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<br /> <br />Grandview Square <br />5201 Eden Avenue <br />Suite 370 <br />Edina, MN 55436 <br /> <br />INDEPENDENT AUDITOR'S REPORT <br /> <br />Honorable Mayor and City Council <br />City of Centerville, Minnesota <br /> <br />We have audited the accompanying fInancial statements of the City of Centerville, Minnesota, as of and for the year ended <br />December 31,2003 as listed in the table of contents. These fmancial statements are the responsibility of the City's management. <br />Our responsibility is to express an opinion on these fInancial statements based on our audit. <br /> <br />We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those <br />standards require that we plan and perform the audit to obtain reasonable assurance about whether the fInancial statements are <br />free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in <br />the fmancial statements. An audit also includes assessing the accounting principles used and signifIcant estimates made by <br />management, as well as evaluating the overall fmancial statement presentation. We believe that our audit provides a reasonable <br />basis for our opinion. <br /> <br />In our opinion, the fmancial statements referred to above present fairly, in all material respects, the fInancial position of the City <br />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 <br />conformity with accounting principles generally accepted in the United States of America. <br /> <br />As described in Note 1, the City has implemented a new fInancial reporting model, as required by the provisions ofGASB <br />Statement No. 34, Basic Financial Statements - and Management's Discussion and Analysis - for State and Local Governments, <br />as of December 31,2003. The fInancial statements as of December 31,2002 have been restated to reflect the changes required by <br />GASB Statement No. 34. <br /> <br />The Management's Discussion and Analysis on pages I through IX is not a required part of the fInancial statements but is <br />supplementary information required by accounting principles generally accepted in the United States of America. We have <br />applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of <br />measurement and presentation of the supplementary information. However, we did not audit the information and express no <br />opinion on it. <br /> <br />Our audit was conducted for the purpose of forming an opinion on the fInancial statements taken as a whole. The supplemental <br />information listed in the table of contents is presented for the purpose of additional analysis and is not a required part of the <br />fInancial statements of the City. Such information has been subjected to the auditing procedures applied in the audits of the <br />fInancial statements and, in our opinion, is fairly stated in all material respects in relation to the fInancial statements as a whole. <br /> <br />Ol.nn\ D'tYl ~ M~, lLP <br /> <br />February 6, 2004 <br />Minneapolis, Minnesota <br /> <br />ABDO, EICK & MEYERS, LLP <br />CertifIed Public Accountants <br /> <br />952.835.9090 . Fax 952.835.3261 <br /> <br />www.aemcpas.com <br />