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Expert advice. When you reed i t. ` INDEPENDENT AUDITOR'S REPORT Honorable Mayor and Members of the City Council City of Roseville Roseville, Minnesota We have audited the accompanying financial statements of the governmental activities, the business - type activities, the discretely presented component unit, each major fund and the aggregate remaining fund information of the City of Roseville, Minnesota, as of and for the year ended December 31, 2011, 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 financial statements based on our audit. The prior year partial comparative information has been derived from the City's 2010 financial statements audited by other auditors. In their report dated May 10, 2011, they expressed unqualified opinions on the governmental activities, business type activities, the discretely presented component unit, each major fund and the aggregate remaining fund information. We conducted our audit in accordance with U.S. generally accepted auditing standards 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 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 well as evaluating the overall financial statement presentation. We believe our audit provides a reasonable basis for our opinions. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business -type activities, the discretely presented component unit, each major fund and the aggregate remaining fund information of the City of Roseville, Minnesota, as of December 31, 2011, and the respective changes in financial position and where applicable, cash flows, thereof, and the respective budgetary comparison for the General Fund, the Recreation Special Revenue Fund and the License Center Special Revenue Fund for the year then ended in conformity with U.S. generally accepted accounting principles. Expert advice. When you need it. sM Certified Public Accountants Wealth Management Payroll Services Business Valuations Technology Services St. Cloud 220 Park Avenue S. P.O. Box 1304 St. Cloud, Minnesota 56302 Phone: 320.251.7010 Fax: 320.251.1784 11 Twin Cities 3800 American Boulevard W. Suite 1000 Bloomington, Minnesota 55431 Phone: 952.563.6800 Fax: 952.563.6801 www.kdv.com Toll Free 877.912.7696 Technology Help Desk 866.400.6426