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� � ,; �� , ; � � i r i �n '�� , . 2660 CIVIC CENTER DRIVE PEIEPHOPlE 484-3371 I� �'� �---% ��-' �� ' i`- A9INNESOTA 55113 '��. May l, 1981 Mayor Demos and Council Members City of Roseville Roseville, Minnesota 55113 Dear Mayor Demos and Council 1�IemUers: The Comprehensive Annual Einancial Report of the City of Roseville, Minnesota, for the fiscal year ended December 31, 1980, is submitted herewith; The organization, form and contents of this report were prepared in accordance with standards prescribed by the Municipal Finance Officers association of the United Srates and Canada, the American Institute of Certified Public Accountants, National Council on Governmental Accounting and the Minnesota State Auditors Office. The format for this report has been modified to incorporate changes recommended by the National Council on Governmentai �ccounting in Statement 1 and 2 of the Governmental Accounting, Auditing, and Financial Reporting Principles which are effective for fiscal years ending after June 30, 1980. The report was prepared by the City's Pinance Department and consists of three sections: Section I is the introductory section and contains the table of contents, letter of transmittal, certificate of conformance, and other appropriate material. Section II is the financial section and contains the accountant's opinion, the combined overview financial statements, notes to the financial statements, the combining and individual fund statements and account group statements. Section IIZ is the statistical section which includes past year's financial and non-financial data. Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation including a11 disclosures rests with the City. We believe the data as nresented is accurate in a11 material aspects; that it is presented in a manner designed to fairly set forth the financial position and results of operations of the City as measured by the financial activity of its various funds; and that a11 disclosures necessary Lo enable the reader to gain the maximun understanding of the City's financial activity have been included. Accounting System and Budgetary Contr.ol The accounting system provides for a complete self-balancing account group for each fund of the City. Accounting records are maintained on the modified accrual basis for the governmental type funds and the trust and agency fund and the accrual basis oi accountiug is utilized for the proprietary type funds, as defined in the notes to the financial statements. In developing and alter-ing the City's accounting system consideration is given to the adequacy of internal accounting controls. Internal accounting controls are designed to provide reasonable, but not absolute, assurance regarding the safeguarding of assets against loss from unauthorized use or disposition and the reliability of financial records for preparing financial statements and maintaining accountability for assets. The concept of reasonable assurance recognizes the cost of a control� should not exceed the benefits 1ikely to be derived and the evaluation of costs and benefits requires estimates and judgments by management. i:? 1 ,:�..:l.i