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McDONALD, HDlLlGAN & McPHERSON, INC. CHHlFIED PUBLIC ACCOUNTANTS o SUITE 740 THATCHEl'l8UILOlNG PO 80~ 918 PuEBLO COl~AOO S1002 TELfP><lM 719-543-0516 .... ~ .. ... INDEPENDENT AUDITORS' REPORT Board of Directors Southeastern Colorado Pueblo. Colorado Water Conservancy District We have audited the general purpose financial stat.ements of Southeastern Colorado Water Conservancy District as of and for the year ended December 31. 1990, in accordance with genera tly accepted audi t1 ng standards. and have issued our report thereon dated February 7, 1991. We have also audited the accompany i ng condensed ba lance sheet. schedu ie of revenues and expenditures - General Fund - actual and budget and the selected disclosures as of and for the year ended December 31. 1990. included in those financial statements. These schedules and selected disclosures are the responsibility of the District's management. Our responsibility Is to express an opinion on the condensed balance sheet and schedule of revenues and expenditures - General Fund - and selected disclosures. We conducted our audit of the General Fund in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the condensed balance sheet and schedule of revenues and expenditures - General Fund and selected disclosures are free of material misstatement. An audit includes examining, on a test basis. evidence supporting the amounts and disclosures in the condensed balance sheet and schedule of revenues and expenditures - General Fund and selected disclosures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall schedule presentation. We believe that our audit provides a reasonable basis for our opinion. The condensed balance sheet and schedule of revenues and expenditures _ General Fund and selected disclosures present only the General Fund and are not intended to present fairly the financial position and results of operations of Southeastern Colorado Water Conservancy District in conformity with generally accepted accounting principles. In our opinion, the condensed balance sheet and schedule of revenues and expenditures General Fund and selected disclosures referred to above present fairly, in all material respects, the financial position and results of operations of the General Fund of the Southeastern Colorado Water Conservancy District - General Fund as of and for the year ended December 31, 1990. in conformity with generally accepted accounting principles. [f\LO~IIMLg- ( fl\LP~1 T~. February 7, 1991 10