Years Ended 1994 & 1993 Financial Statements

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BRUCE R. SIEGFRIED, CPA CERTIFIED PUBLIC ACCOUNTANTS P.O. BOX 26141 MINNEAPOLIS, MINNESOTA 55426 TELEPHONE: (612) 920-1722 FAX: (612) 920-1722 "SERVICING ALL OF MINNESOTA AND THE UPPER MIDWEST." INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS' REPORT Board of Commissioners Lower Rum River Water Management Organization Anoka, Minnesota we have audited the balance sheets of Lower Rum River Water Management Organization (a joint powers watershed management organization) as of January 31, 1994 and 1993, and the related statements of revenues, expenditures and fund balance and cash flows for the years then ended. These financial statements are the responsibility of the Organization's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Lower Rum River Water Management Organization as of January 31, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. C~ Certified Public Accountants Minneapolis, Minnesota March 20, 1994 - 1 - MEMBER OF MINNESOTA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS