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Report of Independent Auditor 

To the Honorable Mayor and

Members of the City Council

City of Raleigh, North Carolina

Report on the Financial Statements 

We have audited the accompanying financial statements of the governmental activities, the business-type

activities, each major fund, and the aggregate remaining fund information of the City of Raleigh, North Carolina

(the “City”) as of and for the year ended June 30, 2016, and the related notes to the financial statements, which

collectively comprise the City’s basic financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements 

Management is responsible for the preparation and fair presentation of these financial statements in accordance

with accounting principles generally accepted in the United States of America; this includes the design,

implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial

statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility 

Our responsibility is to express opinions on these financial statements based on our audit. We conducted our

audit in accordance with auditing standards generally accepted in the United States of America 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 from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the

financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of

the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk

assessments, the auditor considers internal control relevant to the City’s preparation and fair presentation of the

financial statements in order to design audit procedures that are appropriate in the circumstances, but not for

the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, we express

no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the

reasonableness of significant accounting estimates made by management, as well as evaluating the overall

presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit

opinions.

Opinions 

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective

financial position of the governmental activities, the business-type activities, each major fund, and the aggregate

remaining fund information of the City, as of June 30, 2016, and, the respective changes in financial position

and, where applicable, cash flows thereof and the respective budgetary comparison for the General Fund for the

year then ended in accordance with accounting principles generally accepted in the United States of America.