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l?fJì;¡V EJJ ERNST & YOUNG . Fro-! B<3n~ Tower . Phone: 5 ¡ 2 228 4b"b SUIre ¡ 9(111 Cd\: 51255..0212 ~ ': " .' '" ¡ (1(1 \\""'1 Houston "rref!! ".In -\n1()f110, Te\.l' ,-82P 5 \\,111 '\c!rirl',,: f', "; l )It'< ,. n'., 2<);;-; ~"" -\n;onll) T."". -1129<) Report of Independent Auditors The Honorable Mayor and City Council City of San Marcos, Texas We have audited the general purpose financial statements of the City of San Marcos, Texas as of and for the year ended September 30, 1992, as listed in the table of contents. These financial statements are the responsibility of the City's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose 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 audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall general purpose financ:ial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the City of San Marcos, Texas at September 30, 1992, and the results of its operations and the cash flows of its proprietary fund types and similar trust funds for the year then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose bf forming an opinion on the general purpose financial statements taken as a whole. The combining, individual fund, and individual account group financial statements and schedules, listed in the table of contents, are presented for purposes of additional analysis and are not a required pan of the general purpose financial statements of the City of San Marcos, Texas. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is fairly stated in all material respects in relation to the general purpose financial statements taken as a whole. The information included in the Statistical Section as listed in the table of contents was not audited by us and, accordingly, we express no opinion on such information. ~-fH December 31, 1992 -1-