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Phone: (763) 717-4000 Fax: (763) 717-4019 April 29, 2024 Honorable Mayor, Members of the City Council, and Residents City of Mounds View, Minnesota State law requires that all municipalities complete a set of financial statements presented in conformity with accounting principles generally accepted in the United States of America, and these statements are to be audited by a firm of certified public accountants or the Office of the State Auditor. Pursuant to that requirement, we hereby submit the Annual Comprehensive Financial Report (ACFR) of the City of Mounds View, Minnesota (the City) for the fiscal year ended December 31, 2023. This report consists of management's representations concerning the finances of the City. Consequently, management assumes full responsibility for the completeness and reliability of all of the information presented in this report. To provide a reasonable basis for making these representations, management of the City has established a comprehensive internal control framework that is designed both to protect the City's assets from loss, theft, or misuse and to compile sufficient reliable information for the preparation of the City's financial statements in conformity with accounting principles generally accepted in the United States of America. Because the cost of internal controls should not outweigh their benefits, the City's comprehensive framework of internal controls has been designed to provide reasonable, rather than absolute, assurance that the financial statements will be free from material misstatement. As management, we assert that, to the best of our knowledge and belief, this financial report is complete and reliable in all material respects. The City's financial statements have been audited by Malloy, Montague, Kamowski, Radosevich & Co., P.A. (MMKR), a firm of certified public accountants. The goal of the independent audit was to provide reasonable assurance that the financial statements of the City for the fiscal year ended December 31, 2023 are free of material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessing the accounting principles used and significant estimates made by management; and evaluating the overall financial statement presentation. The independent auditor concluded, based upon the audit, that there was a reasonable basis for rendering an unmodified opinion that the financial statements for the year ended December 31, 2023 are fairly presented in conformity with accounting principles generally accepted in the United States of America. The independent auditor's report is presented as the first component of the financial section of this report. Accounting principles generally accepted in the United States of America require that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of management's discussion and analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The City's MD&A can be found immediately following the report of the independent auditor. -i- 2401 Mounds View Boulevard • Mounds View, MN 55112-1499 Website address: hiip://www.moundsviewmn.org