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• I •ABDO <br /> rQEIcK & <br /> MEYERS LLP <br /> Certified Public Accountants & Consultants <br /> Grandview Square <br /> 5201 Eden Avenue <br /> Suite 370 <br /> Edina,MN 55436 <br /> REPORT ON MINNESOTA LEGAL COMPLIANCE <br /> To the Chairperson and Members of the Commission <br /> Elk River Municipal Utilities <br /> Elk River,Minnesota <br /> We have audited the financial statements of the Elk River Municipal Utilities(the Utilities)as of and for the year ended <br /> December 31,2003,and have issued our report thereon dated March 19,2004. <br /> We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the <br /> provisions of the Minnesota Legal Compliance Audit Guide for Local Government,promulgated by the Minnesota Office of the <br /> State Auditor pursuant to Minnesota statute,section 6.65. Accordingly,the audit included such tests of the accounting records and <br /> such other auditing procedures,as we considered necessary in the circumstances. <br /> The Minnesota Legal Compliance Audit Guide for Local Government covers six main categories of compliance to be tested: <br /> contracting and bidding,deposits and investments,conflicts of interest,public indebtedness,claims and disbursements and <br /> miscellaneous provisions. Our study included all of the listed categories. <br /> The results of our tests indicate that for the items tested,the Utilities complied with the material terms and conditions of applicable <br /> legal provisions except as noted on the Schedule of Findings. <br /> This report is intended solely for the information and use of the management, Public Utilities Commission, City Council and the <br /> Office of the State Auditor and is not intended to be and should not be used by anyone other than these specified parties. <br /> March 19, 2004 ABDO,EICK&MEYERS,LLP <br /> Minneapolis,Minnesota Certified Public Accountants <br /> -35- <br /> 952.8359090 • Fax 952.835.3261 <br /> www.aemcpas.com <br />