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D WAGNER • <br /> BARNES, Pc <br /> Certified Public Accountants &Business Consultants <br /> Independent Auditors' Report <br /> ' Board of Directors <br /> Winter Park Water and Sanitation District <br /> Grand County, Colorado <br /> 1 <br /> We have audited the accompanying basic financial statements of Winter Park Water and <br /> Sanitation District (the District), as of and for the years ended December 31, 2010 and 2009, as <br /> listed in the table of contents. These financial statements are the responsibility of the District's <br /> management. Our responsibility is to express an opinion on these financial statements based <br /> on our audits. <br /> ' We conducted our audits in accordance with auditing standards generally accepted in the <br /> United States of America. Those standards require that we plan and perform the audit to obtain <br /> ' reasonable assurance about whether the financial statements are free of material misstatement. <br /> An audit includes examining, on a test basis, evidence supporting the amounts and disclosures <br /> in the financial statements. An audit also includes assessing the accounting principles used and <br /> ' significant estimates made by management, as well as evaluating the overall financial statement <br /> presentation. We believe that our audits provide a reasonable basis for our opinions. <br /> ' In our opinion, the financial statements referred to above present fairly, in all material respects, <br /> the financial position of the District as of December 31, 2010 and 2009 and the results of its <br /> operations and the changes in its net assets and its cash flows for the years then ended, in <br /> ' conformity with accounting principles generally accepted in the United States of America. <br /> The management's discussion and analysis is not a required part of the financial statements but <br /> ' is supplemental information required by the Governmental Accounting Standards Board. We <br /> have applied certain limited procedures, which consisted principally of inquiries of management <br /> regarding the methods of measurement and presentation of the required supplementary <br /> information. However, we did not audit the information and express no opinion on it. <br /> ' Our audits were conducted for the purpose of forming opinions on the financial statements <br /> taken as a whole. The supplemental information listed in the table of contents is presented for <br /> ' purposes of additional analysis and is not a required part of the basic financial statements of the <br /> District. Such information has been subjected to the auditing procedures applied in the audits of <br /> the basic financial statements and, in our opinion, is fairly stated in all material respects in <br /> relation to the basic financial statements taken as a whole. <br /> W at 14,44 '44444 I Pe___ <br /> Lakewood, Colorado <br /> July 19, 2011 <br /> Wagner Barnes, PC <br /> ' 735 South Xenon Ct., Suite 200 • Lakewood, Colorado 80228 <br /> 303.202.1800 Office • 303.237.0155 Fax •www.wbcpaco.com <br />