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The Town continues to work on the financial condition of the Watex Fund. OpeYating revenues <br />increased $92,650 or 16.5% from 2005 to 2007, while operating expenditures decreased $25,740 or <br />4.3%. The operating Yevenues increases are the result of increases in fees and customer base. While <br />the Town has increased rates ovex the last thxee years, the water rates are still competitive with out <br />neighboYing communities. Efficiencies in operarions and maintenance Yesulted in costs savings to <br />the Water Fund. Over the last few yeaYS 95% of the maintenance projects aYe preventative with <br />only 5% fYOm emeYgency/xeactive situations. The Town of Dillon Financial Statements from 2005 <br />thxough 2007 axe included for your review (.ree 2007 Financial Statement.r, Exhibit U; 2006 Financial <br />Statement.r, Exhibit V; and 2007 Financial Statement,r, Exhibit 1-V~. The dxaft 2008 fmancial statements <br />will be available by the end of April with the final repoYt available in June 2009. <br />2.5 Conclusions and Recommendations <br />The Town of Dillon has always Yecognized the value of its water rights associated with the Old <br />Dillon Reservoit and the Dillon Ditch. The Town felt that reservoir would serve as an alternate <br />souxce of supply fox the Town and be of benefit to othex govexnmental entiries in Summit County. <br />The Town sought other govexnmental partnexs to be able to make impxovements and enlaxge Old <br />Dillon Reservoir and make the project economically feasible. Through the various studies done since <br />1995 the option of enlarging ODR proved to be the most economical altexnative. In 1992, the <br />Town entered into an IGA with Suintnit County allowing the County to enlarge the ODR with the <br />Town of Dillon's participation. That paxtnership limited the Town's options of how to maintain or <br />impxove the xeservoir. The ability to enlarge ODR to 286 AF at the Town's cost of $15,853 peY acre- <br />foot for the Town of Dillon's 109 AF is a good value for the Town's customeYS to pxotect or secure <br />the Town's source of supply well into the future. Dillon's Water Fund status as an enterprise fund <br />allows it to set rates to accomplish the enlaYgement of ODR. The 30 yeaY term of the loan allocates <br />the cost share fox this impxovement to curxent and futuYe customexs. The three participants of the <br />enlargement of ODR axe cuYrently awaiting the anticipated issuance of a USFS special use peYmit of <br />the enlargement of ODR which will allow them to put this project out to bid in 2009. <br />18 <br />