VLAWMO Annual Financial Report 2002

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HLB Tautges Redpath, Ltd. Certified Public Accountants and Consultants INDEPENDENT AUDITOR'S REPORT To the Board of Commissioners Vadnais Lake Area Water Management Organization White Bear Lake, Minnesota We have audited the accompanying general purpose financial statements of the Vadnais Lake Area Water Management Organization as of and for the year ended December 31, 2002, as listed in the table of contents. These general purpose fmancial statements are the responsibility of the Vadnais Lake Area Water Management Organization'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 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 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 fmancial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall fmancial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the general purpose fmancial statements referred to above present fairly, in all material respects, the fmancial position of the Vadnais Lake Area Water Management Organization as of December 31, 2002, and results of its operations for the year then ended in conformity with accounting principles generally accepted in the United States of America. In accordance with Government Auditing Standards, we have also issued a report dated July 24, 2003 on our consideration of the Vadnais Lake Area Water Management Organization's internal control over fmancial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering the results of our audit. White Bear Lake Office: 4810 White Bear Parkway, White Bear Lake, MN 55110, USA Telephone: 651 426 7000 Fax: 651 426 5004 Hastings Office:1303 South Frontage Road, Suite 13, Hastings, MN 55033, USA Telephone: 651 480 4990 Fax: 651 426 5004 HLB Tautges Redpath, Ltd. is a member of IILB International. A world-wide organization of accounting firms and business advisors. 5