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Our audit was performed for the purpose of forming an opinion on the general purpose <br />financial statements taken as a whole. The combining, individual fund and account group <br />financial statements listed in the table of contents are presented for purposes of additional <br />analysis and are not a required part of the general purpose fmancial statements of the <br />Vadnais Lake Area Water Management Organization. Such information has been subjected <br />to the auditing procedures applied in the audit of the general purpose financial statements <br />and, in our opinion, is fairly stated in all material respects, in relation to the general purpose <br />fmancial statements taken as a whole. <br />July 24, 2003 <br />Y68 �-4 ilf4at <br />HLB TAUTGES REDPATH, LTD. <br />Certified Public Accountants <br />L <br />