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; <br />Table 1. Financial <br />Total Project Cost <br />CWCB Loan Amount <br />CWCB Loan Amount (Including 1% Service Fee <br />CWCB Loan Payment <br />CWCB Loan Payment (Including 10% Reserve) <br />Previous Assessment per acre (2007) <br />Approved 2008 Budget Assessment per acre <br />Annual Cost of Loan per acre-foot delivered (19,900 ac-ft. <br />Annual Cost of Lc,an per acre Assessed (19,177) <br />Number of Acres Assessed <br />$2,650,000 <br />$2,385,000 <br />$2,408,850 <br />$115,089 <br />$126,598 <br />$18.00 <br />$46.58 <br />$6.36 <br />$6.60 <br />19,177 <br />Assessment �,evy History / acre: 2008 - $46.58; 2007 - $18; 2005 - $10; 2006 - $13; <br />2004 - $10 <br />Creditworthiness: The District has two existing loans with the CWCB. The first was approved <br />in May 2005 for $672,660 with an increase to $723,950 in May 2007, at an interest rate of 2.5% <br />for 30 years. The loan was for construction of a new spillway and additional toe drains for <br />Empire Reservoir. This loan has an annual loan obligation of $38,354 (including the 10% <br />reserve requirement�. <br />The second CWCB �District loan was approved in S �ptember 2007 for $654,480. The loan was <br />for a diversion structure rehabilitation project. This loan has an annual obligation of $32,931 <br />(including the 10% r'eserve requirement). <br />'F�ble �- Fiaancral Ra�ios <br />Financial Ratio Without With project <br />the project Future Year <br />(Aver.2004-07 2009+ <br />Operating Ratio (revenues/expenses) 101 %* 144% <br />weak: <100% - I average: 100% - 120% - strong: =>120% (average) (strong) <br />(387K/385K) 935K/650K) <br />Debt Service Coverage Ratio <br />(revenues-expenses)/debt service 144%*** <br />weak: <100% - average: 100% - 120% - strong: >120% N/A** (strong) <br />935K-650K/198K <br />Cash Reserves to Current Expenses 117% 58% <br />weak: <50% - �verage: 50% - 100% - sh-ong: >100% (strong) (average) <br />(534K/4S6K) 489K/848K <br />Annual Operating Cost per Acre-Ft. (19,900 AF) $19.35 $42.61 <br />eak: >$ 20 - �average: $10 - $20 - strong: <$ � (average) (weak) <br />(456K/19.9K) (848K/19.9K) <br />* Operating deficits covered by reserve funds. <br />** Value is not applicable (N/A) since District is not repaying debt in these years. <br />*** Debt servic� in fi�ture years includes payment on all CWCB loans <br />s <br />