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EideBailly® <br />CPAs & BUSINESS ADVISORS <br />Independent Auditor's Report <br />To the City Council <br />City of Louisville, Colorado <br />Report on the Audit of the Financial Statements <br />Opinions <br />We have audited the financial statements of the governmental activities, the business -type activities, <br />each major fund, and the aggregate remaining fund information of the City of Louisville (the City), as of <br />and for the year ended December 31, 2024, and the related notes to the financial statements, which <br />collectively comprise the City's basic financial statements as listed in the table of contents. <br />In our opinion, the accompanying financial statements referred to above present fairly, in all material <br />respects, the respective financial position of the governmental activities, the business -type activities, <br />each major fund, and the aggregate remaining fund information of the City, as of December 31, 2024, <br />and the respective changes in financial position, and, where applicable, cash flows thereof for the year <br />then ended in accordance with accounting principles generally accepted in the United States of America. <br />Basis for Opinions <br />We conducted our audit in accordance with auditing standards generally accepted in the United States <br />of America (GAAS). Our responsibilities under those standards are further described in the Auditor's <br />Responsibilities for the Audit of the Financial Statements section of our report. We are required to be <br />independent of the City, and to meet our other ethical responsibilities, in accordance with the relevant <br />ethical requirements relating to our audit. We believe that the audit evidence we have obtained is <br />sufficient and appropriate to provide a basis for our audit opinions. <br />Adoption of New Accounting Standard <br />As discussed in Note 1 to the financial statements, the City has adopted the provisions of Governmental <br />Accounting Standards Board (GASB) Statement No. 101, Compensated Absences, for the year ended <br />December 31, 2024. As a result of implementing the standard, there was no effect on the governmental <br />activities, the business -type activities, each major fund, and the aggregate remaining fund's beginning <br />fund balance and net position as of January 1, 2023. Our opinions are not modified with respect to this <br />matter. <br />What inspires you, inspires us. I eidebailly.com 1 <br />7001 E. Belleview Ave., Ste. 700 I Denver, CO 80237-2733 I TF 866.740.4100 I T 303.770.5700 F 303.770.7581 EOE <br />