05-27-09 Meeting of the La Porte Redevelopment Authority Minutes

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81~ PAT T ILL 0, B ROW N & H ILL, L. L. P. CERTIFIED PUBLIC ACCOUNTANTS. BUSINESS CONSULTANTS - - INDEPENDENT AUDITORS' REPORT - To the Board of Directors of La Porte Redevelopment Authority - We have audited the accompanying financial statements of the governmental activities and each major fund of La Porte Redevelopment Authority (the "Authority") as of and for the year ended September 30,2008, which collectively comprise the Authority's basic financial statements as listed in the table of contents. These financial statements are the responsibility of the Authority's management. Our responsibility is to express opinions on these basic 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 opinions. - - In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and major funds of the Authority as of September 30, 2008, and the respective changes in financial position for the year then ended in conformity with accounting principles generally accepted in the United States of America. - The management's discussion and analysis and budgetary comparison information on pages 2 through 4 and pages 11 and 12 are not a required part of the basic financial statements but are supplementary information required by 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 supplementary information. However, we did not audit the information and express no opinion on it. - - ~ ,8UW1t 41~} ujJ February 25, 2009 - - 1 401 WEST HIGHWAY 6. P. O. BOX 20725 . WACO, TX 76702-0725. (254) 772-4901. FAX: (254) 772-4920. www.pbhcpacom AFFILIATE OFFICES: BROWNSVILLE, TX (956) 544-7778 . HILLSBORO, TX (254) 582-2583 TEMPLE, TX(254) 791-3460 . WHITNEY, TX (254) 694-4600. ALBUQUERQUE, NM (50S) 266-5904