02-02-11 Regular Meeting of the La Porte Area Water Authority

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PATTILLO, BROWN & HILL, r..L.P. CERTIFIED PUBLIC ACCOUNTANTS • BUSINESS CONSULTANTS INDEPENDENT AUDITORS' REPORT To the Board of Directors of La Porte Area Water Authority La Porte, Texas We have audited the accompanying basic financial statements of the La Porte Area Water Authority, a component unit of the City of La Porte, Texas, as of and for the year ended September 30, 2010, which collectively comprise the La Porte Area Water Authority's basic financial statements as listed in the table of contents. These financial statements are the responsibility of the La Porte Area Water Authority's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. 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 audit provides a reasonable basis for our opinion. In our opinion, the fmancial statements referred to above present fairly, in all material respects, the respective financial position of the La Porte Area Water Authority, as of September 30, 2010, and the respective changes in financial position and cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. Accounting principles generally accepted in the United States of America require that the Management's Discussion and Analysis on pages 3 through 6 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic fmancial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. 1 401 WEST HIGHWAY 6 ■ P. O. BOX 20725 ■ WACO, TX 76702 -0725 ■ (254) 772 -4901 ■ FAX: (254) 772 -4920 ■ www.pbhcpa.com AFFILIATE OFFICES: BROWNSVILLE, TX (956) 544 -7778 ■ HILLSBORO, TX (254) 582 -2583 TEMPLE, TX (254) 791 -3460 ■ ALBUQUERQUE, NM (505) 266 -5904