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tho�n a e C,y 3301 Silver Lake Road, St. Anthony, Minnesota 55418-1699 Office: (612) 782-3301 • Fax: (612) 782-3302 • www.ci.saint-anthony.mn.us May 11, 2009 To the Honorable Mayor, Members of the City Council and Citizens of the City of St. Anthony, Minnesota: State law requires that all general-purpose local governments publish within six months of the close of each fiscal year a complete set of audited financial statements. This report is published to fulfill that requirement for the fiscal year ended December 31, 2008. Management assumes full responsibility for the completeness and reliability of the information contained in this report, based upon a comprehensive framework of internal controls that have been established for this purpose. Because the cost of internal controls should not exceed anticipated benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial statements are free of any material misstatements. HLB Tautges, Redpath, Ltd., Certified Public Accountants, have issued an unqualified ("clean") opinion on the City of St. Anthony's financial statements for the year ended December 31, 2008. The independent auditor's report is located at the front of the financial section of this report. Management's discussion and analysis (MD&A) immediately follows the independent auditor's report and provides a narrative introduction, overview and analysis of the basic financial statements. MD&A complements this letter of transmittal and should be read in conjunction with it. Profile of the City The City of St. Anthony, incorporated in 1945, is located near Northeast Minneapolis and is a first ring northern suburb of the Minneapolis -St. Paul metropolitan area. The City is a completely developed community and is bordered on all sides by the communities of Minneapolis, Columbia Heights, New Brighton and Roseville. Approximately two-thirds of the City is located in northeastern Hennepin County and one-third is located in the northwest corner of Ramsey County. The City encompasses a land area of three square miles and serves a population of 8,361. The City is located 10 minutes north of downtown Minneapolis and 15 minutes northwest of downtown St. Paul. City residents and businesses have easy access to all parts of the Minneapolis -St. Paul metropolitan area by the use of Interstate 35W, Interstate 694 and Highway 280. Our Mission is to be a progressive and livable comn3unity, a walkable village, which is safe and secure. L.