C150232 financial docs

• Contract/PO #: C150232
• Contractor Name: Lower Arkansas Valley WCD
• Contract Type: Grant
• Loan Projects - Doc Type: Report

09/12/2006 TUE 15:51 FA% 7192545150 LAVR'CD Fax ��� Peter Nichols
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GRlMSLEY WHiTE & COMPANY LLC
Certified Public Ac�ountants
and Management Consultants
INDEPENDENT AUDITORS' REPORT
Board of Dlrectors
Lower Arkansas Valley Water Conservancy District
[�oo4io2s
301 Raton Avenue
La Junta, Colorado 81650
We have audited the accompanying flnancial statements of the govemmenta! activities, the
business-type activities, and each major fund, of the Lower Arkansas Va{Isy Water Conservancy
District as of and for the year ended December 31, 2004, which collectively comprise the District's
basic financiai statements as listed in the fable of contents. These financia! statements are the
responsibiEity of the District's managemen#. Our responsibility is to express opinions on these
financial statements based on our audit.
We conducted our audit in accordance with auditing standards generaQy 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 sta#ements referred to above present fairly, in all material respects, the
respective financial position. of the governmentai activities, the business-type activities, and each
major fund, of the Lower Arkansas Valley Water Conservancy District at December 31, 2004 and
the respective change in financial position and cash flows where applicable, thereof for the year
then ended, in confor�ity with accounting principles generally accepted in the United States of
America. �
As described in Note 1, the District adop#ed the provisions of Governmental Accounting Standards
. Board Statement No. 34, Basic Financial Statemenfs-and Management's Discussion and Analysis-
for S#a#e and Local Governments: Statement No. 37, Basic Financial Statements-and
- ManagemenYs Discussion and Analysis for State and Local Gavernments: Omnibus: Statemenf
No. 38, Certain Financial Statement Note Disclosures: Statement No. 39, Determining Whether
' Certain Organizations Are Component Units-and amendment of GASB Statement No. 14;
�. Statement No. 40 Deposit and Investment Risk Disclosures; and lnterpretation No. 6, Recognition
and Measurement o# Certain Liabilities and Expenditures in Governmental Fund Financial
! Statements as of January 1, 2004. This results in a change in the format and content of the basic
financial statements.
• The managemenYs discussion and analysis on the fofEowing pages, and budgetary comparison
' information on pages 14 through 15, are not a required part of the basic financial statements but
are supplementary informatfon requi�ed by accounting principles generally accepted in the United
States of America. We have applied certain limited procedures, which consisted principally of
. inquires of management regarding the methods of ineasurement and presentation of the required
supplementary information. However, we did not audit the information and express no opinian on it.
Our audit was conducted for the purpose of forming opit�ions on the financial statemenfs that
collectively comp�ise the Lower Arkansas Valley Water Conservancy District basic financial
statements. The individual fund financial statements listed in the table of contents are presented for
the purposes of additional analysis and are noE a required part of the financial statements of the
Lower Arkansas Valley Water Conservancy District. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements and, in our opinion, is
fair�y stated in aH material respects in relation to the financial statements taken as a whole.
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GRIMSLEY WHiTE 8� COMPANY LLC .
January 27, 2005
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