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<br />Board JJJ:U,)s <br /> <br />The Fort Lyon Canal Company <br />POBox 231 <br />Las Animas, CO 81054 <br /> <br />, <br /> <br />Indenendent Auditor's Renori <br /> <br />We have audited the financial statements of the Fort Lyon Canal Company, a <br />mutual farm irrigation company. as of and for the years ended October 31, 1993 & <br />1992, as listed in the Table of Contents. These financial statements are the <br />responsibility of the Company's management. Our responsibility is to express an <br />opinion on these financial statements based on our audits. <br /> <br />We conducted our audits in accordance with generally accepted auditing standards. <br />Those standards require that we plan and perform the audit to obtain reasonable <br />assurance about whether the financial statements are free of material <br />misstatement. An audit includes examining, on a test basis, evidence supporting the <br />amount and disclosures in the financial statements. An audit also includes <br />assessing the accounting principles used and significant estimates made by <br />management, as well as evaluating the overall financial statement presentation. <br />We believe that our audits provide a reasonable basis for our opinion. <br /> <br />In our opinion, the financial statements referred to above rresent fairly, in all <br />material respects, the financial position of the Fort Lyon Cana Company at October <br />31, 1993 & 1992 and the results of its operations and the statement of cash flows for <br />the years ended October 31, 1993 & 1992, in conformity with generally accepted <br />accounting principles. <br /> <br />The accompanying financial information listed as supplemental information in the <br />Table of Contents is presented for purposes of additional analysis and is not a <br />required part of the financial statements. The information has been subjected to the <br />auditing procedures applied in the audit of the financial statements, and, in our <br />opinion, is fairly stated in all material respects in relation to the financial <br />statements taken as a whole. <br /> <br />Farmer & Renken <br /> <br />November 11, 1993 <br />Lamar, Colorado <br /> <br />19 <br /> <br />