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OFFICE OF AUDITOR OF STATE STATE OF IOWA

State Capitol Building Des Moines, Iowa 50319-0004

David A. Vaudt, CPA Auditor of State

Telephone (515) 281-5834

Facsimile (515) 242-6134

Independent Auditor’s Report

To the Board of Trustees of the Villisca Municipal Power Plant:

We have audited the accompanying financial statements, listed as exhibits in the table of contents of this report, of the Villisca Municipal Power Plant, Villisca, Iowa, as of and for the year

ended December 31, 2003. officials. Our responsibility audit.

These financial statements are is to express an opinion on these

the responsibility of Power Plant financial statements based on our

We conducted our audit in accordance with U.S. generally accepted auditing standards, Chapter 11 of the Code of Iowa and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards and provisions 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 significant estimates made

audit also includes assessing the accounting principles by management, as well as evaluating the overall financial

used and statement

presentation.

We

believe

our

audit

provides

a

reasonable

basis

for

our

opinion.

As described in note 1, these financial statements were prepared on the basis of cash receipts and disbursements, which is a comprehensive basis of accounting other than U.S. generally accepted accounting principles. Also, as discussed in note 1, the financial statements of the Villisca Municipal Power Plant are intended to present only the results of the transactions of that portion of the financial reporting entity of the City of Villisca that is attributable to the transactions of the Power Plant.

In our opinion, the financial statements referred to above present fairly, in all material respects, the results of the cash transactions of the Villisca Municipal Power Plant as of and for the year ended December 31, 2003, and its indebtedness at December 31, 2003, on the basis of accounting described in note 1.

In accordance with Government Auditing Standards, we have also issued our report dated August 19, 2004 on our consideration of the Villisca Municipal Power Plant’s internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations and contracts. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering the results of our audit.

Our audit was performed for the purpose of forming an opinion on the aforementioned financial statements taken as a whole. The supplemental information included in Schedule 1 is presented for purposes of additional analysis and is not a required part of the financial statements. Such information has been subjected to the auditing procedures applied in our audit of the aforementioned financial statements and, in our opinion, is fairly stated in all material respects in relation to the aforementioned financial statements taken as a whole.

DAVID A. VAUDT, CPA Auditor of State

WARREN G. JENKINS, CPA Chief Deputy Auditor of State

August 19, 2004

5

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