />acquisition compliance as part of the 1988 audit, the county <br />financing (hopefully) has been completed and such additional <br />work will not be required next year. Also please note that <br />the single audit fees are an allowable miscellaneous expense <br />of the project, and therefore this increase will be substan- <br />tially covered through the grant proceeds. <br />2. Governmental Accounting Standards Board, Statement #6 and <br />Governmental Accounting Standards Board, Statement #5 <br />required conversion of the 1987 annual financial report of <br />the City. These two new reporting standards required addi- <br />tional work beyond the scope of our normal audit. <br />GASB #6 required the elimination of special assessment funds <br />of the City and a blending of such funds into the debt service <br />and capital project funds of the City. Additionally, and more <br />importantly, the change required a restatement of the revenue <br />recognition criteria for special assessments. In order to <br />provide comparable numbers, 1986 amounts also required restate- <br />ment. <br />$3,802.50 <br />MEMBERS OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS • PRIVATE COMPANIES PRACTICE SECTION <br />MINNESOTA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS <br />GOVERNMENT FINANCE OFFICERS ASSOCIATION • MINNESOTA ASSOCIATION OF SCHOOL BUSINESS OFFICIALS <br />
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