08-22-07 La Porte Area Water Authority minutes

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PH~ PAT T ILL O. B ROW N & HI L L. L.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, 2007, 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 financial 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, 2007, 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. The Management's Discussion and Analysis located in the financial section of this document is not a required part of the basic financial statements but is supplementary information required by the accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it. Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the La Porte Area Water Authority's basic financial statements. The supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. The supplementary information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. ,2008 1 T E ~l1l1i~T!in<iftv.m IiF.' o:'io'llDns · w A~,TX 7670107~5 51i12~o1iT'AX:l~~)''l2-491o'" ~.pD-~mT 1." .J.. ~W;g OM~oWNQLE, TX <S ~ 1!.,.msBoio, ~~2-i5\J .l""l..r\. ~ TEMPLE, TX (254) 791-3460. WHI1NEY, TX (254) 694-4600 .ALBUQUERQUE,'NM (505) i66-~904