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<br />e <br /> <br />e <br /> <br />. <br /> <br />Table 2 gives some selected characteristics for Loveland and for the City's water system. The <br />City's 1990 median household income is essentially identical to the 1990 statewide median <br />household income of $30,140. <br /> <br />e <br /> <br />Table 2. City of Loveland, Selected Characteristics <br /> <br />Service Area Population 49,900 <br />Total Number of Taps 16,850 <br />Average Annual Water Demand (Acre-Feet) 10,000 <br />Average Monthly Residential Water Bill $30.00 <br />1990 Median Household Income $30,548 <br /> <br />Proiect Update <br /> <br />The City is seeking a long-term contract with the Bureau of Reclamation and with the Northern <br />Colorado Water Conservancy District to deliver its Big Thompson River water to the reservoir <br />through the facilities of the Colorado-Big Thompson system. The long-term contract is <br />considered a major federal action and therefore requires an environmental assessment (EA). The <br />Bureau of Reclamation completed a draft of the EA in August 1998. Minor inundation of <br />wetlands due to reservoir expansion will require a 404 permit from the Corps of Engineers. <br /> <br />Formal Section 7 consultation with the US Fish and Wildlife Service began in August 1998 and a <br />Biological Opinion (BO) is expected soon. Mitigation for the project will be provided under the <br />terms of the Cooperative Agreement on the South Platte River among the states of Colorado, e <br />Nebraska and Wyoming and the federal government. <br /> <br />Upon receipt of the BO, the Bureau will complete the EA and a Nationwide Permit is expected <br />from the Corps. Project design will follow immediately., Action by the Larimer County Planning <br />Commission is expected in January 1999 with action by the Board of County Commissioners <br />shortly thereafter. The City hopes to begin construction in the fall of 2000. <br /> <br />Financial Analysis <br /> <br />Financial indicators for the Loveland Water Fund for 1995 through 1997 are given in Table 3. <br />The operating ratio and debt per tap are in the strong category in all three years. Debt service <br />coverage was weak in 1995 but in the average category in 1996 and 1997. It should be noted that <br />revenues used in the calculations are exclusive of tap fees resulting in debt service coverage <br />ratios that are fairly conservative. (Ratings are based on the system of current indicators used by <br />the Division of Local Government). <br /> <br />Beginning in 1990, the City initiated a series of rate increases in order to pay for current project <br />costs and to establish a reserve fund. It is expected that $13.0 million will be obtained in this <br />way. <br /> <br />e <br /> <br />2 <br />