2007 Severance Tax Trust Fund

• Year: 2007
• Title: Severance Tax Trust Fund Perpetual Base Account Financial Statement 2007
• CWCB Section: Finance
• Author: Clifton Gunderson LLP
• Description: Severance Tax Trust Fund Perpetual Base Account Financial Statement 2007
• Publications - Doc Type: Financial Statement

~Clifta
~ Gund~rson LLP

Certified Public Accountants & Consultants

Accountant's Report

Board of Directors
Colorado Water Conservation Board
Denver, Colorado

We have compiled the accompanying statements of net assets of Colorado Water Conservation Board,
Severance Tax Trust Fund - Perpetual Base Account as of June 30, 2007, 2006 and 2005, and the related
statements of revenue, expenses and changes in net assets for the years then ended, and the
accompanying supplemental information, which is presented only for additional analysis purposes, for
the years then ended, in accordance with Statements on Standards for Accounting and Review Services
issued by the American Institute of Certified Public Accountants.

A compilation is limited to presenting in the form of financial statements and supplemental information,
information that is the representation of management. We have not audited or reviewed the
accompanying financial statements and supplemental information and, accordingly, do not express an
opinion or any other form of assurance on them.

The financial statements of the Colorado Water Conservation Board, Severance Tax Trust Fund -
Perpetual Base Account are intended to present the financial position of only that portion of the funds of
the Colorado Water Conservation Board that is attributable to the transactions of the Colorado Water
Conservation Board, Severance Tax Trust Fund - Perpetual Base Account.

Management has elected to omit substantially all of the disclosures, management's discussion and
analysis, and the statements of cash flows required by generally accepted accounting principles. If the
omitted disclosures, management's discussion and analysis, and statements of cash flows were included
in the financial statements, they might influence the user's conclusions about the Colorado Water
Conservation Board, Severance Tax Trust Fund - Perpetual Base Account's financial position, results of
operations, and cash flows. Accordingly, these financial statements are not designed for those who are
not informed about such matters.

~~LLj;

Greenwood Village, Colorado
October 5, 2007

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