25c

• Board Meeting Date: 11/19/2008
• Description: CF Section - Changes to Existing Loans - Bijou Irrigation District - Empire Res. East Embankment Dam Repair
• Board Meetings - Doc Type: Memo

Financial Analysis

Table 2 is a summary of the financial aspects of the project. The CWCB loan will be repaid
from annual acreage assessments. The land currently assessed by the District is 19,177 acres.

Table 2 . Financial Summary
Total Project Cost $ 4,900,000
CWCB Loan Amount $ 4, 410,000
CWCB Loan Amount (Including 1% Service Fee) $ 4,454,100
CWCB Loan Payment $ 205,776
CWCB Loan Payment (Including 10% Reserve) $ 226,3 54
Previous Assessment per acre ( 2007) $46.58
Approved 2008 Budget Assessment per acre $46.58
Annual Cost of Loan per acre - foot delivered (19,900 ac - ft.) $ 11.37
Annual Cost of Loan per acre Assessed (19,177) $ 11.80
Number of Ac res Assessed 19,177

Assessment Levy History / acre : 2009 - $46.58; 2008 - $46.58 ; 2007 - $18 ; 2006 - $13 ;
2005 - $10 ; 2004 - $10 .

Creditworthiness : The District has three existing loans with the CWCB, summarized as follows
in Table 3:
Table 3

Loa n Amount Borrowed Balance Annual Payment
Empire Res. - Spillway $723,950 715,000 $38,354
Diversion Structure $2,090,700 $2,090,700 $106,248
Empire Res. E. Dam $4,454,100 $4,454,100 $226,354

$7,268,750 $7,259,800 $370,956
Totals

s annual assessment to each member breaks down the cost per acre necessary to
cover each The
Dis down for 200 8 and 2009 is summarized below:

2008 2009

Category Cost/Acre Cost/Acre

Operating Expenses $40.00 $27.44
Spillway Loan $2.00 $1.80
Diversion Loan $1.72 $5.54
East Dam Rehabilitation (This loan) $2.86 $11.80

Totals: $46.58 $46.58

It is the intent of the District to maintain the 2008 assessment rate of $46.58 per acre for 2009 , by
increasing the asse ssments for the loans that are proposed to increase, as identified above , and
redu cing the assessments f or annual operating expenses.
4