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EMU <br />740 Thatcher Building <br />Pueblo, CO 81003 <br />Phone (719) 543 -0516 <br />P <br />MBDG. Fax (719) 544 -2849 <br />McPherson, <br />BreyfogIe, <br />D a v e I i n e & <br />Goodrich, PC <br />Certified Public Accountants <br />INDEPENDENT AUDITORS' REPORT <br />Board of Directors <br />Southeastern Colorado Water Conservancy District <br />Pueblo, Colorado <br />A <br />We have audited, in accordance with generally accepted auditing standards, the general purpose financial <br />statements of Southeastern Colorado Water Conservancy District as of and for the year ended December 31, <br />2003 (not presented herein). In our report dated February 25, 2004, we expressed an unqualified opinion on those <br />general purpose financial statements. <br />In our opinion, the information set forth in the accompanying condensed financial statements is fairly stated, in <br />all material respects, in relation to the general purpose financial statements from which it has been derived. <br />��Pkw,� � � N <br />April 1, 2004 <br />• 17 • <br />