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. . . ,~ ~Clifta ~ Gund~rson LLP Certified Public Accountants & Consultants Accountant's Report Board of Directors Colorado Water Conservation Board Denver, Colorado We have compiled the accompanying balance sheets of Colorado Water Conservation Board, Severance Tax Trust Fund - Perpetual Base Account as of June 30, 2002, 2001 and 2000, and the related statements of revenue, expenses and changes in retained earnings, schedules of cash sources and cash uses and the graph of the components of fund equity 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 information that is the representation of management. We have not audited or reviewed the accompanying financial statements 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 of the 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 statements of cash flows were included in the financial statements, they might influence the user's conclusions about the 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. ~~LLj) Greenwood Village, Colorado November 5, 2002 Offices in 13 states and Washington, DC M~.,.,bor of lIII,ntema"ono,