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FORWS <br />1248 O Street, Suite 1040 / Lincoln, NE 68508 <br />P 402.473.7600 / F 402.473.7698 <br />forvis.com <br />Independent Auditor's Report <br />Board of Directors <br />Minnesota Municipal Power Agency <br />Minneapolis, Minnesota <br />Opinion <br />We have audited the financial statements of Minnesota Municipal Power Agency (the Agency), <br />as of and for the years ended December 31, 2022 and 2021, and the related notes to the financial <br />statements, which collectively comprise the Agency's basic financial statements as listed in the <br />table of contents. <br />In our opinion, the accompanying financial statements referred to above present fairly, in all <br />material respects, the financial position of the Agency, as of December 31, 2022 and 2021, and <br />the changes in financial position and its cash flows for the years then ended in accordance with <br />accounting principles generally accepted in the United States of America. <br />Basis for Opinion <br />We conducted our audits in accordance with auditing standards generally accepted in the United <br />States of America (GAAS). Our responsibilities under those standards are further described in <br />the "Auditor's Responsibilities for the Audit of the Financial Statements" section of our report. We <br />are required to be independent of the Agency and to meet our other ethical responsibilities, in <br />accordance with the relevant ethical requirements relating to our audits. We believe that the audit <br />evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. <br />Emphasis of Matter <br />As discussed in Note 1 to the financial statements, during the year ended December 31, 2022, <br />the Agency adopted Governmental Accounting Standards Board Statement No. 87, Leases. Our <br />opinion is not modified with respect to this matter. <br />Responsibilities of Management for the Financial Statements <br />Management is responsible for the preparation and fair presentation of the financial statements <br />in accordance with accounting principles generally accepted in the United States of America and <br />for the design, implementation, and maintenance of internal control relevant to the preparation <br />and fair presentation of financial statements that are free from material misstatement, whether <br />due to fraud or error. <br />FORVIS is a trademark of FORVIS, LLP, registration of which is pending with the U.S. Patent and Trademark Office <br />139 <br />PRAXITY <br />�� mpowering Business Globally <br />