PROJ01945 ‎(3)‎

• Contract/PO #: C150193
• Contractor Name: Dolores Water Conservancy District
• Contract Type: Loan
• Water District: 34
• County: Montezuma
• Loan Projects - Doc Type: Feasibility Study

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HUTCHISON & COLEMAN, LLP

CERTIFIED PUBLIC ACCOUNTANTS
P.O. DRAWER M CORTEZ, COLORADO 81321

WILLIAM C. HUTCHISON, C.P.A.
A. WAYNE COLEMAN, C.P.A.

TELI,PHONE: [phone]
FAX: [phone]

INDEPENDENT AUDITORS' REPORT

June 27, 2003

Board of Directors
Dolores Water Conservancy District
Cortez, Colorado

We have audited the accompanying general-purpose financial
statements of the Dolores Water Conservancy District as of and
for the year ended December 31, 2002, as listed in the table of
contents. These general purpose financial statements are the
responsibility of the District's management. Our responsibility
is to express an opinion on these general purpose financial
statements based on our audit.

We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the general-purpose financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the general-
purpose financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall general-purpose
financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.

In our opinion the general-purpose financial statements referred
to above present fairly, in all material respects, the financial
position of the Dolores Water Conservancy District at December
31, 2002, and the results of its operations and the cash flows of
it's proprietary fund types for the year then ended, in conformi-
ty with generally accepted accounting principles.