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• 0 HANCOCK FROESE cS,L COMPANY LLC 0 CERTIFIED PUBLIC ACCOUNTANTS • 601 SOUTH EIGHTH STREET - 0-- ROCKY FORD, COLORADO 81067 Patrick A.Hancock CPA 719-688 10812 Andrew H.Froese CPA 719-980-1962 INDEPENDENT AUDITORS' REPORT . i I Board of Directors Lower Arkansas Valley Water Conservancy District III We have audited the accompanying financial statements of the governmental.activities, the business-type activities and each major fund of the Lower Arkansas Valley Water Conservancy District, as of and for the year ended December 31, 2012, which collectively comprise the District's basic financial statements as U listed in the table of contents,and the related notes to the financial statements. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in . 1110 accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or U error. Auditor's Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted II our audit in accordance with auditing standards generally 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. giAn audit'involves performing procedures to obtain audit evidence about the amounts and disclosures in . the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or U error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating II the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities and each major fund of the Lower Arkansas Valley Water Conservancy District, as of December 31, 2012, and the respective changes in financial position and,where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other-Matters IIAccounting principles generally accepted in the United States of America require that the management's discussion and analysis and budgetary comparison information, as listed in the table of contents, be presented to supplement the basic financial statements. Such information, although not a part of the basic IIII financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information