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<br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />.. <br /> <br />~Clifta <br />~ Gun&rson LLP <br /> <br />Certified Public Accountants & Consultants <br /> <br />Accountant's Report <br /> <br />Board of Directors <br />Colorado Water Conservation Board <br />Denver, Colorado <br /> <br />We have compiled the accompanying statements of net assets of Colorado Water Conservation <br />Board, Severance Tax Trust Fund - Perpetual Base Account as of June 30, 2006, 2005 and 2004, <br />and the related statements of revenue, expenses and changes in net assets for the years then <br />ended, and the accompanying supplemental information, which is presented only for additional <br />analysis purposes, for the years then ended, in accordance with Statements on Standards for <br />Accounting and Review Services issued by the American Institute of Certified Public <br />Accountants. <br /> <br />A compilation is limited to presenting in the form of financial statements and supplemental <br />information, information that is the representation of management. We have not audited or <br />reviewed the accompanying financial statements and supplemental information and, accordingly, <br />do not express an opinion or any other form of assurance on them. <br /> <br />The financial statements of the Colorado Water Conservation Board, Severance Tax Trust Fund- <br />Perpetual Base Account are intended to present the financial position of only that portion of the <br />funds of the Colorado Water Conservation Board that is attributable to the transactions of the <br />Colorado Water Conservation Board, Severance Tax Trust Fund - Perpetual Base Account. <br /> <br />Management has elected to omit substantially all of the disclosures, management's discussion <br />and analysis, and the statements of cash flows required by generally accepted accounting <br />principles. If the omitted disclosures, managernent's discussion and analysis, and statements of <br />cash flows were included in the financial statements, they might influence the user's conclusions <br />about the Colorado Water Conservation Board, Severance Tax Trust Fund - Perpetual Base <br />Account's financial position, results of operations, and cash flows. Accordingly, these financial <br />statements are not designed for those who are not informed about such matters. <br /> <br />~~LL/J <br /> <br />Greenwood Village, Colorado <br />August 18, 2006 <br /> <br />6399 S. Fiddlers Green Circle <br />Sill Ie 100 <br />Greenwood Village, Colorado 80111 <br />tel: (303) 779-5710 <br />fax: (303) 779-0348 <br /> <br />Member of <br /> <br /> <br />II International <br /> <br />www.cliftoncpa.com <br /> <br />Offices in 13 states and Washington, DC <br />