Years Ended 1991 & 1990 Financial Statements

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I• ~~ ~~ FIELDS, HOKANSON & CO., LTD. o Certified PublicAccountants ^ - _ (612)893 1505 ~ Fax893 1769 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, 1991 and 1990, 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 ,~ £inancial 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, ~ 1991 and 1990, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. , • ~~Pdd b~~at ~ Co. ~~ . Certified Public A countants Minneapolis, Minnesota - May 7, 1991 ~ 800 France Place ~ 3601 Minnesota Drive o Minneapolis, Minnesota 55435