2005 Annual Comprehensive Financial Report

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Swanhorst & Company LLC Honorable Mayor and 'Members of the City Council City of Louisville Louisville. Colorado INDEPENDENT .AUDITORS' REPORT We have audited the accompanying financial statements of the governmental actin ities. the business -type actiti ities, each major fund and the aggregate remaining fund information of the City of Louisville as of and for the year ended December 31, 2005. which collectively comprise the basic financial statements of the City. as listed in the table of contents. These financial statements are the responsibility of the City's management. Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the t?nited States of America. Those standards require that N\e plan and perform the audit to obtain reasonable assurance about xvhether the financial statements are free of material misstatement. An audit includes examining. on a test basis, eidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management. as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. In our opinion. the financial statements referred to above present fairly. in all material respects. the respecti\e financial position of the governmental activities, the business -type activities. each major fund and the aggregate retraining fund information of the Cit. of Louisville as of December 31. 2005. and the respect i\ e changes in financial position and cash flows. where applicable, for the year then ended in conformit\ t\ ith accounting principles generally accepted in the United States of America. The managentent•s discussion and analysis and required supplententar\ information listed in the table of -contents are not required parts of the basic financial statements but are supplementary information required by the Go\ ernmental Accountinug Standards Board. We have applied certain limited procedures. \\ hieh consisted principally of inquiries of management regarding the methods of measurement and presentation of the supplementary information. However. Nye did not audit the information and express no opinion on it. Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City of Louis\ ille's basic financial statements. The other statements and schedules and local higheca\ finance report listed in the table of contents are presented for purposes of additional analysis and arc not required parts of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and. in our opinion, is fairly stated. in all material respects. in relation to the basic financial statements taken as a whole. -fhe introductory and statistical information has not been subjected to the auditing proeedures applied in the audit of the basic financial statements and accordinel. \' c express no opinion on it. 'larch 3.2006 it}() 1 . Crescent Parkway • Suite 600 • Greenwood Village. C t_} 5(11 1 1 • (720) 52S--f '0(\ 1 ax: 172 )) 52S-4307 9