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STATE OF COLORADO Colorado Water Conservation Board Department of Natural Resources 1313 Sherman Sheet. Room 721 Dem~er, Colorado 80203 Phone: (303) 866-3441 Fax: (303) 866-4474 v`uu . ccvcU. state. co.us Bill Ritter, Jr. Governor TO: Colorado Water Conservation Board Members Harris D. Sherman DNR Executive Director FROM: Mike Serlet, P.E., Chief Water Su 1 Plannin and Finance Section l~l~ y g Dan McAnhtfe Acting CWCB Director DATE: November 6, 2007 SUBJECT: Agenda Item 12, November 14-15, 2007, Board Meeting Water Supply Planning and Finance -Financial Matters Construction Fund and Severance Tax Trust Fund Perpetual Base Account Annual Financial Statements The Colorado Water Conservation Board (CWCB) has contracted with a responsible independent accounting firm for the purpose of preparing a Compilation Report (CR) of the CWCB Construction Fund and Severance Tax Trust Fund Perpetual Base Account (STTFPBA) financial statements. The CWCB entered into a contract with Clifton Gunderson, LLP of Greenwood Village, Colorado on November 24, 2000 to complete the work outlined in the CR Scope of Work originally reviewed and approved by the Board at the May 23, 2000 Board meeting in Alamosa. The contract was for the annual preparation of the CR through fiscal year 2005. Clifton Gunderson's contract was renewed for another 5 years through fiscal year 2010. Mr. Steve Biondo, the Water Supply Planning and Finance Section staff Accountant, will present and answer questions regarding the Construction Fund and STTFPBA financial statements (attached) for the fiscal year ending June 30, 2007 at the November 2007 Board meeting. Comparative financial statements for the fiscal years 2006 and 2005 will also be presented. Attachment water Supply Protection • Flood Protection • Stream & Lake Protection • water Supply Planning & Finance water Conservation & Drought Planning • Intrastate water Management & Development