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be paid as of the current year before water will be delivered pursuant to statute. The current t~ rate
<br />for the District is $18.00 per acre. Upon payment of the tax, the District will note the
<br />landowner's/taxpayer's prorate or allocation upon his or her water books and thereafter, to use the
<br />above example, an owner of 100 acres within the District, would be entitled to call for delivery of
<br />fifty (50) acre feet of irrigation water that year as his or her "acre-righY'.
<br />FINANCIAL CONDITION
<br />The condition of the Company is sound as the Company has acceptable ratios of debt to equity and
<br />has sufficient cash reserves to cover more than one years operating expenses. HID has Current
<br />Assets of $1,846,693 and Capitol Assets of $6,394,063 which includes water stock, the irrigation
<br />system, property, buildings, and equipment. They currently have long term debt of $615,581 with
<br />one loan from the Bureau of Reclamation, two loans from the Colorado Water Conservation Board,
<br />and a loan for the purchase of an excavator.
<br />A summary of the outstanding loans are as follows.
<br />Lender Loan Remaining Yearly Maturity
<br />Amount Amount Payment Date
<br />1. U.S. Bureau of Reclamation $ 112,088 $79,288 $32,800 6/1/2008
<br />2. Colorado Water
<br />Conservation Board
<br />$ 354,845 $337,240
<br />$ 170,831 $164,219
<br />$ 75,861 $ 34,834
<br />$28,249
<br />8/1/2021
<br />3. Colorado Water
<br />Conservation Board
<br />4. CNH Capital
<br />$15,153
<br />$20,513
<br />7/1/2022
<br />3/11/2009
<br />At end of 2006 the HID had cash deposits and investments of $1,388,781. The Company had net
<br />assets of $2,696,606 with total liabilities (debt) of $615,581. Following is a summary of their
<br />financial position as taken from the Company's Annual Financial Report issued by Tim Chavies &
<br />Associates, Inc. This is an audited report that is included in Appendix C along with the detailed
<br />financial statement.
<br />2006 2005
<br />Net Assets
<br />Current Assets
<br />Total Liabilities
<br />Total Revenue
<br />Total Expenses
<br />Horsecreek & Prospect Reservoirs - 06.014
<br />Henrylyn Irrigation District
<br />$2,018,142 $1,226,930
<br />$1,846,693 $1,078,231
<br />$ 678,464 $ 755,052
<br />$1,669,604 $ 780,135
<br />$ 977,575 $ 931,565
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