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City of Casselberry City Manager 95 Triplet Lake Drive, Casselberry, Florida 32707 . Telephone (407) 262-7700, Ext. 1130 Fax (407) 262-7745 . Email mstampfler@casselberry.org March 8, 2006 To the Honorable Mayor, Members of The City Commission, and Citizens of the City of Casselberry Florida Statutes require that all general-purpose iocal governments publish a complete set of financial statements presented in conformity with generally accepted accounting principles (GAAP), and audited in accordance with generally accepted auditing standards by a firm of licensed certified public accountants. Pursuant to that requirement, we hereby submit the comprehensive annual financial report of the City of Casselberry. Florida for the fiscal year ended September 30,2005. This report consists of management's representations concerning the finances of the City of Casselberry. Consequently, management assumes full responsibility for the completeness and reliability of all of the information presented in this report. To provide a reasonable basis for making these representations, management of the City of Casselberry has established a comprehensive internal control framework that is designed both to protect the government's assets from loss, theft, or misuse and to compile sufficient reliable information for the preparation of the City of Casselberry's financial statements in conformity with GAAP. Because the cost of internal controls should not outweigh their benefits, the City of Casselberry's framework of internal controls has been designed to provide reasonable rather than absolute assurance that the financial statements will be free from material misstatement. As management, we assert that, to the best of our knowledge and belief, this financial report is complete and reliable in all material respects. The City of Casselberry's financial statements have been audited by Moore, Stephens, Lovelace, PA, a firm of licensed certified public accountants. The goal of the independent audit was to provide reasonable assurance that the financial statements of the City of Casselberry for the fiscal year ended September 30, 2005, are free of material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amount and disclosures in the financial statements; assessing the accounting principals used and significant estimates made by management; and evaluating the overall financial statement presentation. The independent auditor concluded, based upon the audit, that there was a reasonable basis for rendering an unqualified opinion that the City of Casselberry's financial statements for the fiscal year ended September 30, 2005, are fairly presented in conformity with GAAP. The independent auditor's report is presented as the first component of the financial section of this report. The independent audit of the financial statements of the City of Casselberry was part of a broader. federally mandated "Single Audif designed to meet the special needs of federai grantor agencies. The standards governing Single Audit engagements require the independent auditor to report not only on the fair presentation of the financial statements, but aiso on the audited government's internal controls and compliance with legal requirements. with special emphasis on internal controls and legal requirements involving the administration of federal awards. These reports are available in the City of Casselberry's separately issued Single Audit Report. IV