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<br />D <br />'~ <br /> <br /> <br />u <br /> <br /> <br />1 I <br />ABDO <br />EICK & <br />r • y~~L~ <br />Cert~d Rtbdic AccoantanGS & ConsulGtN.s <br />Grandview Square <br />5201 Eden Avenue <br />Suite 370 <br />Edina, MN 55436 <br />INDEPENDENT .AUDITOR' S REPORT <br />Honorable Mayor and Council <br />City of Elk River, Minnesota <br />W e have audited the accompanying financial statements of the govemmental activities, the business-type activities, the aggregate <br />discretely presented component units, each major fund, and the aggregate remaining fund information of the City of Elk River, <br />Minnesota (the City), as of and for the year ended December 31, 2007, which collectively comprise the City's basic financial <br />statements as listed in the table of contents. These financial statements are the responsibility of the City's management. Our <br />responsibility is to express opinions on these financial statcments based on our audit. <br />' We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those <br />standards require [hat we plan and perform the audit to obtain rcasonable assurance about whether the financial statements are <br />free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in <br />' the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by <br />management, as well as evaluating the overall financial statement presentation. We believe [hat our audit provides a reasonable <br />basis for our opinions. <br />' In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of <br />the govemmental activities, the business-type activities, the aggregate discretely presented component units, each major fund, and <br />the aggregate remaining fund information of the City as of December 31, 2007, and the respective changesrn financial position <br />' and cash flows, where applicable, thereof and the budgetary comparison for the Genera] and Library Funds for the year then ended <br />in conformity with accounting principles generally accepted in the United States of America. <br />The Management's Discussion and Analysis is not a required part of the basic financial statements but is supplementary <br />information required by accounting principles generally accepted in the tinned States of America. We have applied certain <br />limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and <br />presentation of the supplementary information. However, we did not audit the information and express no opinion on it. <br />1 <br /> <br />1 <br /> <br />952.83.1.9090 Fos 952,835.3261 <br />www.aemepas.com <br />1 <br />