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;stoc man ast ryanrt �co <br />INDEPENDENT AUDITORS' REPORT <br />To the Board of Directors <br />Swan's Nest Metropoiitan District <br />We have audited the accompanying statements of net assets of Swan's Nest Metropoiitan District as of <br />December 31, 2007 and ZQ06, aud the accompanying statements af acrivities a�td changes in net assets, and of <br />cash flows far the years then ended. These financial sta�ements are the responsibility of the District's <br />management. 4ur responsibility is �o express an apinion on these financial statements based on our audits. <br />We condueted aur audits in accordance with auditing standards generally accepted in the United States of <br />America. 'Fhose standards require that we plan and perform the audit to obtain re.asonaUle assurance about <br />whether the financial statements are free of material misstatement. An audit includes examuiing, on a test <br />basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes <br />assessing the accounting principles used and significant estimates made by management, as well as evaluating <br />the overall financial statement presentation. We believe that our audits provide a reasonable basis for our <br />opinion. <br />In aur opinian, such financial statements present fair2y, in all material respects, the financial pasition of Swan's <br />Nest Metropolitan District at December 31, 2007 and 2006, and the results of its operations and its cash flows <br />for the years then ended in conformity with accounting principles generally accepted in the United States of <br />America. <br />The District has not presented a management's discussion and analysis that accounting principles generally <br />accepted in the United States has determined is necessary to supplement, although not required to be a part of, <br />tlie basic financial statements_ <br />Dur audits were condueted for the p�rpose of forming an oginion on the basic finaueial statements taken as a <br />wkole. The supplementa! schedule of activities compared to budget is presented for the purpose of additional <br />analysis and is nat a re�uired part of the basic fu�ancial statements. This schedule is the responsibility of the <br />District's management. Such schedule has been subje.eted to the auditing pr�cedt�res applied in our audit of <br />the basic financial statements and, in our apinion, is fairly stated in aII material respects when eonsidered in <br />relation to the basic financial statements taken as a whole. <br />' _ � <br />June 5, 2008 <br />� <br />�`„�,� � �., �� � <br />/ <br />� � _ _ „ - , -' < <„ - _ - : 102 N. Cascade Avenue, Suite 400, Colorado Springs, CO 80903 <br />� , _ � __ <br />� <br />' f�ie��ryc�r��: (719) 630-1186 � <br />.'ti,v'tt'.5[GYCG.Cf3!ii :I� � r'77 0l �2f1_l 1 R7 I <br />