C150670B Financials 2010

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

P.O.Box 460(81502) Office: [phone]
2190 H 1/4 Road Fax: [phone]
Grand Junction,CO 81505 www.utewater.org
WATER
Conservancy District
May 4, 2011
To the Board of Directors of Ute Water Conservancy District and Our Customers:
hiThe comprehensive annual financial report (CAFR) of Ute Water Conservancy District
(District) for the year ended December 31, 2010, is submitted herewith. Responsibility for
both the accuracy of the data, and the completeness and fairness of the presentation,
including all disclosures, rests with District management. This financial report has been
prepared in conformance with the principles and standards for financial reporting as
promulgated by the Government Accounting Standards Board (GASB). It has also been
prepared following guidelines recommended by the Government Finance Officers
Association (GFOA). We believe that the data presented is accurate in all material
respects; that the report is presented in a manner designed to fairly set forth the financial
position and the results of the financial operations of the District; and that all disclosures
• necessary to enable the reader to gain an understanding of the District's financial activities
have been included.
Chadwick, Steinkirchner, Davis & Co., P.C., has audited the District's financial statements.
The goal of the independent audit is to provide reasonable assurance that the financial
statements of Ute Water Conservancy District as of and for the years ended December 31,
2010 and 2009 are free of material misstatement. The independent audit involves
examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements; assessing the accounting principles used and significant estimates
made by management; and evaluating the overall financial statement presentation.
Chadwick, Steinkirchner, Davis & Co. concluded based upon their audit, that there was a
reasonable basis for rendering an unqualified opinion that the District's financial statements
as of and for the years ended December 31, 2010 and 2009, are fairly presented in
conformity with generally accepted accounting principles (GAAP) accepted in the United
States and as applied to local governmental units. The independent auditor's report is
presented as the first component of the financial section of this report.
GAAP requires that management provide a narrative introduction, overview and analysis to
accompany the basic financial statements in the form of Management's Discussion and
Analysis (MD&A). This letter of transmittal is designed to complement MD&A and should
be read in conjunction with it. The District's MD&A can be found immediately following the
report of independent auditors.
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WATE R