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ABDO <br /> EICK & <br /> MEYERS J LLP <br /> Certified Public Accountants& Consultants <br /> INDEPENDENT AUDITOR'S REPORT <br /> Public Utilities Commission <br /> Elk River Municipal Utilities <br /> Elk River,Minnesota <br /> Report on the Financial Statements <br /> We have audited the accompanying financial statements of the Elk River Municipal Utilities(the Utilities)of the City of Elk River, <br /> Minnesota(the City),as of and for the year ended December 31,2014,and the related notes to the financial statements,as listed in the <br /> table of contents. <br /> Management's Responsibility for the Financial Statements <br /> Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting <br /> principles generally accepted in the United States of America;this includes the design,implementation,and maintenance of <br /> internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, <br /> whether due to fraud or error. <br /> Auditor's Responsibility <br /> Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance <br /> with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform <br /> the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. <br /> An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The <br /> procedures selected depend on the auditor's judgment,including the assessment of the risks of material misstatement of the financial <br /> statements,whether due to fraud or error. In making those risk assessments,the auditor considers internal control relevant to the <br /> Utilities preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the <br /> circumstances,but not for the purpose of expressing an opinion on the effectiveness of the Utilities internal control. Accordingly,we <br /> express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of <br /> significant accounting estimates made by management,as well as evaluating the overall presentation of the financial statements. <br /> We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. <br /> Opinion <br /> In our opinion,the financial statements referred to above present fairly,in all material respects,the financial position of the Utilities of <br /> the City as of December 31,2014,and the changes in financial position and cash flows thereof for the year then ended in accordance <br /> with accounting principles generally accepted in the United States of America. <br /> Emphasis of Matter <br /> As discussed in Note 1 B,the financial statements present only the Electric and Water enterprise funds and do not purport to,and do <br /> not present fairly the financial position of the City as of December 31,2014,the changes in its financial position,or,where applicable, <br /> its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. <br /> Our opinion is not modified with respect to this matter. <br /> 5201 Eden Avenue,Suite 250 <br /> Edina,MN 55436 <br /> 952.835 9090 I Fax 952.835-3261 <br /> 63 <br />