VLAWMO Annual Financial Report 2007

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ABDO Q.EICK& Jt k MEYERSLLP &teed Public Accountants & Consultants • March 19, 2008 Grandview Square 5201 Eden Avenue Suite 370 Edina, MN 55436 Board of Directors Vadnais Lake Area Water Management Organization Vadnais Heights, Minnesota We have audited the financial statements of the governmental activities and each major fund of the Vadnais Lake Area Water Management Organization (the Organization), Vadnais Heights, Minnesota, for the year ended December 31, 2007 and have issued our report thereon dated March 19, 2008. Professional standards require that we provide you with the following information related to our audit. Our Responsibility Under Auditing Standards Generally Accepted in the United States of America As stated in our engagement letter, our responsibility, as described by professional standards, is to express opinions about whether the financial statements prepared by management with your oversight are fairly presented, in all material respects, in conformity with accounting principles generally accepted in the United States of America. Our audit of the financial statements does not relieve you or management of your responsibilities. Our responsibility is to plan and perform the audit to obtain reasonable, but not absolute, assurance that the financial statements are free of material misstatement. As part of our audit, we considered the internal control of the Organization. Such considerations were solely for the purpose of determining our audit procedures and not to provide any assurance concerning such internal control. We are responsible for communicating significant matters related to the audit that are, in our professional judgment, relevant to your responsibilities in overseeing the financial reporting process. However, we are not required to design procedures specifically to identify such matters. Significant Audit Findings In planning and performing our audit, we considered Vadnais Lake Area Water Management Organization (the Organization), Vadnais Heights, Minnesota, internal control over financial reporting as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Organization's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Organization's internal control over financial reporting. Our consideration of internal control over financial reporting was for the limited purpose described in the preceding paragraph and would not necessarily identify all deficiencies in internal control over financial reporting that might be significant deficiencies or material weaknesses. However, as discussed below, we identified certain deficiencies in internal control that we consider to be significant deficiencies in internal control over financial reporting. 952.835.9090 • Fax 952.835.3261 www.aemcpas.com