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Rdver <br /> <br />June 21, 2004 <br /> <br />Honorable Mayor <br />and Citizens <br /> <br />The Comprehensive <br />December 31, 2003 <br />annual audit of the <br />accountants. The <br />unq <br />financial section <br /> <br />This report was prep~ <br />and accuracy of this <br />the City. To <br />and are recorded in a <br />of the various funds <br />management of the <br />both protect the City' <br />for the preparation of <br />principles (GAAP). <br />assurance regarding <br />adequate financial <br />accountability for <br />and judgments by <br />City of Elk River's <br />exceed the benefits. <br /> <br />The Comprehensive <br />Financial, and <br />organizational chart <br />Auditors' Report, <br />statements, notes to <br />statements. The <br />generally presented <br /> <br />Generally <br />overview and analysi: <br />Discussion and Anal' <br /> <br />Members of the City Cou <br /> <br /> Financial Report (CAFR <br /> submitted. Minnesota <br />accounts by the State Audit <br />Abdo, Eick, and Meyers wa <br /> <br />ncil, <br /> <br />l~for the City of Elk River for the fiscal year ended <br />tate Statutes and the City's ordinance require an <br />>r's office or by independent certified public <br /> <br /> s selected to perform the City's: audit and their <br /> included in this report. Fhe independent auditor's report is included in the <br /> <br />by the City's Finance Department and responsibility for both the completeness <br />as well as the fairness of thls presentation including all enclosures, rests with <br /> t knowledge and belief, th{ enclosed data are accurate in all material respects <br /> .er designed to present fairly the financial position and the results of operations <br /> City. To provide a reasonable basis for making these representations, <br /> established a comprehensive internal control framework that is designed to <br /> :s from loss, theft, or misuse, and to compile sufficient reliable information <br /> financial statements in ac~,ordance with generally accepted accounting <br /> accounting controls are designed to provide reasonable but not absolute <br /> of the City's ass ets against loss, theft, or misuse, and ensuring that <br /> <br />are maintained for prepari~ <br />development of an app: <br />ensure that the cost <br />control structure is desigr <br /> <br /> Financial Report (CAFR <br />The Introductory section in <br />list of City officials. The <br /> Discussion and Ant <br /> <br />tg financial statements, and maintaining <br />· opriate internal control system:requires estimates <br />~ do not exceed the benefits of the system. The <br />ed so that the estimated costs of control do not <br /> <br />i is presented in three sections: Introductory, <br />cludes this transmittal letter, the City's <br />:inancial section includes the Independent <br />[ysis (MD&A), government wide and fund financial <br /> <br /> statements, and the Combining statements and individual fund <br /> section includes selected financial, economic, and demographic information <br /> <br /> principles require that management provide a narratiVe introduction <br /> 'the basic financial statements in the form of Management's <br />;is.! This letter of transmittal is designed to compliment the MD&A and should be <br /> <br /> <br />