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GEORGE M. HANSEN COMPANY <br />C"tified Public Accountants <br />SOUTH PLAZA BUILDING <br />MINNEAPOLIS, MINNESOTA 55416 <br />The City Council of <br />St. Anthony, Minnesota <br />We have examined the accompanying financial statements of the various funds <br />and the general long-term debt group of accounts of the City of St. Anthony <br />for the year ended December 31, 1976, shown on pages 3 through 30. Our ex- <br />amination was made in accordance with generally accepted auditing standards, <br />and accordingly included such tests of the accounting records and such other <br />auditing procedures as we considered necessary in the circumstances. <br />The City has not maintained a record of its general fixed assets and accordingly, <br />these items are not included in the financial report as required by generally <br />accepted accounting principles. <br />The General Fund statements of cash receipts and disbursements do not give <br />effect to accrued items of income and expense. Accordingly, these statements <br />do not present the results of operations in conformance with generally accepted <br />accounting principles. <br />In our opinion the accompanying financial statements, other than the items referred <br />to in the preceeding paragraphs, present fairly the financial position of the <br />various funds and the general long-term debt group of accounts of the City of <br />St. Anthony at December 31, 1976, and the results of operations of such funds <br />for the year then ended, in conformity with generally accepted accounting principles <br />applied on a basis consistent with that of the preceding year. <br />The accompanying supplemental schedules and related information presented on pages <br />34 to 41 are not necessary for a fair presentation of the financial statements, but <br />are presented as additional analytical data. This information has been subjected <br />to the tests and other auditing procedures applied in the examination of the <br />financial statements mentioned above and, in our opinion, is fairly stated in all <br />material respects in relation to the financial statements taken as a whole. <br />June 21, 1977 <br />L, <br />1_. <br />