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Village of Grafton Office of the Village Administrator 860 Badger Circle Grafton WI 53024 p 262 375-5300 f 262 375-5312 dhoflandvillage.grafton.wi.us May 6 2015 To the Citizens of the Village of Grafton Wisconsin The Comprehensive Annual Financial Report for the Village of Grafton Wisconsin for the fiscal year ended December 31 2014 is hereby submitted. This report consists of managements representations concerning the finances of the Village of Grafton. 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 Village of Grafton has established a comprehensive internal control framework that is designed both to protect the governments assets from loss theft or misuse and to compile sufficiently reliable information for the preparation of the Village of Graftons financial statements in conformity with generally accepted accounting principles GAAP. Because the cost of internal controls should not outweigh their benefits the Village of Graftons comprehensive 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. Baker Tilly Virchow Krause LLP a firm of certified public accountants and consultants have audited the Village of Graftons financial statements. The goal of the independent audit was to provide reasonable assurance that the financial statements of the Village of Grafton for the fiscal year ended December 31 2014 are free of material misstatement. The independent audit involved examining on a test basis evidence supporting the amounts and disclosures in the financial statements assessing the accounting principles 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 unmodified opinion that the Village of Graftons financial statements for the fiscal year ended December 31 2014 are fairly presented in conformity with GAAP. The independent auditors report is presented as the first component of the financial section of this report. Generally accepted accounting principles require that management provide a narrative introduction overview and analysis to accompany the basic financial statements in the form of Managements Discussion and Analysis MDA. This letter of transmittal is designed to complement MDA and should be read in conjunction with it. The Village of Graftons MDA can be found immediately following the report of the independent auditors. 1