2004 Severance Tax Financial Statement

• Year: 2004
• Title: Severance Tax Trust Fund Perpetual Base Account Financial Statement 2004
• CWCB Section: Finance
• Author: Clifton Gunderson LLP
• Description: Severance Tax Trust Fund Perpetual Base Account Financial Statement
• Publications - Doc Type: Financial Statement

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~ Clifton
~ Gunderson LLP

Certified Public Accountants & Consultants

Accountant's Report

Board of Directors
Colorado Water Conservation Board
Denver, Colorado

We have compiled the accompanying statements of net assets of Colorado Water Conservation
Board, Severance Tax Trust Fund - Perpetual Base Account as of June 30, 2004, 2003 and 2002,
and the related statements of revenue, expenses and changes in net assets and accompanying
supplemental information, for the years then ended, in accordance with Statements on Standards
for Accounting and Review Services issued by the American Institute of Certified Public
Accountants.

A compilation is limited to presenting in the form of financial statements and supplemental
information, information that is the representation of management. We have not audited or
reviewed the accompanying financial statements and supplemental information and, accordingly,
do not express an opinion or any other form of assurance on them.

The financial statements of the Colorado Water Conservation Board, Severance Tax Trust Fund
- Perpetual Base Account are intended to present the financial position of only that portion ofthe
funds of the Colorado Water Conservation Board that is attributable to the transactions of the
Colorado Water Conservation Board, Severance Tax Trust Fund - Perpetual Base Account.

Management has elected to omit substantially all of the disclosures and the statements of cash
flows required by generally accepted accounting principles. If the omitted disclosures and
statement of cash flows were included in the financial statements, they might influence the user's
conclusions about the Colorado Water Conservation Board, Severance Tax Trust Fund -
Perpetual Base Account's financial position, results of operations, and cash flows. Accordingly,
these financial statements are not designed for those who are not informed about such matters.

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Greenwood Village, Colorado
August 30, 2004

Offices in 13 states and Wa;;hington, DC

Membe< of

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