C150171 Feasibility Study

• Contract/PO #: C150171
• Contractor Name: Terrace Irrigation Company, The
• Contract Type: Loan
• Water District: 0
• County: Conejos
• Loan Projects - Doc Type: Feasibility Study

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THE TERRACE IRRIGATION COMPANY
PROFIT & LOSS STATEMENT
November 2002 through October 2003
(Adjusted by Davis Engineering Service, Inc. after
using information from John Riddick, Secretary
Terrace Irrigation Company Board of Directors)
January 30, 2004
Projected
After
Past Year Project
Income
Fees - 831.875 shares @ $228/share 189,667.50
Portion of fees for Operations & Maintenance 49,593.72
Portion of fees for State Water Board/Dam 24,730.71
Portion of fees for State Water Board/Ditch 90,384.75
Portion of fees for FHA loan 4,143.95
Miscellaneous 95.00
Interest 4,518.25 4,000.00
Total Income $173,466.38 193,667.50
Expense
Payment on 2004 CWCB Loan 9,985.52
Payment on State Water Board/Dam loan 24,730.71 24,730.71
Payment on State Water Board/Ditch loan 90,384.75 90,384.75
Payment on FHA loan 4,143.95 4,143.95
Director Expense 1,143.38 1,143.38
Labor/Superintendent 21,645.24 21,645.24
Pickup Expense 7,799.96 7,799.96
Materials, Supplies & Repairs 18,122.67 18,122.67
Insurance Expense 6,052.00 6,052.00
Taxes 100.60 100.60
Postage & Phone Expense 196.84 196.84
Interest & Bank Charges 28.25 28.25
Secretarial Services 4,596.00 4,596.00
Legal & Accounting 4,035.00 4,035.00
Miscellaneous Expense 100.05 100.05
Preliminary Construction Expense 336.22 336.22
Total Expense $183,415.62 193,401.14
Net Income (Loss) ($9,949.24) $266.36

Note: Above adjust Profit & Loss Statement does not include
possible embezzlement expense of $33,779.05.
It is assumed this expense is not a reoccurring expense.

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