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entitled to under the Colorado River Compact. The River District is comprised of all or part of 15 counties that are in the Colorado River Basin. Historically, the River District has been primarily engaged with efforts to protect West Slope water interests with regard to transmountain diversions and to obtain water rights for the development of Federal projects such as Ruedi Reservoir and the Aspinall Project. The River District has also been engaged with the development of water resources, most prominently with Wolford Mountain Reservoir, which is West Slope mitigation for the Windy Gap Project. Attachment C is the 2002 audited financial statements of the River District. The audit includes management's discussion and analysis and other background financial and institutional information. To support the development of water projects and supplies, the River District created a Water Projects Enterprise. Through its Enterprise, the River District has an active water marketing program. The River District has the following sources and amounts of water: Wolford Mountain Reservoir: Eagle Park Reservoir: Homestake Reservoir: Ruedi Reservoir: TOTAL 13,000 acre-feet 200 acre-feet 100 acre-feet 1,200 acre-feet 580 acre-feet (pending) 15,080 acre-feet Roughly 3,500 acre-feet are currently under contract. The vast majority ofcontracts are for municipal or industrial uses. Less than 100 acre-feet is contracted for agricultural use. There are currentlyplans for the Enterprise to acquire additional Ruedi supplies and additional Eagle River supplies to meet growing demands. FINANCIAL The Elkhead Reservoir Enlargement is being undertaken by the River District's Water Projects Enterprise. The Enterprise exists as a separate financial fund and utilizes water sales revenues to fund its activities. The Enterprise has a project reserve in excess of $20MM and 2002 revenues in excess of $3.8MM. Attachment D is a 20-year pro forma of revenues over expenditures for the Enterprise. Included in the pro forma are estimated annual debt service requirements for the Elkhead Project. Attachment E is a project cost estimate and cost-share between the River District and the Recovery Program. The River District share of $10.75MM will be financed with a CWCB loan. The River District has elected to dedicate 2,000 of of its 7,000 of pool for agricultural uses. Page -5-