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1 <br />Iodependent Auditors' Report <br />To the Board of Trustees , <br />Town of DeBeque , <br />DeBeque, Colorado , <br />We have audited the accompanying financial statements of the governmental activities, the business type <br />activities, each major fund and the aggregate discretely presented component unit and remaining fund <br />information of the Town of DeBeque, Colorado as of and for the yearlended December 31, 2005 which <br />collectively comprise the Town's basic financial statements as listed in the table of contents. These <br />basic financial statements are the responsibility of Town management. Our responsibility is to express <br />an opinion on these basic financial statements based on our audit. ' <br />We conducted our audit in accordance with auditing standards generally accepted in the United States of <br />America. Those standards require that we plan and perform the audit to obtain reasonable assurance <br />about whether the basic financial statements are free of material rnisstatement. An audit includes <br />examining, on a test basis, evidence supporting the amounts and c�isclosures in the basic financial <br />statements. An audit also includes assessmg the accounting principles used and significant estimates <br />made by management, as well as evaluating the overall basic financial statement presentation. We <br />believe that our audit provides a reasonable basis for our opinion. <br />In our opinion, the basic financial statements referred to above present'����fairly, in all material respects, the <br />respective financial position of the governmental activities, the business-type activities, each major fund <br />and the aggregate component unit and remaining fund information of'the Town of DeBeque, Colorado <br />as of December 31, 2005, and the respective changes in financial ' position and cash flows, where <br />applicable, thereof for the year then ended in conformity with accounting principles generally accepted <br />in the United States of America. ' <br />The management's discussion and analysis and the budgetary comparison information on pages Ml <br />through M7 and 28 through 29, are not a required part of the basic financial statements but are <br />supplementary information required by accounting principles generally accepted in the United States of <br />America. We have applied certain limited procedures, which consisted principally of inquiries of <br />management regarding the methods of ineasurement and presentation of the required supplementary <br />information. However, we did not audit the information and express no opinion on it. <br />Our audit was conducted for the purpose of forming opinions 4n the financial statements that <br />collectively comprise the Town of Debeque, Colorado's basic financia� statements. The budget to actual <br />comparison schedules on pages 33 through 35 are presented for additiqnal analysis purposes and are not <br />a required part of the basic financial statements. These schedules have been subjected to the auditing <br />procedures applied in the audit of the basic financial statements and, �n our opinion, are fairly stated in <br />all material respects in relation to the basic financial statements taken as a whole. <br />Costello and Company, PC ' <br />� +' <br />�• � �.�` <br />June 7, 2006 <br />751 HO <br />T, SiJIT� 228 * GRAND JiJNCTION, CO 81506 *(970) 241-0920 * FAX (970) <br />Certified Public Accountants and Management Consulting krofessionals <br />* www.cpagj.com <br />