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MBDG~ McPherson, Breyfogle, Daveline & Goodrich, PC Certified Public Accountants 740 Thatcher Building Pueblo, CO 81003 Phone (719) 543-0516 Fax (719) 544-2849 INDEPENDENT AUDITORS' REPORT Board of Directors Southeastern Colorado Water Conservancy District Pueblo, Colorado We have audited the accompanying financial statements of the governmental activities, the business- type activities and each major fund of the Southeastern Colorado Water Conservancy District (the District) as of and for the year ended December 31, 2005, which collectively comprise the District's basic financial statements as listed in the table of contents. These financial statements are the responsibility of the Southeastern Colorado Water Conservancy District management. Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities and each major fund of the Southeastern Colorado Water Conservancy District as of December 31, 2005 and the respective changes in financial position and cash flows, where applicable, thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America. The management's discussion and analysis and the budgetary comparison schedules on pages 3 through 7 and pages 32 through 34 are not a required part of the basic financial statements but are supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and we express no opinion on it. -1-