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<br />INDEPENDENT AUDITOR'S REPQRT
<br />Public Utilities Convnission
<br />Elk River Municipal Utilities
<br />Elk River, Minnesota
<br />'We have audited the accompanying statements of net assets of the Elk Rive~• Municipal Utilities the Utilities} of the City of Elk
<br />River, Minnesota the City}, as ofDecember ~ 1, 2009 and 2008 and the related statements of revenues, expenses and changes in
<br />net assets and cash flows for the years then ended, These financial statements are tl~e responsibility of the Utilities' management.
<br />Our responsibility is to express an opinion on these financial statements based on our audits,
<br />we conducted our audits in accordance with audithlg standards generally accepted h1 the United States of America, Those
<br />standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are
<br />flee 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 esthnates made by
<br />management, as well as evaluating the overall financial statement presentation, we believe that our audits provide a reasonable
<br />basis for our opinions,
<br />As discussed in Note 1B, the financial statements present only the Electric and water enterprise funds and are not intended to
<br />present fairly the financial position of the City and the results of its operations and cash flows of its proprietary fund types ll~
<br />conformity with accounting principles generally accepted in the United States of America.
<br />hi our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the
<br />Electric and Vl~ater enterrise funds of the City as of December ~ 1, 2009 and 200$ and the results of its operations and its cash
<br />flows for the years then ended inconformity with accounting principles generally accepted in the United States of America,
<br />The Management's Discussion and Analysis on pages 11 through 1 b and Schedule of Funding Progress for Retiree Health Plan on
<br />page 51 are not a required part of the financial statements but are supplementary information required by accounting principles
<br />generally accepted in the United States of America. We have applied cei•taha limited procedures, which consisted principally of
<br />inquiries of management regarding the methods of measurement and presentation of the supplementary information, However, we
<br />did not audit the information and express no opinion on it,
<br />Our audits were conducted for the pui~ose of forming an opinion on the financial statements taken as a whole, The supplemental
<br />information listed h~ the table of contents is presented for the purpose of additional analysis and is not a required part of the
<br />financial statements of the Utilities, Such information, except for that portion marked "unaudited" on which we express no
<br />opinion, has been subjected to the auditing procedures applied in the audits of the financial statements and, in our opinion, is fairly
<br />stated in all material respects in relation to the financial statements taken as a whole,
<br />C~d.~~J,..~,lc~
<br />April 6, 2010
<br />Minneapolis, Minnesota
<br />ABD4, SICK & MEYERS, LLP
<br />Ce~tif red Public Accountants
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