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Peat Marwick Certified Public Accountants Peat Marwick Main & Co. 1300 One Capitol Square Telephone 512 478 7476 Telecopier 512 320 5390 300 West 15th Street Telex 9102404235 Austin. TX 78701 IndeDendent Auditors' ReDort The Honorable Mayor and Members of the City Council City of San Marcos, Texas: We have audited the general purpose financial statements of the City of San Marcos, Texas, for the year ended September 30, 1988, and have issued our report thereon dated December 9, 1988. These general purpose financial statements are the responsibility of the City's management. Our responsibil- i ty is to express an opinion on these general purpose financial statements based on our audit. We conducted our aud,i t in accordance with generally accepted auditing standards for financial and compliance audits contained in the Standards for Audit of Governmental Or~anizations. Pro~rams. Activities. and Functions, issued by the U. S. General Accounting Office. Those standards require that we plan and perform the audi t to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether management has complied with laws and regulations and has established and maintained a system of internal co~trols. An audit in accordance with these standards includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial statements and compliance wi th laws and regulations. An audi t also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. Our audit was made for the purpose of forming an opinion on the general pur- pose financi al statements of the City of San Marcos, Texas, taken as a whole. The supplementary information included in the accompanying schedule of federal financial assistance and schedules of CDBG programs is presented for purposes of additional analysis and is not a required part of the gener- al purpose financl al statements. Such supplementary information has been subjected to the auditing procedures applied in the audit of the general pur- pose financial statements and, in our opinion, is fairly stated in all mate- rial respects in relation to the general purpose financial statements taken as a whole. P Qec t. ¡1) tVI &-cJ ; (¡ lc. (I) ~ iCo . December 9 1988 , 1 MemberF'rm of K",""n;rl Pee' MO'N r< r;~o'~plp,