INDEPENDENT AUDITORS' REPORT
The Honorable Mayor
City of Revere, Massachusetts:
We have audited the general purpose financial statements of the City of Revere, Massachusetts, as of and for the year ended June 30, 1994, as listed in the accompanying table of contents. These general purpose financial statements are the responsibility of the City's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and 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 general purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose 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 has not maintained records of the cost of its general fixed assets and, therefore, a general fixed assets account group is not presented in the accompanying general purpose financial statements as required by generally accepted accounting principles.
In our opinion, except that the omission of a general fixed asset account group results in an incomplete presentation and, except for the effects of such adjustments, if any, that might have been recorded had the City provided for pension costs in accordance with generally accepted accounting principles, as discussed in the preceding paragraphs, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the City of Revere, Massachusetts, at June 30, 1994, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles.
November 10, 1994, except
as to note 12, which is as
of December 21, 1994