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II <br /> City of <br /> 1 Minnesota, USA <br /> April 30, 2015 <br /> To the City Council and Citizens of the City of Roseville: <br /> Minnesota statutes require all cities to issue an annual report on its financial position and activity <br /> prepared in accordance with generally accepted accounting principles in the United States of <br /> America (GAAP), and audited in accordance with generally accepted auditing standards by a <br /> firm of licensed certified public accountants or the Office of the State Auditor. Pursuant to that <br /> requirement, we hereby issue the comprehensive annual financial report of the City of Roseville <br /> for the fiscal year ended December 31, 2014. <br /> This report consists of management's representations concerning the <br /> finances of the City of <br /> Roseville. Consequently, management assumes full responsibility for the completeness and <br /> reliability of all of the information presented in this report. To provide a reasonable basis for <br /> making these representations, management of the City of Roseville has established a <br /> comprehensive internal control framework that is designed both to protect the government's <br />' assets from loss, theft, or misuse and to compile sufficient reliable information for the <br /> preparation of the City of Roseville's financial statements in conformity with GAAP. Because <br /> the cost of internal controls should not outweigh their benefits, the City of Roseville's internal <br />' controls have been designed to provide reasonable rather than absolute assurance that the <br /> financial statements will be free from material misstatement. As management, we assert that, to <br /> the best of our knowledge and belief, this financial report is complete and reliable in all material <br /> 1 respects. <br /> The City of Roseville's financial statements have been audited by Kern, DeWenter, Viere, a firm <br />' of licensed certified public accountants. The goal of the independent audit was to provide <br /> reasonable assurance that the financial statements of the City of Roseville for the fiscal year <br /> ended December 31, 2014 are free of material misstatement. The independent audit involved <br />' examining, on a test basis, evidence supporting the amounts and disclosures in the financial <br /> statements; assessing the accounting principles used and significant estimates made by <br /> management; and evaluating the overall financial statement presentation. The independent <br />' auditor concluded based upon the audit, that there was a reasonable basis for rendering an <br /> unqualified opinion that the City of Roseville's financial statements for the fiscal year ended <br /> December 31, 2014, are fairly presented in conformity with GAAP. The independent auditor's <br /> report is presented as the first component of the financial section of this report. <br /> 1I <br /> 1 <br />