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I <br /> 2009 to take advantage of the current lower costs of construction without borrowing while I <br /> continuing to maintain adequate reserves for future capital projects. <br /> I <br /> Financial Information <br /> Cash and Investment Administration - The principal objective of the District's investment e <br /> policy is safety while attaining an appropriate rate of return. At year-end, approximately <br /> 68% of the District's investments were held in U.S. government and agency securities. The <br /> remaining investments were in state investment pools (approximately 31%) and certificates <br /> of deposit (about 1%). The District earned an average return of approximately 1.7% on <br /> cash and investments in 2010 compared to approximately 1.4% in 2009. <br /> Other Information <br /> Independent Audit - State statutes require an annual audit by independent certified public <br /> accountants. The firm of Chadwick, Steinkirchner, Davis & Co., P.C., was selected to <br /> perform this audit for 2010. The auditor's report on the basic financial statements is <br /> included in the financial section of this report. <br /> Awards — The Government Finance Officers Association of the United States and Canada <br /> (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to Ute <br /> Water Conservancy District for its comprehensive annual financial report for the fiscal year <br /> ended December 31, 2009. This was the twelfth consecutive year that the District has <br /> rec, ived this prestigious award. In order to be awarded a Certificate of Achievement, a <br /> government must publish an easily readable and efficiently organized comprehensive <br /> annual financial report. This report must satisfy both generally accepted U.S. accounting <br /> principles and applicable legal requirements. <br /> A Certificate of Achievement is valid for a period of one year only.. We believe that our <br /> current comprehensive annual financial report continues to meet the Certificate of <br /> Achievement Program's requirements and we are submitting it to the GFOA to determine <br /> its eligibility for another certificate. <br /> Acknowledgment - The preparation of this report could not have been accomplished <br /> without the efficient and dedicated assistance of the entire staff of the Finance Department. <br /> We would also like to express appreciation to the staff in other departments who provided I <br /> great assistance in the preparation of this report. Due credit also should be given to the <br /> Board of Directors for their interest and support in planning and conducting the operations <br /> of the District in a responsible and progressive manner. I <br /> I <br /> I <br /> I <br /> viii I <br />