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MCCLANAHAN AND HOLMES, PLLC STEVENW. MOHUNDRO, CPA 903-784-4316 FAX903-784-4310 GEORGE H. STRUVe, CPA ANDREW B. REICH, CPA 304 WEST CHESTNUT DENISON, TEXAS 75020 903-465-6070 [400 WESTRUSSELL BONHAM, TEXAS 75418 903-583-5574 FAX 903-583-9453 Unqualified opinion on General-Purpose Financial Statements Submitted Together with Combining and Individual Fund and Account Group Financial Statements, Supplementary Schedule of Expenditures of Federal Awards and Supporting Schedules as Supplementary Data Independent Auditors' Report Honorable Mayor and City Council City of Paris, Texas We have audited the accompanying general-purpose financial statements of the City of Paris, Texas, as of and for the year ended September 30, 2002, as listed in the table of contents. These general-purpose financial statements are the responsibility of the City's management. Our responsibility is to express an opinion on these general- purpose financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. 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 general-purpose 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 financial 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 Paris, Texas, as of September 30, 2002, and the results of its operations and the cash flows of its proprietary fund types and nonexpendable trust funds for the year then ended in conformity with accounting principles generally accepted in the United States of America. In accordance with Government Auditing Standards, we have also issued our report dated November 15, 2002, on our consideration of the city of Paris, Texas', internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grants. 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. 1 AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS