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7/(&, -(^. <br />S!i7cc^€Ui,Aaji^ a^u/ <br />/A'/y/.j/^,i</yArccc^-&.0, - TPcf <br />0XCC^!ui^f*-. e/i^y4S/«lfc^#& SSSt!7/ <br />Lake MinncConka Cable Couununicacions Corarolssion <br />Excelsior, Minnesota <br />INDEPENDENT AUDITOR*S REPORT <br />We have audited the accompanying statements of assets, liabilities, and funds- <br />cash basis of the Li\KE MIiNNETONKul CABLE COMMUNICATIONS COIUMISSION as of <br />December 31, 1989 and 1988, and the related statements of income and operating <br />fund-cash basis, restricted funds-cash basis and cash flows-cash basis for the <br />ycar> then ended. These financial statements are the responsibility of the <br />Commission's management. Our responsibility is to express an opinion on these <br />financial statements based on our audit. <br />We conducted our audit in accordance with generally accepted auditiiig <br />standards. Those standards require that we plan and perform the audit to <br />obtain reasonable assurance about whether the financial statcmciits arc free of <br />material misstatement. An audit includes examining, on a test basis, evidence <br />supporting the amounts and disclosures in the financial statements. An audit <br />also includes assessing the accounting principles used and significant <br />estimates made by management, as well as evaluating the overall fii... acial <br />statement presentation. We believe that our audit provides a reasonable basis <br />for our opinion. <br />As described in Note 1, these financial statements were prepared on the cash <br />basis of accounting, which is a comprehensive basis of accounting other than <br />generally accepted accounting principles. <br />In our opinion, the financial statements referred to above present fairly, in <br />all material respects, the assets, liabilities, and fund balances of the LAKE <br />MINNETONK/\ CABLE COMMUNICATIONS COMMISSION as of December 31, 1989 and 1988, <br />and its income and expenses operating fund balances, restricted fund <br />balances, and cash flows for tin. years then ended, on the cash basis of <br />accounting described in Note 1. <br />Excelsior, Minnesota <br />Hay 2, 1990 <br />W.F. DENNY & CO. <br />CU.A7 f <br />- 1 -