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Loan Feasibility Study for Raw Water Acquisition and Utilization Page 34 Table 9 Penrose Water District Ad Valorem Tax Assessments') Year Prior Year Assessed Valuation General Operating Fund Voter Authorized Assessment Total Budgeted 2) Revenue Mill Le Budgeted Revenues z� Mill Le Budgeted Revenue z> 3) 2001 $18,706,860 1.353 $25,301 3.000 $56,106 $81,407 2002 $20,376,577 1.330 $27,098 3.000 $65,130 $88,228 2003 $20,944,854 1.392 $29,160 3.000 $62,835 $91,995 2004 $19,547,676 1.604 $31,360 3.000 $58,643 $90,003 2005 $20,355,318 1.639 $33,366 3.000 $61,066 $94,432 2006 $21,559,919 1.645 $35,467 3.000 $64,680 $100,147 2007 $21,980,492 3.000 $65,941 1) Property tax levied/certified to by the District in preceding year, collectable in the year shown 2) Net revenue to the District is reduced by a 3% collection fee paid to the Fremont County Assessor 3) Net revenues from the 3.000 mill levy assessment currently deposited in a restricted account at COLOTRUST. Fund is restricted to the acquisition, delivery and storage of water by voter approval. The District receives its determination of the assessed valuation of the property within the District's boundaries in August of each calendar year. By December 15 of the same calendar year, the District is required to submit a certification of the mill levy rates to be levied against the assessed valuation for collection of ad valorem taxes in the subsequent year. The District's General Operating Fund assessment is certified to generate funds for the purpose of meeting all general operating expenses of the District. On the other hand, the electorate in 1997 approved the assessment of a special mill levy of 3.000 mills beginning in the year 2000 extending for a 20 -year period. The voter question was structured in such a manner that the funds generated as a result of the assessment are exempt from TABOR restrictions and implications. The funds generated as a result of the voter authorized assessment are specifically restricted to the acquisition, delivery, and storage of water resources. The District has been consistent and aggressive in maintaining positive cash flow to cover its overall operations. To assess the overall financial health of the District's operations, a review is required of revenues generated by the District as well as associated expenditures. Data was reviewed and extracted from the District's audits extending from 2001 through 2005 together with the 2006 budget. Table 10 provides a summary of revenues for the years 2001 through 2005 together with budget figures for 2006. Leonard Rice Engineers, Inc. August 2006 — 1018PEN05 GMS, Inc.