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<br />7.0 FINANCIAL STATEMENTS <br /> <br />. <br /> <br />Table 3 is a summary of the CWCB construction fund equity, revenue, and expenditures with <br />an estimate of the unobligated working balance. The working balance is calculated by <br />subtracting the encumbered and unencumbered appropriations from the fund's "cash balance" and <br />adding the amount from deauthorized projects. The following statements are intended to help <br />explain the entries in Table 3. <br /> <br />7.1 Revenue and Expenditures <br /> <br />Based on Colorado Financial Reporting System (CO FRS) reports, revenue from loan <br />repayments, interest on the fund balance, and transfers from the mineral lease fund totalled $14.3 <br />million in FY 91-92, down from the previous year. <br /> <br />Based on first quarter earnings, revenue to the construction fund for FY 92-93 is estimated <br />to be only $11.5 million, down significantly from FY 91-92. The decrease is primarily due to <br />the decline in the interest earned on the construction fund balance. The interest is tied to the <br />federal interest rate on Treasury Bills. Revenue to the fund for FY 93-94 is projected at $11.1 <br />million. The estimated and projected revenues include the recently imposed 15-percent fee on <br />all interest earned charged by the Colorado Treasury pursuant to SB 92-26. <br /> <br />The Board is considering projects for funding in FY 93-94 totalling $11.4 million. <br />Construction fund expenses in FY 91-92 totaled $8.3 million, essentially about the same as in <br />FY 90-91. About $1.6 million was used for administrative expenses in FY 91-92. Expenses in <br />FY 92-93 are projected to be about $11.0 million as money for SB 92-87 projects is encumbered. <br />About $1.8 million will be used for administrative expenses in FY 92-93. Expenses for FY 93- <br />94 are projected at $13.1 million. About $0.9 million from the construction fund has been <br />projected for administrative expenses based on the assumption that the general fund will be <br />reinstated as a source of revenue to the Board. <br /> <br />. <br /> <br />7.2 Status of tbe CWCB Construction Fund <br /> <br />A total of $67.8 million of the construction fund cash balance has been authorized and <br />appropriated, but is still unencumbered as of June 30, 1992. The projects include capital <br />construction, studies, and accounts set aside for emergencies. <br /> <br />A total of $9.5 million of the construction fund cash balance was encumbered as of June 30, <br />1992. Encumbered projects are those projects that are already under contract but the work has <br />not started or is not complete such that the entities have not initiated repayments. However, <br />many of these projects were grants or right of way purchases, and only about $2.8 million will <br />be repaid with interest. <br /> <br />. <br /> <br />CWCB Annual Report, page 24 <br />