2001 Construction Fund Financial Statement

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r 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 and 2000 and the related statements of revenue,expenses and changes in retained earnings and schedules of cash sources and cash uses 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 ofthe 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. The supplemental information accompanying the financial statements is presented only for additional analysis purposes. We have not audited or reviewed the accompanying supplemental information and, accordingly, do not express an opinion or any other form of assurance on such information. August 23, 2001