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<br />" <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />MANAGEMENT'S DISCUSSION AND ANALYSIS - CONTINUED <br /> <br />LONG-TERM DEBT <br /> <br />The District has a long-term (30 year) ,debt obligation to the Colorado Water <br />Conservation Board. Note E and Note F on pages 11 and 12 explain in detail the long- <br />term debt. <br /> <br />Next Year's Budf!ets and Rates <br /> <br />The following were considered in preparing the District's 2003 fiscal year budget: <br /> <br />. Water assessment rates would be increased about 5%. Assessment income <br />would only increase a small.amount due to land use changes (Le., large tract <br />division to small tract). <br />. Interest income would decrease substantially due to unrestricted reserves <br />being used to replace water delivery structures. <br />. All other revenues and expenses would not have significant changes. <br /> <br />Future Events of Financial Sif!nificance <br /> <br />At the 2003 annual meeting of the District, water user approval. was requested and <br />granted for the District to sell surplus property to obtain funds to improve the delivery <br />system. This improvement is intended to stop a series of leaks and seeps in the delivery <br />system. <br /> <br />Contactinf! the District's Financial Manaf!ement <br /> <br />This financial report provides an overview of the District's finances. Questions <br />concerning information provided in this report should be directed to the Management of <br />the Orchard Mesa Irrigation District, P.O. Box 356, Palisade, Colorado 81526, or by <br />calling (970) 464-7885. <br /> <br />-iv- <br />