BOARD01329

• Board Meeting Date: 11/19/2001
• Description: CF Section - Financial Matters Construction Fund and Severance Tax Fund Perpetual Base Account Comprehensive Annual Financial Report
• Board Meetings - Doc Type: Memo

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~ Gund~rson LLP

Certified Public Accountants & Consultants

Board of Directors
Colorado Water Conservation Board
Denver, Colorado

We have compiled the accompanying balance sheets of the Colorado Water Conservation Board,
Construction Fund as of June 30, 2001, 2000 and 1999 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 statement of the Colorado Water Conservation Board, Construction Fund is 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 the statement of cash flows and all of the disclosures required by
generally accepted accounting principles. If the omitted disclosures 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.

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October 2, 2001

Offices in 13 states and Washington, DC

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