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Public Utilities Commission <br />Elk River Municipal Utilities <br />Elk River, Minnesota <br />Report on the Financial Statements <br />Opinion <br />We have audited the accompanying financial statements of the Elk River Municipal Utilities(the Utilities) of the City of Elk <br />River, Minnesota (the City), as of and for the yearended December31,2021, and the related notes to the financial <br />statements, as listed in the table of contents. <br />In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of <br />the Utilities as of December 31, 2021, and the changes in financial position and cash flows thereof for the year then ended <br />in accordance with accounting principles generally accepted in the United States of America. <br />Basis for Opinions <br />We conducted our audit in accordance with auditing standards generally accepted in the United States of America <br />the Financial Statements section of our report. We are required to be independent of the Utilities and to meet our other <br />ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit <br />evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. <br />Management is responsible for the preparation and fair presentation of these financial statements in accordance <br />with accounting principles generally accepted in the United States of America; this includes the design, <br />implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial <br />statements that are free from material misstatement, whether due to fraud or error. <br />In preparing the financial statements, management is required to evaluate whether there are conditions or events, <br />considered in the aggregate, that raise substantial doubt about theUtilitiesability to continue as a going concern for <br />twelve months beyond the financial statement date, including any currently known information that may raise substantial <br />doubt shortly thereafter. <br />11 <br />83 <br />