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<br />COLORADO WATER CONSERV AnON BOARD
<br />SEVERANCE TAX TRUST FUND - PERPETUAL BASE ACCOUNT
<br />STATEMENTS OF REVENUE, EXPENSES AND CHANGES IN NET ASSETS
<br />Years Ended June 30,2006,2005 and 2004
<br />(See Accountant's Compilation Report)
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<br /> 2006 2005 2004
<br /> OPERATING REVENUE
<br /> Interest revenue
<br /> Net investment income $ 4,402,212 $ 2,932,610 $ 1,627,483
<br /> Interest earnings - Loans 2,255;393 1,607,582 1,486,799
<br /> Total interest revenue 6,657,605 4,540,192 3,114,282
<br /> Other revenue
<br /> Severance tax 52,943,210 36,611,258 28,970,874
<br /> Total operating revenue 59,600,815 41,151,450 32,085,156
<br />. OPERATING EXPENSES
<br />Nonreimbursable investments 999,160 902,122 91,824
<br /> Litigation settlement 15,500,000
<br /> 999,160 16,402,122 91,824
<br /> OPERATING INCOME/CHANGE IN
<br /> NET ASSETS 58,601,655 24,749,328 31,993,332
<br /> NET ASSETS - BEGINNING OF YEAR 141,617,883 116,868,555 84,875,223
<br /> NET ASSETS - END OF YEAR $ 200,219,538 $ 141,617,883 $ 116,868,555
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