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MANAGEMENT'S DISCUSSION AND ANALYSIS <br />INTRODUCTION <br />The purpose of this Management's Discussion and Analysis is to provide a financial overview of the <br />past year and to inform our constituents about District financial issues and activities. <br />This discussion is presented in conjunction with the District's audited basic financial statements. <br />FINANCIAL HIGHLIGHTS <br />District-Wide Financial Statements <br />1. Assets of the District exceed its liabilities by $58,290,157 at December 31, 2005. Unrestricted net <br />assets total $10,569,508 at December 31, 2005 and may be used to meet the District's ongoing <br />obligations. <br />2. The District's net assets increased $5,536,669 during the year ended December 31, 2005. <br />3. The largest portion of the District's net assets is the $47,570,649 invested in capital assets which is <br />net of accumulated depreciation and related debt. <br />4. The District's debt consists of amounts due the Bureau of Reclamation totaling $86,758,075 at ~ <br />December 31, 2005. This represents a decrease of $5,765,153 during the year ended December 31, <br />2005. <br />REPORT LAYOUT <br />This annual report includes a series of financial statements. In addition to this management's discussion <br />and analysis (MD&A), the report consists of government-wide statements, fund financial statements, the <br />notes to the financial statements and required supplementary information. The first two basic statements <br />present agovernment-wide view of the District's finances. Within this view, all District operations are <br />categorized and reported as either governmental or business-type activities. Governmental activities <br />include basic governmental and administrative services. The District's business-type activities include <br />the sale and administration of return flow, safety of dams repayment obligation, implementation of the <br />preferred storage options plan, oversight of the Arkansas Valley Conduit project and other associated <br />issues. These government-wide statements are designed to be more corporate-like in that all activities <br />are consolidated into a total for the District. <br />-3- <br />