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M R
<br />CERTIFIED PUBLIC
<br />ACC 0 U N T A N T S
<br />INDEPENDENT AUDITOR'S REPORT
<br />To the City Council and Residents
<br />City of Roseville, Minnesota
<br />PRINCIPALS
<br />Kennerh W. Mail y, l'A
<br />[` Mori A. Karnowski, CPA.
<br />Paul A. Radwe}vic , CPA
<br />Willia -m J. Lauer, C A
<br />James H. Eichren, (:PA
<br />Aaron J. Nielsen, CH "A
<br />Victoria I.. Holin.ka, C i'A
<br />We have audited the accompanying financial statements of the governmental activities, the business -type
<br />activities, the discretely presented component unit, each major fund, and the aggregate remaining fund
<br />information of the City of Roseville (the City) as of and for the year ended December 31, 2010, which
<br />collectively comprise the City's basic financial statements as listed in the table of contents. These
<br />financial statements are the responsibility of the City's management. Our responsibility is to express
<br />opinions on these financial statements based on our audit. The prior year partial comparative information
<br />presented has been derived from the City's financial statements for the year ended December 31, 2009,
<br />and in our report dated May 12, 2010, we expressed unqualified opinions on the respective financial
<br />statements of the governmental activities, the business -type activities, the discretely presented component
<br />unit, each major fund, and the aggregate remaining fund information.
<br />We conducted our audit in accordance with auditing standards generally accepted in the United States of
<br />America and the standards applicable to financial audits contained in Government Auditing Standards,
<br />issued by the Comptroller General of the United States. Those standards require that we plan and perform
<br />the audit to obtain reasonable assurance about whether the financial statements are free of material
<br />misstatement. An audit includes consideration of internal control over financial reporting as a basis for
<br />designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing
<br />an opinion on the effectiveness of the City's internal control over financial reporting. Accordingly, we
<br />express no such opinion. An audit also includes examining, on a test basis, evidence supporting the
<br />amounts and disclosures in the financial statements. An audit also includes assessing the accounting
<br />principles used and the significant estimates made by management, as well as evaluating the overall
<br />financial statements presentation. We believe that our audit provides a reasonable basis for our opinions.
<br />In our opinion, the financial statements referred to above present fairly, in all material respects, the
<br />respective financial position of the governmental activities, the business -type activities, the discretely
<br />presented component unit, each major fund, and the aggregate remaining fund information of the City as
<br />of December 31, 2010, and the respective changes in financial position and cash flows, where applicable
<br />thereof, and the respective budgetary comparison for the General Fund and the major special revenue
<br />funds for the year then ended, in conformity with accounting principles generally accepted in the United
<br />States of America.
<br />As described in Note 1 of the notes to financial statements, the City adopted the provisions of
<br />Governmental Accounting Standards Board (GASB) Statement No. 51, "Accounting and Financial
<br />Reporting for Intangible Assets," in the year ended December 31, 2010.
<br />The financial statements include partial prior year comparative information. Such information does not
<br />include all of the information required in a presentation in conformity with accounting principles
<br />generally accepted in the United States of America. Accordingly, such information should be read in
<br />conjunction with the City's financial statements for the year ended December 31, 2009, from which such
<br />partial information was derived.
<br />(continued)
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<br />Malloy, Montague, Karti o r 1 i, Radosevicli ` Co., P.A.
<br />Wayzata Boulevard • Suiie 410 a Minneapolis, MN 55416 a `]telephone: 952-545-0424 * Tele 'ax: 952-545-0569 a www.mmkr.com
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