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M R
<br />CERTIFIED PUBLIC
<br />ACCOUNTANTS
<br />INDEPENDENT AUDITOR'S REPORT
<br />To the City Council and Residents
<br />City of Roseville, Minnesota
<br />PRINCIPALS
<br />Kenneth W. Malloy, CPA
<br />Thomas M. Montague, CPA
<br />Thomas A. Karnowski, CPA
<br />Paul A. Radosevich, CPA
<br />William J. Lauer, CPA
<br />James H. Eichten, CPA
<br />Aaron J. Nielsen, CPA
<br />We have audited the accompanying financial statements of the governmental activities, the business -type
<br />activities, the aggregate discretely presented component unit, each major fund, and the aggregate
<br />remaining fund information of the City of Roseville (the City), as of and for the year ended December 31,
<br />2005, which collectively comprise the City's basic financial statements as listed in the table of contents.
<br />These financial statements are the responsibility of the City's management. Our responsibility is to
<br />express opinions on these financial statements based on our audit. The prior year partial comparative
<br />information presented has been derived from the City's financial statements for the year ended
<br />December 31, 2004, and in the report of another auditor dated April 13, 2005, they expressed unqualified
<br />opinions on the respective financial statements of the governmental activities, the business -type activities,
<br />the discretely presented component 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 examining, on a test basis, evidence supporting the amounts and
<br />disclosures in the financial statements. An audit also includes assessing the accounting principles used
<br />and significant estimates made by management, as well as evaluating the overall financial statement
<br />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 aggregate
<br />discretely presented component unit, each major fund, and the aggregate remaining fund information of
<br />the City as of December 31, 2005, and the respective changes in financial position and cash flows, where
<br />applicable, thereof and the budgetary comparison for the General Fund and major special revenue funds
<br />for the year then ended, in conformity with accounting principles generally accepted in the United States
<br />of America.
<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, 2004, from which such
<br />partial information was derived.
<br />(continued)
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<br />Malloy, Montague, Karnowski, Radosevich & Co., P.A.
<br />5353 Wayzata Boulevard • Suite 410 • Minneapolis, MN 55416 • Telephone: 952- 545 -0424 • Telefax: 952- 545 -0569 • www.mmkr.com
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