C150670B Financials 2010

• Contract/PO #: C150670B
• Contractor Name: Ute Water Conservancy District
• Contract Type: Loan
• Loan Projects - Doc Type: Report

Chadwick, Steinkirchner, Davis & Co., P.C. Consultants and Certified Public Accountants
I C
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
May 4, 2011
President and Board of Directors
Ute Water Conservancy District
Grand Junction, CO
We have audited the accompanying statements of net assets of Ute Water Conservancy District as of
December 31, 2010 and 2009, and the related statements of revenues, expenses, and changes in net assets,
and cash flows for the years then ended. These financial statements are the responsibility of the District's
management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States of
II America. Those standards require that we plan and perform the audits to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our audits.provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
financial position of Ute Water Conservancy District, as of December 31, 2010 and 2009, and the changes
in net assets and its cash flows, for the years then ended in conformity with accounting principles
generally accepted in the United States of America.
Management's discussion and analysis on pages 3 through 7, is not a required part of the basic financial
statements but is supplementary information required by accounting principles generally accepted in the
United States of America. We have applied certain limited procedures, which consisted principally of
inquiries of management regarding the methods of measurement and presentation of the required
supplementary information. However,we did not audit the information and express no opinion on it.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements. The
introductory section, supplemental schedules of revenues and expenditures — budget and actual, and
statistical section are presented for purposes of additional analysis and are not a required part of the basic
financial statements. The supplemental schedules of revenues and expenditures — budget and actual have
been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our
opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a
whole. The introductory section and statistical section have not been subjected to the auditing procedures
applied in the audit of the basic financial statements a and, accordingly, we express no opinion on them.
J .,f•C
225 North 5th Street, Suite 401 www.csdcpa.com 970/245-3000
Grand Junction, CO 81501-2645 e-mail info @csdcpa.com FAx [phone]
- 1 - TOLL FREE 877/245-8080