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The WMO has not presented the Management's Discussion and Analysis that the <br />Governmental Accounting Standards Board has determined is necessary to supplement, <br />although not required to be a part of, the basic fmancial statements. The budgetary <br />comparison information on pages 30 through 31, is not a required part of the basic financial <br />statements but is supplementary information required by accounting principles generally <br />accepted in the United States of America. We have applied certain limited procedures, <br />which consisted principally of inquiries of management regarding the methods of <br />measurement and presentation of the required supplementary information. However, we did <br />not audit the information and express no opinion on it. <br />Our audit was conducted for the purpose of forming opinions on the financial statements that <br />collectively comprise the Vadnais Lake Area Water Management Organization's basic <br />financial statements. The introductory section, individual fund statements and <br />supplementary financial information as listed in the table of contents are presented for <br />purposes of additional analysis and are not a required part of the basic fmancial statements. <br />The individual fund statements and supplementary fmancial information have been subjected <br />to the auditing procedures applied in the audit of the basic financial statements and, in our <br />opinion, are fairly stated in all material respects, in relation to the basic fmancial statements <br />taken as a whole. The introductory section has not been subjected to the auditing procedures <br />applied in the audit of the basic financial statements and, accordingly, we express no opinion <br />it. <br />April 11, 2005 <br />kis <br />HLB TAUTGES REDPATH, LTD. <br />Certified Public Accountants <br />