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., ~ - I I .~ i ~ . PARTNERS THOMAS C. BROWN C.P.A. 'RICHARD L WHITE C.P.A. JAMES W. GRIMSLEY C.P.A. ROCKYFDRD,COLORADO LA JUNTA, COLORADO GRIMSLEY, WHITE & COMPANY CERTIFIED PUBLly'ACCOUNTANTS , ../' / Al-3 605 North Ninth Street . Rocky Foret, Colorado 81061 303.25403348 _:1 :_. The Honorable Mayor and Council TOlm of Swink SlV'ink, Colorado . . We have examined the financial statements of the various f~nds of the Town of Swink for the years ended December 31, 1974 and 1973, listed in the foregoing index. Our.examination was made in accordance with .genera11y accepted auditing standards and accordingly included such tests of the accounting records and such other auditing pr~cedures as we considered necessary in the circumstances, with the following exceptions. .. "- ~ ,. Our examination of the Water, Sewer and Garbage Funds, plant, property and equipment and inventory accounts was limited. Plant, property and equipment acquired in prior years was valued at current replacement cost, which is not in accordance with generally accepted accounting principles, because of this departure we limited our examination to current years acquisitions. In accordance with the terms of our engagement we did not verify the existence or valuations assigned to the inventories of the applicable funds. o. , , , I I I I I Because of the limitations of our examination, as expressed above, and their material effect, we d9 not express an opinion on the financial statements of the ~ater, Sewer and Garbage Funds of the TOl~"Il of SlV'ink as of December 31, 1974 and 1973. . In our opinion the financial statements of the General and Revenue Sharing Funds present fairly the financial position of such Funds of the Town of Swink as of December 31, 1974 and 1973 and the results of their operations for the years then ended, in conformity with generally accepted accounting principles applied on a consistent basis. The Town has not maintained a record of its g~neral fixed assets, accordingly a statement of general fixed assets, required by generally accepted accounting principles, is not included in this report. Actual expenditures of funds that exceeded budget appropriations may be violations of the Local Budget Law of Colorado. The accompanying schedules are not necessary for a fair presentation of the financial statements, but are presented as additional analytical data. The schedules have been subjected to the tests and other auditing procedures applied in the examination of the financial statements and, in our opinion, are fairly stated in all material respects in relation to the financial statements taken as a whole. ~LU~t}'~ ~- -Grims1~1~kte & Company . September 23, 1975 Page 1.