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MANAGEMENT'S DISCUSSION AND ANALYSIS INTRODUCTION The purpose of this Management's Discussion and Analysis is to provide a financial overview of the past year and to inform our constituents about District financial issues and activities. This discussion is presented in conjunction with the District's audited basic financial statements. FINANCIAL HIGHLIGHTS District-Wide Financial Statements 1. Assets of the District exceed its liabilities by $52,540,560 at December 31, 2004. Unrestricted net assets total $10,814,837 at December 31, 2004 and may be used to meet the District's ongoing obligations. 2. The District's net assets increased $4,453,382 during the year ended December 31, 2004. 3. The largest portion of the District's net assets is the $41,575,723 invested in capital assets which is net of accumulated depreciation and related debt. 4. The District's debt consists of amounts due to the Bureau of Reclamation totaling $92,842,393 at December 31, 2004. REPORT LAYOUT This annual report is significantly different from prior years. In addition to this management's discussion and analysis (MD&A), the report consists of government-wide statements, fund financial statements, the notes to the financial statements and required supplementary information. The first two basic statements present agovernment-wide view of the District's finances. Within this view, all District operations are categorized and reported as either governmental or business-type activities. Governmental activities include basic governmental and administrative services. The District's business-type activities include the sale and administration of return flow, safety of dams repayment obligation, implementation of the preferred storage options plan and other associated issues. These government-wide statements are designed to be more corporate-like in that all activities are consolidated into a total for the District. -3-