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INDEPENDENT AUDITORS' REPORT <br /> Board of Directors <br /> Little Thompson Water District <br /> Berthoud, Colorado <br /> We have audited the accompanying basic financial statements of Little Thompson Water District(the"District")as of <br /> December 31, 2009 and 2008, as listed in the Table of Contents. These basic financial statements are the <br /> responsibility of the District's management. Our responsibility is to express an opinion on these basic financial <br /> statements based on our audits. <br /> We conducted our audits in accordance with auditing standards generally accepted in the United States of America. <br /> Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the <br /> financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence <br /> supporting the amounts and disclosures in the financial statements. An audit also includes assessing the <br /> accounting principles used and significant estimates made by management, as well as evaluating the overall <br /> financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. <br /> In our opinion,the financial statements referred to above present fairly,in all material respects,the financial position <br /> of Little Thompson Water District as of December 31, 2009 and 2008, and the results of its operations and its cash <br /> flows for the years then ended in conformity with accounting principles generally accepted in the United States of <br /> 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 on pages 2 through 8 and 28 through 30 be <br /> presented to 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 part <br /> of financial reporting for placing the basic financial statements in an appropriate operational, economic,or historical <br /> context.We have applied certain limited procedures to the required supplementary information in accordance with <br /> auditing standards generally accepted in the United States of America, which consisted of inquiries of <br /> management about the methods of preparing the information and comparing the information for consistency with <br /> management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during <br /> our audit of the basic financial statements. We do not express an opinion or provide any assurance on the <br /> information because the limited procedures do not provide us with sufficient evidence to express an opinion or <br /> provide any assurance. <br /> boate-t4 *Ado's.,ws. 414. . <br /> Watkins&Schommer, Inc. <br /> Greeley, Colorado <br /> April 8, 2010 <br />