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Ulrich 8r' Associates, P. C. Char~esE. ~~,;~,,, ~.P~. CERTIFIED PUBLIC ACCOUNTANTS Mark A. Flanders, CN.A. Sze zsrti srrlf~r • oo~. urnli eaaol • ,eo, ~ 6z~-zioo • Fnx ~aol1 ez~-saes ,ryeal K. Steadman Michael E. U6ich, C.P..9. INDEPENDENT AUDffORS' REPORT The Commissioners of the Upper Colorado River Commission Salt Lake City, Utah We have audited the accompanying general purpose financial statements of the Upper Colorado River Commission as of and for the year ended of June 30, 1998. These general purpose financial statements are the responsibility of the Commission's management. Our responsibility is to express an opinion on these 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 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 opinion. In our opinion, the general purpose financial statements referred to above- present fairly, in all material respects, the financial position of the Upper Colorado River Commission, as of June 30, 1998, and the results of its operations and changes in fund balance for the year then ended in conformity with generally accepted accounting principles- Our audit' was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The supplemental schedule of cash receipts and disbursements - general fund and the supplemental schedule of expenses - budget and actual, are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the Upper Colorado River Commission. Such information has been subjected to the auditing procedures applied in the audit ~of the general purpose financial statements and, in our opinion, is fairly stated in all material respects in relation to the general purpose financial statements taken as a whole. August 13, 1998 Members American Insumre of Cenified Public Accountants • Members Urah Association of Certified Public Acounlants 77