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emo <br />To: Bruce Johnson, CWCB <br />From: Lynn Golemboski <br />CC: <br />Date: 6-9-04 <br />Re: Loan Application <br />Water Fund Budget Note: <br />The Board of Trustees elected to adopt a 2004 Budget that did not reflect new rates or construction and <br />water rights purchase costs. At the time of the budget workshops, hearings and adoption we were not <br />sure what costs would be for the water rights purchases and construction of the facility upgrade for <br />chlorination contact time as required by the Health Department. The Board was unwilling to make an <br />estimate of the costs and increase the monthly service rates based on the estimate. A supplemental <br />budget will be required prior to the end of the year. <br />The Board also leased pumping allocations from two other Lower Platte and Beaver Canal Co. <br />sh�reholders to allow the Town to operate the water system this year. Those leased pumping <br />allocations cost $4,244.15. In response to that cost the Board set a summer watering surcharge of $40 <br />per tap to be paid at $10 per month beginning in April. The Board realizes and has discussed that a <br />$10 increase in the monthly flat rate will be necessary to provide for payment of the interest on the <br />interim loan and fund the principal and interest for the annual payments of the Colorado Water <br />Conservation Board loan and recoup a savings account balance for future repair needs. <br />