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~ Peat Marwick LLP [(316] CALDERON, JAHAM & OSBORN 725 SO. FIGUEROA STREEf IDS ANGElS, CA 90017 1236 STATE STREET EL CENTRO, CA 92243 INDEPENDENT AUDITORS' REPORT The Board of Directors Imperial Irrigation District: We have audited the accompanying combined balance sheets of Imperial Irrigation District (District) as of December 31,1994 and 1993 and the related combined statements of income, changes in District equity and cash flows for the years then ended. These combined financial statements are the responsibility of the District's management. Our responsibility is to express an opinion on these combined financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the combined financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the combined financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating'the overall combined financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. As is more fully described in note 2 to the combined financial statements, the aggregate market value of the District's cash and investments was $7,702,227 and $731,383 less than amortized cost at December 31, 1994 and 1993, respectively. In our opinion, the combined financial statements referred to above present fairly, in all material respects, the financial position of Imperial Irrigation District as of December 31, 1994 and 1993 and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. -f( 1>1J1 B\ -P..eAt, -pt tMMid-t:I-P March 13, 1995 c?~UnL-~~ +-&J~ 13