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7241 Ohms Lane Suite 200 Edina, MN 55439 INDEPENDENT AUDITOR'S REPORT Honorable Mayor and City Council City of Centerville, Minnesota We have audited the accompanying general purpose financial statements of the City of Centerville, Minnesota, as of and for the year ended December 31, 2001 as listed in the table of contents. These general purpose financial statements are the responsibility of the City's management. Our responsibility is to express an opinion on these general purpose financial statements hased on our audit. Except as discussed in the following paragraph, we conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whetber the general purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall general purpose financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. The City does not maintain a record of its general fixed assets as required by accounting principles generally accepted in the United States of America. Because we were unable to satisfy ourselves by appropriate audit tests or by other means, we are unable to express an opinion on the accompanying general fixed assets account group. In our opinion, except for the effects on the general purpose fmancial statements of such adjustments, if any, as might have been determined to be necessary had we audited the general fixed assets account group, the general purpose financial statements referred to above present fairly, in all material respects, the results of its operations and the cash flows of its proprietary fund type for the year then ended, in conformity with accounting principles generally accepted in the United States of America. In accordance with Government Auditing Standards, we have also issued our report dated March 29, 2002 on our consideration of the City's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering the results of our audit. Our audit was performed for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The combining and individual fund financial statements and schedules listed in the table of contents are presented for the purpose of additional analysis and are not a required part of the general purpose financial statements of the City. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is fairly stated in all material respects in relation to the general purpose financial statements taken as a whole. March 29, 2002 Minneapolis, Minnesota ~/ W "" J#~/LLP ABDO, EICK & MEYERS, LLP Certified Public Accountants 952.835.9090 Fax 952.835.3262 www.aerncpas.CQrn