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/1 Ralik- ADRIAN ELGESOM y WAND COMPANY Certified Public Accountants. 3710 IDS Center 80 South 8th Street Minneapolis,MN 55402 (612)341-3030 s June 30, 1984 Honorable Mayor and Members of the City Council City of St . Anthony, Minnesota 3301 Silver Lake Road St. Anthony, Minnesota 55418 We have examined the financial statements of the City of St. Anthony for the year December 31, 1983 and have issued our report thereon dated June 6, 1984. As part of our examination, we reviewed and tested the- City's system of internal accounting control as required by generally accepted auditing standards. Under these standards , the purpose of such evaluation is to establish a basis for reliance thereon for determining the nature, timing and extent of other auditing procedures that are necessary for expressing an opinion on the financial statements. Our evaluation of the City's system of internal control, which was made for the purpose set forth above, would not necessarily s disclose all weaknesses in the system. However, such evaluation disclosed the following matters that we believe warrant the attention of the City's management. General Fixed Assets As previously noted, the City does not maintain fixed asset W records as- required by generally accepted accounting principles. We recommend a property ledger be maintained for City—owned f. property and equipment . A property ledger would ideally contain all pertinent information for each item, such as asset description,' date purchased, cost , vendor, estimated life and department responsible for use. Also, such a ledger could serve as a valuable management tool. We understand during the past year staff began accumulating the necessary information for establishing a property ledger. Strong consideration should be given to completing this process and establishing a property ledger. �i�