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Certified Public Accountants & Business Consultants Mark E. Wagner, CPA Kelly R. Burke, CPA Eric 5. Barnes, CPA Independent Auditors' Report To the Board of Directors Stonegate Village Metropolitan District Douglas County, Colorado We have audited the accompanying financial statements of the governmental activities, the business-type activities, and each major fund of Stonegate Village Metropolitan District, as of and for the year ended December 31, 2006, which collectively comprise the District's basic financial statements as listed in the table of contents. These financial statements are the responsibility of the District's 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 misstatements. 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. Tlie Dish•ict has not presented management's discussion and analysis that the Governmental Accounting Standards Board had determined is necessary to supplement, although not required to be part of, the basic financial statements. 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 Stonegate Village Metropolitan District, as of December 31, 2006, and the respective changes in financial position thereof and cash flows, where applicable, and the budgetary comparison for the general fund for the year then ended in confornity with accounting principles generally accepted in the United States of America. The accompanying financial information listed as supplemental information in the table of contents is presented for purposes of additional analysis and is not a required part of tl~e financial statements of the District. Such information has been subjected to the auditing procedures applied in the audit ofthe governmental activities, the business-type activities, and each major fund financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements of each of the respective individual funds, taken as a whole. r L/ Golden, Colorado July 24, 2007 I Wagner, Burke & Barnes, LLP Applewood Tech Center • 2801 Youngfield Street, Suite 371 • Golden, Colorado 80401 303.237.4600 Office • 303.237.4602 Fax • www.wbbllp.com