2001 Comprehensive Annual Financial Report

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• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • ~. ,rfi!~•:st~r~ ~.,r:, ~~~ STAT E~ F I N D I A N A ~~~ ~~ ~ N' : ~ t ;a ' AN EQUAL 4PP4RTUIVITY EMPLOYER STATE BOARD OF ACCOUNTS 302 WEST WASHINGTQN STREET 4TH FLOOR, ROOM E418 Il~DIANAPOLLS, Il~IDFANA 46204-2765 Telephone: (317) 232-2513 Fax; (317} 232-4711 Web Site: www.state.in.uslsboa INDEPENDENT AUDITORS' OPINION ON GENERAL-PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS Inde endent Auditors" Re ort TO. THE OFFICIALS OF THE CITY OF SOUTH BEND, ST. JOSEPH COUNTY, INDIANA Vve have audited the accompanying general-purpose fnancial statements of the City of South Bend, as of and for the year ended December 31, 2001, as listed in the table of contents. These general-purpose financial statements are the responsibility of the City's management. Our responsibility is to express an opin- ion on these general-purpose 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 assur- anceabout 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. In our opinion, the general-purpose financial statements referred to above presentfairly, in all material respects, the financial position of the various funds and account groups of the City of South Bend as of December 31, 2001, and the results of its operations of such funds and the statement of cash flows of the pro- prietary funds for the year then ended, in conformity with generally accepted accounting principles. As described Note 1 D, the City adopted the provisions of the Governmental Accounting Standards Board (GASAB} Statement No, 33 and 36, Accounting and Financial Reporting for Nonexchange Transactions and Recipient Reporting for Certain Shared Nonexchange Revenues - an amendment of GASB Statement No. 33, respectively, as of the year ended December 31, 2001. Our audit was made for the purpose of forming an opinion on the general-purpose financial state- ments taken as a whole. The combining f nancial statements listed in the table of contents are presented for purposes of additional analysis and are not a required part of the general-purpose financial statements of the City of South Bend. This information has been subjected to the auditing procedures applied in the audit of the general-purpose financial statements and, in our opinion, is fairly stated in all material respects in relation to the general-purpose financial statements taken as a whole. Uve did not audit the statistical data listed in the table of contents and, accordingly, we express no opinion on the statistical data.