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it r'ti i ri 01 L L1., L f tJ. <br /> CERTIFIED PUBLIC ACCOUNTANTS <br /> October 18, 1995 <br /> Cites <br /> 2401 Highway 10 <br /> Mounds View, MN 55112-1499 <br /> This letter is to confirm our understanding of the terms and objectives of our engagement and the <br /> nature and limitations of the services we will provide. <br /> We will assemble, from information management provides, the projected balance sheet and related <br /> statements of income, retained earnings, and cash flows of the City of Mounds View, Minnesota <br /> as of December 31, 1995 through December 31, 2000. We will not express any form of <br /> assurance on the achievability of the projection or reasonableness of the underlying assumptions. <br /> An assembly of a financial projection involves the computer processing of, and the mathematical <br /> and other clerical functions related to, the presentation of the projection, which is based on <br /> management's assumptions. An assembly does not include evaluating the support for the <br /> assumptions underlying the projection. <br /> If for any reason we are unable to complete our assembly of your financial projection, we will not <br /> submit the projection or issue a report on it as a result of this engagement. <br /> A financial projection presents, to the best of management's knowledge and belief,the City's <br /> expected financial position, results of operations, and cash flows for the projection period <br /> assuming that water and sewer rates determined will provide increase for adequate retained <br /> earnings. <br /> It is based on management's assumptions, reflecting conditions it expects would exist and courses <br /> of action it expects would be taken during the projection period assuming that water and sewer <br /> rates are adequate to provide for adequate increases in retained earnings. <br /> Management is responsible for representations about its plans and expectations and for disclosure <br /> of significant information that might affect the ultimate realization of the projected results. <br /> Even if water and sewer rates determined will provide for adequate increases in retained earnings, <br /> there will usually be differences between the projected and actual results, because events and <br />