VLAWMO Annual Financial Report 2007

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ABDO SICK & _ MEYERSLLP Certified Public Accountants & Consultants Grandview Square 5201 Eden Avenue Suite 370 Edina, MN 55436 INDEPENDENT AUDITOR'S REPORT Board of Directors Vadnais Lake Area Water Management Organization Vadnais Heights, Minnesota We have audited the accompanying financial statements of the governmental activities and each major fund of the Vadnais Lake Area Water Management Organization (the Organization), Vadnais Heights, Minnesota, as of and for the year ended December 31, 2007 which collectively comprise the Organization's basic financial statements as listed in the table of contents. These financial statements are the responsibility of the Organization's management. Our responsibility is to express opinions on these financial statements based on our audit. The financial statements of the Organization as of December 31, 2006 were audited by other auditors whose report dated March 21, 2007 expressed and unqualified opinion on those statements. 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 financial 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 financial position of the governmental activities and each major fund of the Organization as of December 31, 2007, and the results of its operations and budgetary comparisons for the General fund for the year then ended in conformity with accounting principles generally accepted in the United States of America. The management's discussion and analysis, on pages I through IX, is not a required part of the basic financial statements but is supplementary information required by accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the supplementary information. However, we did not audit the information and express no opinion on it. iuk,itme11l,P March 19, 2008 ABDO, EICK & MEYERS, LLP Minneapolis, Minnesota Certified Public Accountants 952.835.9090 • Fax 952.835.3261 www.aemcpas.com