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Johnson <br />Holscher & Com <br />n Suite 450 <br />t <br />C <br />, <br />pa <br />y, olo ado 8011 j <br />Centenn a <br />h C <br />~ C_,~-„_y;_u 7 2 ~2~2~) <br />Telephone X <br />r,~~l <br />r,v~~J~l a~~~~fd~fl 303) 694-3 <br />Facsimile <br />~.,~,y;~_~ dyr~ ~ <br />• E-Mail Paul_Holscher@att.net <br />Independent Auditors' Report <br />To the Board of Directors <br />Park Center Water District <br />We have audited the accompanying fmancial statements of the business type activity of the Park Center <br />Water District as of and for the year ended December 31, 2005 and 2004 which comprise the District's <br />basic fmancial statements as listed in the table of contents. These basic fmancial statements are the <br />responsibility of the District's management. Our responsibility is to express an opinion on these basic <br />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 about <br />whether the Basic Financial Statements are free of material misstatement. An audit includes examining, on <br />a test basis, evidence supporting the amounts and disclosures in the Basic Financial Statements. An audit <br />also includes assessing the accounting principles used and significant estimates made by management, as <br />well as evaluating the overall Basic Financial Statement presentation. We believe that our audit provides a <br />reasonable basis for our opinion. <br />In our opinion, the fmancial statements referred to above present fairly, in all material respects, the fmancial <br />position of the Park Center Water District as of December 31, 2005 and 2004, and the results of its <br />operations and cash flows for the years then ended in conformity with accounting principles generally <br />accepted in the United States of America. <br />The management's discussion and analysis on pages M-1 through M-4 is not a required part of the basic <br />fmancial statements but is supplementary information required by accounting principles generally accepted <br />in the United States of America. We have applied certain limited procedures, which consisted principally of <br />inquiries of management regarding the methods of measurement and presentation of the required <br />supplementary information. However, we did not audit the information and express no opinion on it. <br />Our audit was made for the purpose of forming an opinion on the Basic Financial Statements of the Park <br />Center Water District taken as a whole. The accompanying Supplementary Information for Oversight <br />Agencies and Supplemental Schedule shown in the table of contents are presented for purposes of <br />additional analysis and are not a required part of the Basic Financial Statements. The information in those <br />schedules has been subjected to the auditing procedures applied in the audit of the Basic Financial <br />Statements and, in our opinion, is fairly presented in all material respects in relation to the Basic Financial <br />Statements taken as a whole. <br />Greenwood Village, Colorado <br />February 21, 2006 <br />Professional Corporation J <br />American Institute of Certified Public Accountants 1 <br />Private Companies Practice Section <br />Colorado Society of Certified Public Accountants <br />