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ERTIFIED PUBLIC ACCOUNTANT S October 20, 2005 Mr. Mark Beer City of Mounds View 2401 Highway 10 Mounds View, MN 55112-1429 Dear Mr. Beer: PRINCIPALS Kenneth UV. Malloy, C.PA Thomas M Monta'ue, CPA Thomas A. Karnowslci, CPA Paul A. Radosevich, CPA William J. Lauer, CPA James H. E.ichren, CPA We are pleased to confirm our understanding of the services we are to provide the City of Mounds View (the City) for the year ended December 31, 2005. We will audit the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information, which collectively comprise the City's basic financial statements, as of and for the year ended December 31, 2005 . The document we submit to you will include the management's discussion and analysis, which is supplementary information required by accounting principles generally accepted in the United States of America that will be subjected to certain limited procedures, but will not be audited. Also, the document we submit to you will include combining and individual fund statements and schedules that will be subjected to the auditing procedures applied in our audit of the financial statements upon which we will provide an opinion in relation to the basic financial statements. The document will also include statistical information that will not be subject to the auditing procedures applied in our audit of the fnancial statements, and for which our auditor's report will disclaim an opinion. We will ,perform the required State Legal Compliance Audit conducted in accordance with auditing standards generally accepted in the United States of America and the provisions of the Legal Compliance Audit Guide promulgated by the Office of the State Auditor pursuant to Minnesota Statutes § 6.65, and will include such tests of the accounting records and other procedures we consider necessary to enable us to conclude that, for the items tested, the City has complied with the material terms and conditions of applicable legal provisions. We will also prepare a management report for the City Council and administration. This report will communicate such things as our concerns regarding accounting procedures or policies brought to our attention during our audit, along with recommendations for improvements. The report will also contain certain financial comparisons and analysis and a summary of legislative activity affecting Minnesota cities. Our services will not include an audit in accordance with the single audit act amendments of 1996 and the Office of Management and Budget Circular A-133, which would only be required if the City expended $500,000 or more in federal assistance funds during the year. If the City is required to have a single audit of federal assistance funds, this engagement letter would need to be modified. Malloy, Montague, Karnowski, Radosevich, & Co., P. A. X353 \y7zyzata Boule~~ard • Suite 410 • T.hinneapolis, M>t' 55416 • Telephone: 9>2-345-0424 • Telefax: 95?-545-0569 • mww.mmkr.com