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0 <br />• <br />• <br />• <br />0 <br />a <br />David A. Kauffman, C.P.A., P.C. <br />LIITTJOHANN, KAUFFMAN, and PEDERSON <br />Certified Public Accountants <br />Independent Auditors' Report <br />Board of Directors <br />Lower South Platte Water Conservancy District <br />Sterling, Colorado <br />Daniel M. Pederson, C.P.A.'s P.C. <br />We have audited the accompanying financial statements of the government activities, the major fund, and the <br />aggregate remaining fund information of Lower South Platte Water Conservancy District (the District) as of and <br />for the year ended December 31, 2011, which collectively comprise the District's basic financial statements as <br />listed in the table of contents. These financial statements are the responsibility of the District's management. <br />Our responsibility is to express an opinion on these financial statements based on our audit. <br />We conducted our audit in accordance with auditing standards generally accepted in the United States of <br />America. Those standards require that we plan and perform the audit to obtain reasonable assurance about <br />whether the financial statements are free of material misstatement. An audit includes examining, on a test <br />basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes <br />assessing the accounting and principles used and significant estimates made by management, as well as <br />evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis <br />for our opinion. <br />In our opinion, the financial statements referred to above present fairly, in all material respects, the respective <br />financial position of the governmental activities, the major fund, and the aggregate remaining fund information <br />• of the District as of December 31, 2011, and the respective changes in financial position thereof for the year <br />then ended in conformity with accounting principles generally accepted in the United States of America. <br />Accounting principles generally accepted in the United States of America require that the management's <br />discussion and analysis and budgetary comparison information listed in the table of contents be presented to <br />supplement the basic financial statements. Such information, although not a part of the basic financial <br />statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential <br />part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or <br />historical context. We have applied certain limited procedures to the required supplementary information in <br />accordance with auditing standards generally accepted in the United States of America, which consisted of <br />inquiries of management about the methods of preparing the information and comparing the information for <br />consistency with management's responses to our inquiries, the basic financial statements, and other <br />knowledge we obtained during our audit of the basic financial statements. We do no express an opinion or <br />provide any assurance on the information because the limited procedures do no provide us with sufficient <br />evidence to express an opinion or provide any assurance. <br />• <br />420 East Platte Avenue, Suite A 106 East First Street <br />Ft. Morgan, CO 60701 Julesburg, CO 80737 <br />(970) 8674922 (970) 474 -3326 <br />