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I 1.1 , !, I] L n [] [] [J 'I. L [J 1.1 , [J 1I lJ u lJ. II i I lj. 1 I Civic Center Plaza Suite 300 P.O. Box 3166 Mankato, MN 56002-3166 INDEPENDENT AUDITOR'S REPORT DRAFT Honorable Mayor and Council City of Arden Hills Arden Hills, Minnesota We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fimd, and the aggregate remaining fimd information of the City of Arden Hills, Minnesota (the City), as of and for the year ended December 31,2004, which collectively comprise the City's basic financial statements as listed in the table of contents. These financial statements are the responsibility of the City's management. Our responsibility is to express opinions on these fmancial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of Aroerica. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the fInancial statements are free of material misstatement. An audit includes exaroining, 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 opinions. In our opinion, the fmancial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fimd, and the aggregate remaining fimd information of the City as of December 31, 2004, and the respective changes in fInancial position and cash flows, where applicable, thereoffor the year then ended in conformity with accounting principles generally accepted in the United States of Aroerica. As described in Note 6, 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, 2004. The management's discussion and analysis on pages I through X is not a required part of the basic fmancial statements but is supplementary information required by accounting principles generally accepted in the United States of America. We bave applied certain limited procedures, whicb consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information, However, we did not audit the information and express no opinion on it. 507.625.2727 . Fax 507.388.9139 www_aemcpas_com