2012-04-11 CC Packet - Laserfiche WebLink

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V c II I -1 E 1 E S I..,i..p Gertifiedi Pid) a Accnrdraaws & Goaastill ntc 5201 Lden Avenue Suite 250 Edina, MN 55436 10U];1»01.]004 1 r_N1101109IN &W ;1 01 :4 Honorable Mayor and Council City of Centervi I le, M i nnesota We have audited the accompanying financial statements of the governmental activities, the business -type activities, each major fund, and the aggregate remaining fund information of the City of Centervi I le, Minnesota (the City), as of and for the year ended December 31, 2011, which col l ecti vel y comprise the City's basic financial statements as I isted in the table of contents. These financial statements are the responsi bi I i ty of the City's management. Our responsi bi I i ty is to express opinions on these financial statements based on our audit. The prior year comparative information has been derived from the City's 2010 financial statements and, in our report dated March 24, 2011, we expressed unqualified opinions on the respective proprietary fund financial statements. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. 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 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 wel I as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. In our opinion, because of the effects of the matter discussed in the preceding paragraph, the governmental fund referred to above does not present fairly, inconformity with accounting principles generally accepted in the United States of America, the financial position of the City, as of December 31, 2011 or changes in financial position for the year then ended. Further, the City has not presented a management's discussion and analysis that accounting principles generally accepted in the United States has determined is necessary to supplement, although not required to be part of, the basic financial statements. As descri bed i n the Note 7 to the basi c f nanci al statements, the City adopted the provisions of Governmental Accounti ng Standards Board (GASB) Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, for the year ended December 31, 2011. Adoption of the provision of this statement results in significant changes to the classifications of the components of fund balances. Accounting pri nci ples general ly accepted in the United States of America require that the Management's Discussion and Analysis on page 13 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is requi red by the Governmental Accounti ng Standards Board, who considers it to be an essential part of fi nanci al reporting for placing the basic financial statements in an appropri ate operational, economic, or historical context. We have appl ied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. 952.835.9090 • Fax 952.835.3261 ww w.aemepas. eom in