6.4. SR 06-21-2004 - Laserfiche WebLink

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* ABD0 EICK & ME~EPI. S LLP Certified Pu~t~c Accountanzs & Consultants Grandview Square 5201 Eden Avenue Suite 370 Edina, MN 55436 INDEPENDENT AUDITOR'S REPORT Honorable Mayor and City Council City of Elk River, Minnesota We have audited the accompanying f'mancial statements of the City of Elk River, Minnesota, as of and for the year ended December 31, 2003 as listed in the table of contents. These financial statements are the responsibility of the City's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance w/th auditing standards generally accepted in the Un/ted States of America and the standards applicable to £mancial audits contained in Government Auditing Standards, issued by the Comptroller General of the Un/ted States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of mater/al 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 opinion. In our opinion, the financial statements referred to above present fairly, in all mater/al respects, the £mancial position of the City as of December 31, 2003, and the results of its operations and cash flows of its proprietary fund type for the year then ended in conformity .with accounting principles generally accepted in the Un/ted States of America. In accordance with Government Auditing Standards, we have also issued our report dated March 19, 2004 on our consideration of the City's internal control over financial reporting and out tests of its compliance with certain provisions of laws, regulations, contracts and gants. That report is an integal part of an audit performed in accordance w/th Government Audin'ng Standards and should be read in conjunction with this report in considering the results of our audit. As descr/bed in Note 4G, the City has implemented a new financial reporting model, as required by the provisions of GASB Statement No. 34, Basic Financial Statements - and Management's Discussion and Analysis -for State and Local Governments, as of December 31, 2003. The financial statements as of December 31, 2002 have been restated to reflect the changes required by GASB Statement No. 34. The Management's Discussion and Analysis is not a required part of the financial statements but is supplementary information required by accounting principles generally accepted in the Un/ted States of Amer/ca. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the supplementary information. However, we did not audit the information and express no opinion on it. 952.335.9090 · Fax 952.835.3261 www.aemcpas.com 8