C150337 Feasibility

• Contract/PO #: CT2015-060
• Contract/PO #: C150337
• Contractor Name: Well Augmentation System of the Central Colorado Water Conservancy District
• Contract Type: Loan
• County: Weld
• County: Adams
• County: Morgan
• Loan Projects - Doc Type: Feasibility Study

Well Augmentation Subdistrict - Loan Feasibility Study
Page 15
Table 4
Comparative Historical Financial Information
Position
2M
2009
200B
209
2006
210
!seed Valuation
$ 135,155,520
$ 211,012,600
$
129,673,450
$
141,740,430
$ 145,144,540
$ 117,066,790
$ 98,187,970
Levy
9.000
9.000
$
9.000
$ 14,654,696
9.000
9.000
9.000
9.000
rations - All Funds
$ 8,666,717
$ 6,557,784
Total Liabilities
$
16,708,276
$ 16,673,589
$
19,323,299
$
Property & Specific taxes
$ 1,282,386
$ 2,017,739
$
1,261,243
$
1,395,128
$ 1,436,858
$ 1,161,567
$ 978,378
Water Assessments
$ 549,177
$ 455,328
$
471,900
$
428,557
$ 395,872
$ 1,015,839
$ 993,638
Total Revenues
$ , 1,865,257
$ 2,506,298
$
2,168,261
$
3,641,717
$ 3,373,972
$ 2,467,709
$ 2,071,800
Total Expenditures
$ 2,336,617
$ 2,553,059
$
2,247,258
$
3,834,428
$ 3,508,263
$ 18,445,524
$ 6,568,304
Excess (deficiency) of Revenues
$ (471,360)
$ (46,761)
$
(78,997)
$
(192,711)
$ (134,291)
$ (15,977,815)
$ (4,496,504)
Position
Cash & Investments
$
2,052,944
$ 3,402,169
$
4,996,128
$
4,349,438
$ 4,806,021
$ 3,840,671
$ 2,756,128
Water, Property & Equipment
$
15,175,524
$ 14,654,696
$
15,179,809
$
12,183,545
$ 10,713,416
$ 8,666,717
$ 6,557,784
Total Liabilities
$
16,708,276
$ 16,673,589
$
19,323,299
$
14,829,935
$ 138,147,755
$ 12,296,997
$ 14,574,361
Total Net Assets
$
2,276,487
$ 2,747,847
$
2,794,608
$
2,873,606
$ 2,983,868
$ 2,488,277
$ 2,372,220
Revenues of the Sub - district are generated in several ways. WAS collects annual assessments from
each of its well owner members. Assessments are currently $27.50 per acre -foot of contracted
consumptive use water for irrigated land, $30.75 per acre -foot for non - irrigated land, $55 per acre -
foot for non -tax governments, and $144 per acre -foot for gravel pits. Recent -year assessments for
contracts have averaged approximately $550,000. WAS also receives tax revenues for lands within
the subdistrict in Weld, Morgan and Adams counties. Currently subdistrict lands are taxed at a rate
of 9 mils, and revenues in 2011 were approximately $1.3 million. Property tax revenues in 2012
are projected to be approximately $1.6 million, with total available revenues projected to be
approximately $3.9 million.
WAS maintains two separate funds for purposes of their financial operations: 1) the General Fund is
used to fund daily operations at WAS including salaries and benefits of staff, and to acquire water
rights and develop water storage and recharge projects, and 2) the Debt Service Fund is used to
repay loans and other debt that maybe carried by the subdistrict
WAS water supply projects are funded through their General Fund and through loans and grants.
For example several recharge projects have been developed through grants obtained from the U.S.
Bureau of Reclamation and the U.S. Department of Agriculture's Agricultural Water Enhancement
Project (AWEP). In 2004 voters approved issuance of debt up to $37 million to fund water
acquisition and infrastructure projects (voters also approved "de- Brucing" of WAS in 2004 allowing
the subdistrict to keep and use revenues that otherwise would have been returned to taxpayers
under the Taxpayers Bill of Rights Amendment (TABOR) to the Colorado Constitution). A
subsequent bond issue in 2008 generated approximately $2 million (these bonds have since been
retired). Over the course of 2005 - 2011 WAS borrowed approximately $14.9 million from the
CWCB through the Water Project Loan Program and the funds were used to acquire several senior
water rights and develop gravel pit storage.
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