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<br />R. FRANK RAY, CPA
<br />R. E. BOSTWICK, CPA
<br />STEVEN W. MOHUNDRO, CPA
<br />GEORGE H. STRUVE, CPA
<br />ANDREW B. REICH, CPA
<br />
<br />MCCLANAHAN AND HOLMES, LLP
<br />CERTIFIED PUBLIC ACCOUNTANTS
<br />
<br />Unqualified Opinions on Financial Statements
<br />Accompanied by Required Supplementary Information
<br />and Supplementary Information
<br />
<br />228 SIXTH STREET, S.E,
<br />PARIS, TEXAS 75460
<br />903.784.4316
<br />FAX 903.784-4310
<br />
<br />304 WEST CHESTNUT
<br />DENISON, TEXAS 75020
<br />903-465-6070
<br />FAX 903.465.6093
<br />
<br />1400 WEST RUSSELL
<br />BONHAM, TEXAS 75418
<br />903.583.5574
<br />FAX 903.583.9453
<br />
<br />Independent Auditors' Report
<br />
<br />Honorable Mayor and City Council
<br />City of Paris, Texas
<br />
<br />We have audited the accompanying financial statements of the governmental activities, the business-type activities, the
<br />discretely presented component unit, each major fund, and the aggregate remaining fund information including the
<br />budgetary comparison of the City of Paris, Texas, as of and for the year ended September 30, 2006, which collectively
<br />comprise the City's financial statements as listed in the table of contents. These financial statements are the
<br />responsibility of the City's management. Our responsibility is to express opinions on these financial statements based
<br />on our audit.
<br />
<br />We conducted our audit in accordance with auditing standards generally accepted in the United States of America and
<br />the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller
<br />General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance
<br />about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis,
<br />evidence supporting the amounts and disclosures in the fmancial statements. An audit also includes assessing the
<br />accounting principles used and significant estimates made by management, as well as evaluating the overall fmancial
<br />statement presentation. We believe that our audit provides a reasonable basis for our opinion.
<br />
<br />In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial
<br />position of the governmental activities, the business-type activities, the discretely presented component unit, each major
<br />fund, and the aggregate remaining fund information of the City of Paris, Texas, as of September 30, 2006, and the
<br />respective changes in financial position and cash flows, where applicable, thereof for the year then ended in conformity
<br />with accounting principles generally accepted in the United States of America.
<br />
<br />In accordance with Government Auditing Standards, we have also issued our report dated January 4, 2007, on our
<br />consideration of the City of Paris, Texas', internal control over financial reporting and on our tests of its compliance
<br />with certain provisions of laws, regulations, contracts, grants, agreements, and other matters. That report is an integral
<br />part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing
<br />the results of our audit.
<br />
<br />The management's discussion and analysis on pages 3 through 11 are not a required part of the financial statements but
<br />are supplementary information required by accounting principles generally accepted in the United States of America.
<br />We have applied certain limited procedures, which consisted principally of inquiries of management regarding the
<br />methods of measurement and presentation of the required supplementary information. However, we did not audit the
<br />information and express no opinion on it.
<br />
<br />AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
<br />
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