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C E R T I F I E D <br />A C C O U N T A N T S <br />P UBLIC <br />PRINCIPALS <br />Thomas A. Karnowski, CPA <br />Paul A. Radosevich, CPA <br />William J. Lauer, CPA <br />James H. Eichten, CPA <br />Aaron J. Nielsen, CPA <br />Victoria L. Holinka, CPA/CMA <br />Jaclyn M. Huegel, CPA <br />Malloy, Montague, Karnowski, Radosevich & Co., P.A. <br />5353 Wayzata Boulevard • Suite 410 • Minneapolis, MN 55416 • Phone: 952-545-0424 • Fax: 952-545-0569 • www.mmkr.com <br /> <br />-1- <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />INDEPENDENT AUDITOR’S REPORT <br /> <br /> <br /> <br />To the City Council and Management <br />City of Arden Hills, Minnesota <br /> <br /> <br />REPORT ON THE FINANCIAL STATEMENTS <br /> <br />We have audited the accompanying financial statements of the governmental activities, the business-type <br />activities, each major fund, and the aggregate remaining fund information of the City of Arden Hills, <br />Minnesota (the City) as of and for the year ended December 31, 2018, and the related notes to the <br />financial statements, which collectively comprise the City’s basic financial statements as listed in the <br />table of contents. <br /> <br />MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS <br /> <br />Management is responsible for the preparation and fair presentation of these financial statements in <br />accordance with accounting principles generally accepted in the United States of America; this includes <br />the design, implementation, and maintenance of internal control relevant to the preparation and fair <br />presentation of financial statements that are free from material misstatement, whether due to fraud or <br />error. <br /> <br />AUDITOR’S RESPONSIBILITY <br /> <br />Our responsibility is to express opinions on these financial statements based on our audit. We conducted <br />our audit in accordance with auditing standards generally accepted in the United States of America and <br />the standards applicable to financial audits contained in Government Auditing Standards, issued by the <br />Comptroller General of the United States. Those standards require that we plan and perform the audit to <br />obtain reasonable assurance about whether the financial statements are free from material misstatement. <br /> <br />An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in <br />the financial statements. The procedures selected depend on the auditor’s judgment, including the <br />assessment of the risks of material misstatement of the financial statements, whether due to fraud or <br />error. In making those risk assessments, the auditor considers internal control relevant to the City’s <br />preparation and fair presentation of the financial statements in order to design audit procedures that are <br />appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of <br />the City’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating <br />the appropriateness of accounting policies used and the reasonableness of significant accounting <br />estimates made by management, as well as evaluating the overall presentation of the financial statements. <br /> <br />We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for <br />our audit opinions. <br /> <br /> <br />(continued)