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<br />Table 1
<br />
<br />Construction Items Orig. Est. Re vised Est. Increase
<br />
<br />1. Construction $641,000 $1, 847,760 $1,206,760
<br />2. Engineering $14,900 $ 17,900 $3,000
<br />3. Conti n gency $64,100 $434,340 $370,240
<br /> $720,000 $2,300,000 $ 1,580,000
<br />Totals:
<br />
<br />One of th e main cost overrun s associated with the project was having to replace the entire diversion
<br />structure. Thi s required an additional 180 fee t of diversion structure removal and replacement.
<br />Additionally, the reconstruction, realignment, and installation of new Bladder Gates at the intake
<br />structure also added a significant cost to the project . These items will cost the District an additional
<br />$ 1, 206,760 to complete . Finally, the engineer has budgeted $373,240 in contingencies and
<br />engineering to account for the overall projected cost ove rrun of approximately $1,580,000 .
<br />
<br />The District is requestin g an increase of $1,436,220 to its cu rrent loan authorization of $654,480 to
<br />cover 90% of the total cost of the project. The new total amended loan amount for t he District
<br />w ould be $ 2,090,700 at its original interest rate of 2. 2 5 % for 3 0 years. The new annual payment
<br />will be $ 106,248 , which includes the 10% reserve requirement. The District current loan of
<br />$ 654,480 has an annual pay ment of $ 33,260 .
<br />
<br />Financ ial Analysis
<br />
<br />Table 2 is a summary of the financial aspects of the project. The CWCB loan will be repaid
<br />from annual acreage assessments. The land currently assessed by the District is 19,177 acres.
<br />
<br />Table 2 . Financial Summary
<br />Total Project Cost $ 2,30 0,000
<br />CWCB Loan Amount $ 2,070,000
<br />CWCB Loan Amount (Including 1% Service Fee) $ 2,090,700
<br />CWCB Loan Payment $ 96,589
<br /> CWCB Loan Payment (Including 10% Reserve) $ 106,248
<br />Previous Assessment per acre ( 2007) $46.58
<br />Approved 2008 /9 Budget Asses sment per acre $46.58
<br />Annual Cost of Loan per acre - foot delivered (19,900 ac - ft.) $ 5.34
<br />Annual Cost of Loan per acre Assessed (19,177) $ 5.54
<br />Number of Acres Assessed 19,177
<br />
<br />Assessment Levy History / acre : 2009 - $46.58; 2008 - $46.58 ; 20 07 - $18 ; 2006 - $13 ;
<br />2005 - $10 ; 2004 - $10 .
<br />
<br />Creditworthiness : The District has three existing loans with the CWCB, summarized as follows
<br />in Table 3:
<br />Table 3
<br />
<br />Loan Amount Borrowed Balance Annual Payment
<br />Empire Res. - Spillway $723,950 715,000 $38, 354
<br />Diversion Structure $2,090,700 $2,090,700 $106,248
<br />Empire Res. E. Dam $4,454,100 $4,454,100 $226,354
<br />3
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