18 - APPROVED ANNUAL AUDIT OF THE PEDC FOR FY 2013-14

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McClanahan and Holmes, LLP CERTIFIED PUBLIC ACCOUNTANTS R. E. BOSTWICK, CPA STEVEN W. MOHUNDRO, CPA GEORGE H. STRUVE, CPA ANDREW B. REICH, CPA RUSSELL P. WOOD, CPA DEBRA J. WILDER, CPA Independent Auditors' Report Board of Directors Paris Economic Development Corporation Paris, Texas 228 SIXTH STREET S.E. PARIS, TEXAS 75460 903 -784 -4316 FAX 903 - 7844310 304 WEST CHESTNUT DENISON, TEXAS 75020 903 -465 -6070 FAX 903 - 465 -6093 1400 WEST RUSSELL BONHAM, TEXAS 75418 903 -583 -5574 FAX 903- 583 -9453 We have audited the accompanying financial statements of Paris Economic Development Corporation (PEDC), a component unit of the City of Paris, Texas, as of and for the year ended September 30, 2014, as listed in the table of contents. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors' Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.