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. . . Five projects totalling $1.7 million were deauthorized in FY 91-92. The Board is recommending seven projects totalling $1.4 million for deauthorization in FY 92-93. Since only part of the Clinton Reservoir appropriation will be actually needed, it is projected that it may be possible to deauthorize up to a total of $5.8 million in FY 93-94. Despite increasing expenses and decreasing revenue, the estimated total fund equity in FY 91- 92 increased due to a net income to the fund of $6.1 million in FY 91-92. Only a slight increase is estimated for the end of FY 92-93 and a $1.9 million loss is projected in FY 93-94. Treasury reported the cash balance in the fund at the end of FY 91-92 was $84.0 million. The cash balance is estimated to increase slightly to $84.2 million by the end of FY 92-93. However, the final cash balance in FY 93-94 is projected to decline to $82.3 million. The construction fund working balance was $8.3 million at the end of FY 91-92, down from the previous year. The working balance is an important indicator of the ability of the Board to initiate new projects in the next fiscal year. The working balance is estimated to be $5.3 million at the end of FY 92-93, the lowest its been in recent years. The decline in the working balance is attributed to decreased revenue coupled with increased expenses chiefly from the financing of administrative expenses entirely from the construction fund. In FY 93-94, the working balance is projected to increase due to a higher projected fund balance caused by an unusually high level of project deauthorizations. . CWCB Annual Report, page 25