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BENEFITS OF LEASES During the early stages of the leasing program, MFWP realized that leases would have to be obtained on small streams rather than on larger rivers. The large quantity of water required to substantially improve flows and the many water rights required would make leases on larger rivers too complicated and it would be difficult to avoid adverse effects. Consequently, all of the leases so far obtained are on small tributary streams that are used for spawning by the larger river fish. By increasing the spawning potential and numbers of young fish that go back to the rivers, the leases increase the river fish populations and, subsequently, improve angling opportunities. FWP does not make cost/benefit analyses of water leases. Although the costs can be accurately determined, the economic benefits to the stream or larger river systems are difficult to calculate. Predictions can be made of the increase in fish populations due to improved spawning and dollar values for angling use can be estimated. However, the predictions are subject to large error. Because of this poor accuracy, MFWP does not make these predictions. Instead, we monitor the spawning streams before and after a lease and determine if more fish are produced. If so, we assume benefits accrue to the fisheries from the standpoint that, if there are more fish for the angler, fishing will improve and there will be economic benefits that results from increased angler use. A single lease mayor may not provide all the water that is needed to improve streamflows. In all of the streams except Mill Creek, the leased water is sufficient. However, Mill Creek is a larger tributary and will require additional leases to obtain an adequate base flow. , MONITORING AND PROTECTION OF LEASES Because "first in time is first in right", the priority date of leased water is extremely important to its protection in the stream. All seven of the leases have the first, or one of the very earliest, water rights on the stream, giving instream flows priority over other uses that divert water from the channel. This particularly important in low flow years. The first two Mill Creek leases have been implemented for three years. The third Mill Creek lease was implemented in 1995. The leases are monitored by MFWP with the assistance of a water commissioner who administers all the rights on the creek. The commissioner makes sure the leased rights are maintained in the stream reach by protecting them from junior appropriators. The Blanchard Creek lease has also been in effect for three years. The only water user on the' stream is the lessor and no protection of the leased water from others is needed. The Tin Cup Creek lease was first implemented in 1995. A water commissioner administers the 7