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TAUTGES REDPATH, LTD. Certified Public Accountants INDEPENDENT AUDITOR'S REPORT To the Honorable Mayor and Members of the City Council City of St. Anthony, Minnesota We have audited the accompanying financial statements of the governmental activities, the business -type activities, each major fund, and the aggregate remaining fund information of the City of St. Anthony, Minnesota, as of and for the year ended December 31, 2011, which collectively comprise the City of St. Anthony, Minnesota's basic financial statements as listed in the table of contents. These financial statements are the responsibility of the City of St. Anthony, Minnesota's management. Our responsibility is to express opinions on these financial statements based on our audit. The prior year partial comparative information has been derived from the City of St. Anthony, Minnesota's 2010 financial statements and, in our report dated May 23, 2011, we expressed unqualified opinions on the respective financial statements of the governmental activities, the business -type activities, each major fund, and the aggregate remaining fund information. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business -type activities, each major fund, and the aggregate remaining fund information of the City of St. Anthony, Minnesota, as of December 31, 2011, and the respective changes in financial position, and cash flows, where applicable, thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America. As discussed in note 18 to the financial statements, the City adopted the provisions of Governmental Accounting Standards Board Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, for the year ended December 31, 2011. Adoption of the provisions of this statement results in changes to classifications of the components of fund balance and the reclassification of the Water Filtration and Purification fund. 4810 White Bear Parkway White Bear Lake, MN 551141 651.426.7000 651.426.5004 fax www.hlbtr.com Equal Opportunity Employer 100 -Percent Employee -Owned HLB Tautges Redpath.. Ltd, is a member of HLB International, a world-ande network of independent accounting firms and business advisors.