tailieunhanh - MASSACHUSETTS WATER RESOURCES AUTHORITY

Renewable energy technologies—including solar, wind, biomass, geothermal, and hydropower—are in many ways attractive to policy makers who must address these market disruptions and the economic and social strife they can create. Renewable energy technologies are advantageous because they are immune to price shocks from fuel supply constraints and cartel pricing. Furthermore, renewable energy resources are much more environmentally benign than their conventional counterparts, such as coal, nuclear, and petroleum products. Renewable energy technologies can be used remotely at the point of need, or modularly upsized in a fashion that provides great flexibility to planners and short lead times to developers | MASSACHUSETTS WATER RESOURCES AUTHORITY Financial Statements Required Supplementary Information and Supplemental Schedules June 30 2004 and 2003 With Independent Auditors Report Thereon MASSACHUSETTS WATER RESOURCES AUTHORITY Table of Contents Page Independent Auditors Report 1 - 2 Management s Discussion and Analysis - Required Supplementary Information 3 - 10 Financial Statements Balance Sheets 11 Statements of Revenues Expenses and Changes in Net Assets 12 Statements of Cash Flows 13 Notes to Financial Statements 14 - 36 Required Supplementary Information Schedule of Funding Progress 37 Supplemental Schedules Accounts Established by the General Revenue Bond Resolution 38 Combining Balance Sheet June 30 2004 39 Combining Balance Sheet June 30 2003 40 Combining Statement of Revenues Expenses and Changes in Net Assets Year ended June 30 2004 41 Combining Statement of Revenues Expenses and Changes in Net Assets Year ended June 30 2003 42 Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 43 - 44 KPMG LLP 99 High Street Boston MA 02110-2371 Telephone 617 988 1000 Fax 617 988 0800 Internet Independent Auditors Report The Board of Directors Massachusetts Water Resources Authority We have audited the balance sheets of the Massachusetts Water Resources Authority the Authority as of June 30 2004 and 2003 and the related statements of revenues expenses and changes in net assets and cash flows for the years then ended. These financial statements are the responsibility of the Authority s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits 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 .