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RubinBrown LLP <br /> Certified Public Accountants <br /> Ru bin Brown <br /> &Business Consultants <br /> 1900 Sixteenth Street <br /> Suite 300 <br /> Denver,CO 80202 <br /> T 303.69 .1883 <br /> Independent Accountants' Report F 303.777.4458 <br /> On Applying Agreed-Upon Procedures w rubinbrown.com <br /> E info @rubinbrown.com <br /> City of Lamar <br /> and the Colorado Water Conservation Board <br /> We have performed the procedures enumerated below, which were agreed to by the City <br /> of Lamar (the City) and the Colorado Water Conservation Board (CWCB) (the specified <br /> parties), solely to assist you with respect to the accounting records of the City as of <br /> December 31, 2013. The City's management is responsible for the City's accounting <br /> records. This agreed-upon procedures engagement was conducted in accordance with <br /> attestation standards established by the American Institute of Certified Public <br /> Accounts. The sufficiency of these procedures is solely the responsibility of those parties <br /> specified in the report. Consequently, we make no representation regarding the <br /> sufficiency of the procedures described below either for the purpose for which this <br /> report has been requested or for any other purpose. <br /> Procedures And Findings <br /> Our procedures and findings are as follows: <br /> 1. Procedure Performed: We were requested to verify that the City was current <br /> with respect to previously existing debt. <br /> Findings: Representation was received that all debt payments are up-to-date. <br /> No instances of noncompliance were noted in the 2012 audit. <br /> 2. Procedure Performed: We were requested to gain an understanding that, had <br /> this debt been outstanding in 2012 or 2013, sufficient cash would have been <br /> available for increased debt service costs. RubinBrown also performed an <br /> analysis of the 2014 projected revenues and expenses, and verified that there was <br /> no primary lien on revenues. <br /> Findings: RubinBrown examined the 2012 audited financial statements, noting <br /> that there was sufficient free cash flow to service this additional debt. <br /> RubinBrown took the unaudited 2013 general ledger and made a determination <br /> that sufficient cash flow would have been available for this additional debt on an <br /> annual basis. RubinBrown analyzed 2014 projected revenues and expenses and <br /> then projected an increase of 3% going forward. We noted nothing from our <br /> review of previous debt agreements that would indicate CWCB would be unable <br /> to access revenues from the City. <br /> BAKER TILLY <br /> INTERNATIONAL <br />