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• In December 1976 the voters in the District voted to accept the <br />repayment contract by a 9 to 1 margin for the construction of the <br />Dallas Creek Project to deliver project water for irrigation, <br />municipal, industrial, and other uses. The District subsequently <br />entered into agreements and contracts with various entities including <br />the United States Bureau of Reclamation. The irrigation repayment <br />obligation consists of three parts totaling not less than $6,266,OQ0 <br />to be paid over 50 years with final payment in 2042. The municipal <br />and industrial repayment obligation is $38,000,000 plus interest to be <br />repaid in not more than 50 years plus a ten year development period <br />preceeding the repayment obligation which makes the final payment in <br />2049. The District has agreements for purchase of irrigation, <br />municipal, and industrial water uses by other entities and has <br />committed to their projected domestic water supply plus any excess <br />addressed in the contract with Reclamation. <br />• The District has committed to purchase treatment of a minimum of 183 <br />million gallons of water annually from the Project 7 Water Authority. <br />The District incurred costs in 2009 and 2008 under this agreement of <br />$680,247 for 800 million gallons and $616,770 for 622 million gallons, <br />respectively. <br />Overview of the Financial 3tatements <br />This discussion and analysis is intended to serve as an introduction to the <br />Tri-County water Conservancy District's basic financial statements. The Tri- <br />County Water Conservancy District's basic financial statements are presented as <br />a special purpose government engaged in business type activities - providing <br />domestic water utility services and operation and management services for the <br />Ridgway Reservoir. <br />The statement of net assets presents information on all of the Tri-County Water <br />Conservancy District's assets and liabilities, with the difference between the <br />two reported as net assets. Over time, increases or decreases in net assets <br />may serve as a useful indicator of whether the financial position of the Tri- <br />County Water Conservancy District is irnproving or deteriorating. <br />The statement of revenues, expenses and chanqes in net assets presents <br />information showing how the District's net assets changed during the most <br />recent fiscal years. All changes in net assets are reported as soon as the <br />underlying event giving rise to the change occurs, regardless of the timing of <br />related cash flows. Thus, revenues and expenses are reported in this statement <br />for some items that will only result in cash flows in future fiscal periods <br />(e.g., earned but unused vacation leave). <br />The statement of cash flows report the District's cash flows from operating, <br />capital and investing activities. Also presented are beginning and end of year <br />cash and cash equivalents. <br />The basic financial statements can be found on pages 7 through 9 of this <br />report. <br />3 <br />