FY 2005 MWMC Annual Financial Statements

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.~uulV~lo~~~ GROVE, MUELLER & SWANK, P.C. CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS INDEPENDENT A UDITOR'S REPORT Governing Board Metropolitan Wastewater Management Commission 225 Fifth Street Springfield, Oregon 97477 We have audited the accompanying financial statements of the Metropolitan Wastewater Management Commission (a component unit of the City of Springfield, Oregon) as of and for the years ended June 30, 2005 and 2004, which collectively comprise the Commission's basic financial statements as listed. in the table of contents. These financial statements. are the responsibility of the Commission's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about j ; whether the basic financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the basic financial statements. An audit also - includes .assessing the accounting principles used and significant estimates made by management, as well as '. evaluating the overall basic financial 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 the Metropolitan Wastewater Management Commission as of June 30, 2005 and 2004 and the changes in financial position and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America. The accompanying management's discussion and analysis is 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 that 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. i__ Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a i whole. The other supplementary information in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements of the Metropolitan Wastewater ,_ 3 i- www.gmscpa.com ` " Mailing Address • P.O. Box 2122 • Salem, Oregon 97308-2122 _ Salem • 475 Cottage Street NE, Suite 200 • Salem, Oregon 97301-3814 • (503) 581-7788 • FAX (503) 581-0152 Albany • P.O. Box 663 • 519 S. Lyon Street • Albany, Oregon 97321-0570 • (541) 967-2315 • FAX (541) 926-5926 MEMBERS OF THE McGLADREY NETWORK • WORLDWIDE SERVICES THROUGH RSM INTERNATIONAL