INDEPENDENT AUDITORS' REPORT
To the Honorable Mayor and City Council
City of Revere, Massachusetts
We have audited the accompanying
general purpose financial statements of the City of Revere, Massachusetts, as of and for
the year ended June 30, 1999 (and as of and for the year ended December 31, 1998 for the
Contributory Retirement System) as listed in the table of contents. These financial
statements are the responsibility of the City's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance
with generally accepted auditing standards and the standards applicable to financial
audits contained in Government Auditing Standards, issued by the Comptroller General of
the United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of material
misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
The City prepares its general
purpose financial statements using accounting principles which are in conformity with the
Uniform Municipal Accounting System promulgated by the Commonwealth of Massachusetts
Department of Revenue. These accounting principles differ in certain respects from
generally accepted accounting principles, primarily in the areas of accounting for fixed
assets. The effects of this difference on the accompanying general purpose financial
statements has not been quantified.
In our opinion, except for the
effects of the item described in the preceding paragraph, the general purpose financial
statements referred to above present fairly,
in all material respects, the financial position of the City of
Revere, Massachusetts, as of June 30, 1999 (and December 31, 1998 for the Contributory
Retirement System), and the results of its operations for the year then ended in
conformity with generally accepted accounting principles.
The pension information on page 26,
and the year 2000 supplementary information on page 27 is not a required part of the
basic financial statements but is supplementary information required by the
Governmental Accounting Standards Board. We have applied certain limited
procedures, which consisted principally of inquiries of management regarding the methods
of measurement and presentation of the supplementary information. However, we did
not audit the information and do not express an opinion on it. In addition, we do
not provide assurance that the City is or will become year 2000 compliant, that the City's
year 2000 remediation efforts will be successful in whole or in part, or that parties with
which the City does business are or will become year 2000 compliant.
In accordance with Government
Auditing Standards, we have also issued a report dated November 10, 1999 on our
consideration of the City’s internal control over financial reporting and our tests
of its compliance with laws, regulations, contracts and grants.
November 10, 1999