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� <br />� <br />� <br />� <br />' <br />Independent Auditors' Report <br />To the Board of Trustees I , <br />Town of DeBeque , <br />IDeBeque, Colorado � <br />We have audited the accompanying financial statements of the governmenta,l activities, the business <br />type activities, each major fund and the aggregate ,remaining fur�'d information of the Town of <br />DeBeque, Colorado as of and for the year ended December 31,:2004, which collectively comprise the <br />Town's basic financial statements as listed in the table of contents. These basic financial statements <br />are the responsibility of Town management. Our responsibility is to express an opinion on these basic <br />financial sta,tements based on our audit. , <br />We conducted our audit in accordance with auditing standards generally acc�pted in the United States <br />of America. Those standards require that we plan and perform I the audit to obtain reasonable <br />assurance about whether the basic financial' statements are free of n�aterial misstatement. An audit <br />includes examining, on a test basis, evid�ence supporting the amou�ts and disclosures in the basic <br />�nancial sta.tements. An audit also includes assessing the accounting principles used and significant <br />estimates made by management, as well as evaluating the ovgrall basic �nancial statement <br />presentation: We believe that our audit provides a reasonable basis fox our opinion. <br />In our opinion, the basic �nancial statements referred to above prese�t fairly, in all material respects, <br />the respective finaneial position of the governmental activities, the bt�siness-type actiyities, and each <br />major fund of the Town of DeBeque, Colorado as of December 31, ?�004, and the respective changes <br />in �nancial posit'ion and cash flows, where applicable, thereof for the year then ended in confornuty <br />with accounting principles generally accepted in the United Staxes of t�merica. <br />As described in Note A, the Town has implemented a new financial;reporting model; as required by <br />provisions of GASB Sta.tement No. 34, �asic Financial Statements�and Management s Discussion <br />and Analysis for State and Local'Governments, as amended and interpreted as of December 31, 20U4. <br />� <br />The management's discussion and analysis and the budgetaxy comp � ison information on pages M1 <br />through M9 and 27 through 28, are not a required part of the ba�ic fnancial statements but are <br />supplementary information required by accountmg principles genexa ly accepted in the Uriited States <br />of America. We have applied certain limited procedures, whioh con�isted principally of inquiries of <br />management regarding the methods of ineasurement and presenta.tion of the required supplementa,ry <br />information. However, we did not audit the information and expre.ss no opinion on it. <br />Costello and Company, PC <br />�,�`� �"`� ��� ' !�� <br />June 1 Q, 2005 <br />, <br />� <br />751 HORIZON COURT SUITE 228 � GRAND JiJNCTION, CO 81�506 •(970) 241-0920 • h�AX (970) 241-1919 • www.cpagj.com <br />Certified Public Accountants and Management Consulting Profel,ssionals <br />