9b

• Board Meeting Date: 1/22/2008
• Description: CF Section - Estimate of Funds Available for New Projects - Severance Tax Trust Fund Perpetual Base Account
• Board Meetings - Doc Type: Memo

STATE OF COLORADO
Colorado Water Conservation Board
Department of Natural Resources
1313 Sherman Street, Room 721
Denver, Colorado 80203
Phone: [phone]
Fax: [phone]
wuu-. c~vcb. state. co. us
Bill Ritter, Jr.
Governor
TO: Colorado Water Conservation Board Members
Harris D. Sherman
DNR Executive Director
FROM: Mike Serlet, P.E., Chief
Water Su 1 Plannin and Finance Section Jennifer L. Gimbel
pp y g cwcB Direatar
DATE: January 14, 2008
SUBJECT: Agenda Item 9b, January 22-23, 2008 Board Aleeting
Water Supply Planning and Finance Section
Estimate of Funds Available for New Projects in 2008
Severance Tax Trust Fund Perpetual Base Account
Introduction
This financial information is for the Board's use in evaluating the availability of
additional funds from the Severance Tax Trust Fund Perpetual Base Account for new loans to
finance future water projects.
Background
The information for the Severance Tax Trust Fund Perpetual Base Account is based on
the closing reports for the fiscal year ended June 30, 2007. A total of approximately $80.7
million is projected as available for modifications to previous loan authorizations and new
construction project loans in 2008.
Discussion
Attached is a financial projection (updated from the November Board meeting)
summarizing the FY 2007-08 Severance Tax Trust Fund Perpetual Base Account cash available
and projected expenses. Please note the significant reduction in projected severance tax revenues
by the Office of State Planning and Budget in line 2. Total revenue available for new projects
and other expenses has been reduced from $90.7 million to $80.7 million. Projected expenses
are approximately $79.7 million, leaving a projected balance of approximately $1 million. This
number includes loan projects presented through the January Board meeting.
Conclusion
As of the date of this memo, it appears sufficient cash will be available to fund the
applications shown on the attached list.
Water Supply Protection • Flood Protection • Stream & Lake Protection • Water Supply Planning & Finance
Water Conservation & Drought Planning • Intrastate Water Management & Development