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<br />3. The 1996 revenues were $3,204,526 and the expenses were $2,678,346. The DWCD does <br />not intend to utilize annual revenues to repay the feasibility study loan or the construction <br />loan (if a project is feasible). The DWCD has several reserve funds such as "Repayment, <br />Operating, Capital, Replacement, and Discretionary". <br /> <br />The DWCD intends to utilize a portion of the discretionary reserve fund of $6,063,000 for <br />repayment of the feasibility study costs and if feasible, construction. The DWCD has <br />conducted evaluations of the project needs and concluded that about $4 million of the <br />discretionary reserve could be used for development of additional water supplies. The <br />DWCD intents to use these funds for repayment and collateral for the feasibility study. <br /> <br />There may be a question of why the DWCD needs a feasibility study loan with significant <br />reserves, the reason is that the DWCD plans to request a large construction loan from the <br />CWCB for a fairly complicated project and believes that the involvement of the CWCB <br />during the feasibility study will expedite the understanding of the need for the construction <br />loan. <br />