VLAWMO Annual Financial Report 2004

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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 financial statements of the governmental activities, each major fund and the aggregate remaining fund information of the Vadnais Lake Area Water Management Organization as of and for the year ended December 31, 2004 which collectively comprise the WMO's basic financial statements as listed in the table of contents. These fmancial statements are the responsibility of the Vadnais Lake Area Water Management Organization's management. Our responsibility is to express an opinion 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. Those standards require that we plan and perform the audit to obtain reasonable assurance about 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 fmancial statement presentation. We believe that our audit provides a reasonable basis for our opinions. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund and the aggregate remaining fund information of the Vadnais Lake Area Water Management Organization as of December 31, 2004, and the respective changes in fmancial position for the year then ended in conformity with accounting principles generally accepted in the United States of America. As described in Note 9 to the basic fmancial statements, the Vadnais Lake Area Water Management Organization adopted the provisions of Governmental Accounting Standards Board Statement No. 34, Basic Financial Statements — and Management 's Discussion and Analysis — for State and Local Governments: Statement 37, Basic Financial Statements — and Management's Discussion and Analysis — for State and Local Governments: Omnibus, and Statement 38, Certain Financial Statement Note Disclosures, as of January 1, 2004. This results in a change in the format and content of the basic financial statements. 4810 White Bear Parkway White Bear Lake, Minnesota 55110 651 426 7000 651 426 5004 Fax www.hlbtr.com 1303 South Frontage Road Suite 13 Hastings, Minnesota 55033 651 480 4990 651 426 5004 Fax HLB Tautges Redpath, Ltd. is a member of IILB Intemational, a world-wide organization of accounting firms and business advisors.