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M 6KR <br />CERTIFIED PUBLIC <br />ACCOUNTANTS <br />INDEPENDENT AUDITOR'S REPORT <br />To the City Council and Management <br />City of Mounds View, Minnesota <br />REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS <br />OPINIONS <br />PRINCIPALS <br />Thomas A. Karnowski, CPA <br />Paul A. Radosevich, CPA <br />William J. Lauer, CPA <br />James H. Eichten, CPA <br />Aaron J. Nielsen, CPA <br />Victoria L. Holinka, CPA/CMA <br />Jaclyn M. Huegel, CPA <br />Kalen T. Karnowski, CPA <br />We have audited the accompanying financial statements of the governmental activities, the business -type <br />activities, each major fund, and the aggregate remaining fund information of the City of Mounds View, <br />Minnesota (the City) as of and for the year ended December 31, 2023, and the related notes to the financial <br />statements, which collectively comprise the City's basic financial statements as listed in the table of <br />contents. <br />In our opinion, the financial statements referred to above present fairly, in all material respects, the <br />respective financial position of the governmental activities, the business -type activities, each major fund, <br />and the aggregate remaining fund information of the City as of December 31, 2023, and the respective <br />changes in financial position, and, where applicable, cash flows thereof, and the budgetary comparisons for <br />the General Fund and major special revenue funds for the year then ended, in accordance with accounting <br />principles generally accepted in the United States of America. <br />BASIS FOR OPINIONS <br />We conducted our audit in accordance with auditing standards generally accepted in the United States of <br />America and the standards applicable to financial audits contained in Government Auditing Standards, <br />issued by the Comptroller General of the United States. Our responsibilities under those standards are <br />further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our <br />report. We are required to be independent of the City and to meet our other ethical responsibilities in <br />accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence <br />we have obtained is sufficient and appropriate to provide a basis for our audit opinions. <br />(continued) <br />-I- <br />Malloy, Montague, Karnowski, Radosevich & Co., P.A. <br />5353 Wayzata Boulevard • Suite 410 • Minneapolis, MN 55416 • Phone: 952-545-0424 • Fax: 952-545-0569 • www.mmkr.com <br />