BOARD00157

• Board Meeting Date: 11/19/2003
• Description: CF Section - Financial Matters Construction Fund and Severance Tax Fund Perpetual Base Account Annual Financial Statement
• Board Meetings - Doc Type: Memo

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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, Construction Fund as of June 30, 2003, 2002 and 2001, and the related statements of
revenue, expenses and changes in net assets, and the 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, Construction Fund are
intended to present the financial position of only that portion of the funds of the Colorado Water
Conservation Board that is attributable to the transactions of the Colorado Water Conservation
Board, Construction Fund.

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, Construction Fund'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.

~~LL,b

Greenwood Village, Colorado
August 25, 2003