METROPOLITAN WASTEWATER MANAGEMENT COMMISSION <br />ANNUAL FINANCIAL STATEMENTS <br />For the years ended 3une 30, 2005 and 2004 <br />TABLE OF CONTENTS <br />INTRODUCTORY SECTION <br />Governing Board <br />FINANCIAL SECTION <br />Independent Auditor's Report <br />Management's Discussion & Analysis <br />BASIC FINANCIAL STATEMENTS <br />Comparative Statement of Net Assets <br />Comparative Statements of Revenues, Expenses and Changes in Net Assets <br />Comparative Statements of Gash Flows <br />Notes to Financial Statements <br />SUPPLEMENTARY INFORMATION <br />Schedule of Revenues, Expenses and Changes in Fund Net Assets -Budget and Actual <br />Regional Wastewater Fund <br />Regional Wastewater Capital Fund <br />Regional Wastewater System Development Charge Fund <br />COMPLIANCE SECTION <br />Auditor's Comments and Disclosures Required by State Regulations. <br />Page <br />iii <br />3-4 <br />5-9 <br />10 <br />11 <br />12 <br />13-17 <br />18 <br />19 <br />20 <br />21-22 <br />