5.1. ERMUSR 04-12-2011 - Laserfiche WebLink

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~' ~ABDO IVY ;;~EICK & ,a~•~'~MEYER.S ~ ~ ~~ ,,~ l;rrll~'i~-d 1'uLlir Irnnulhwl,. R' Cun.~u6nnr. ~`ul I Jui A~.nuc „n:; ]~a INDEPENDENT AUDITOR'S REPORT Public Utilities Commission Elk River Municipal Utilities Elk River, Minnesota We have audited the accompanying statements of net assets of the Elk River Municipal Utilities (the Utilities) of the City of Elk River, Minnesota (the City), as of December 31, 2010 and 2009 and the related statements of revenues, expenses and changes in net assets and cash flows for the years then ended. These financial statements are the responsibility of the Utilities' management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standazds generally accepted in the United States of America. Those standards require that we plan and perform [he audits 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 audits provide a reasonable basis for our opinions. As discussed in Note 1 B, the financial statements present only the Electric and Water enterprise funds and are not intended to present fairly the financial position of the City and the results of its operations and cash flows of its proprietary fund types in conformity with accounting principles generally accepted in the United States of America. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Electric and Water enterprise funds of the City as of December 31, 2010 and 2009 and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America. Accounting principles generally accepted in the United Stales of America require that the Management's Discussion and Analysis on pages 13 through 18 and Schedule of Funding Progress on page 55, be presented [o supplement the financial statements. Such information, although not a part of the financial statements, is required by the Government Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do no[ provide us with sufficient evidence to express an opinion or provide any assurance. ~~sits:6; nn~ul Fl,. n:~_;~a;au~l -9-