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<br />Farmers Pawnee Canal Company <br />Updated September 19, 2008 <br />Page 4 of 5 <br /> <br />Agenda Item 23b <br /> <br />Financial Analysis <br /> <br />TABLE 1 <br />FINANCIAL SUMMARY <br /> <br />PROJECT/LOAN <br />Total Project Cost $250,000 <br />CWCB Loan (90% of the Proiect cost) $225,000 <br />CWCB Loan (Including 1 % Service Fee) $227,250 <br />CWCB Annual Loan Payment $10,857 <br />CWCB Loan Obligation (including 10% debt reserve funding) $11 ,943 <br />Number of Shareholders 110 <br />Numbers of Shares 500 <br />Annual Cost Per Share for Project $24 <br />Annual Cost of Loan per AF (based on 27,260 AF average diversion) $0.44 <br /> <br />Creditworthiness: The Company's current assessment is $190/share. Rates will need to be <br />increased to $2l4/share to cover the new CWCB debt service. The Company has an existing <br />CWCB loan for rehabilitation of its diversion dam and headgate structure. That loan was for <br />$29,000 to stabilize the headgate after flood damage in 1997. There is one $2,600 payment <br />remaining. The Company has a good history with the CWCB and made all payments on time. <br /> <br />TABLE 2 <br />FINANCIAL SUMMARY <br /> <br /> Past 2 Years Future <br />Financial Ratio wI Project <br />Operating Ratio (revenues/expenses) 99% 111% <br />1 weak: <100% I-I average: 100% - 120%' - I strong: > 120o/~ (Weak) (Average) <br />$96/97K $108/97K <br />Debt Service Coverage Ratio 47% 100% <br />(revenues-expenses)/debt service (Weak) (Average) <br />1 weak: <100% 1- I average: 100% - 120% I-I strong: > 120o/~ 96-97/2.6K $108-97/11K <br />Cash Reserves to Current Expenses 18% 15% <br />1 weak: <50% I-I average: 50% - 100% , -I strong: > 100o/~ (Weak) (Weak) <br />$ 19/104K $16/l08K <br />Annual Operating Cost per Acre-Foot (27,260 AF) $3.67 $4.09 <br />lweak: >$20 I-I average: $10 - $20 , -I strong: <$1 ~ (Strong) (Strong) <br />$100K/27K AF $108K/27K AF <br />