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Santa Maria Reservoir Company <br />September 13, 2013 (Updated September 26, 2013) <br />Page 7 of 7 <br />TABLE 4: FINANCIAL RATIOS <br />Agenda Item 29b <br />*Note: The Conveyance System Project was delayed due to wildfires in the area. Construction will begin in 2014; <br />therefore, the project is not yet in repayment and the debt service was only included in the Future w/ Project ratios. <br />Collateral: As security for the loan, the Company will pledge assessment revenues backed by a <br />rate covenant and the Project itself including: Continental Reservoir and associated storage rights. <br />This is in compliance with the CWCB Financial Policy 45 (Collateral). <br />cc: Jay Yeager, Manager, Santa Maria Reservoir Company <br />Susan Schneider /Jennifer Mele, Colorado Attorney General's Office <br />Attachment: Water Project Loan Program — Project Data Sheet <br />Future <br />Financial Ratio <br />2010 -2012 <br />w/ Project <br />Operating Ratio (operating revenues /operating expenses) <br />139% <br />105% <br />(strong) <br />(average) <br />weak: <100% I - I average: 100% - 120% 1 - I strong: >120°/ <br />$230K/$165K <br />$388K/$371K <br />Debt Service Coverage Ratio <br />108% <br />(total eligible revenues - operating expenses) /total debt service <br />N /A* <br />(average) <br />weak: <100% - avera e: 100% - 120% 1 - I strong: >120% <br />($388K- $165K)/$206x <br />Cash Reserves to Current Expenses <br />283% <br />126% <br />(strong) <br />(strong) <br />weak: <50% - average: 50% - 100% - stron : >100% <br />$467K/$165K <br />$467K/$371K <br />Annual Operating Cost per Acre -Foot (based on 6,300 AF) <br />$26.19 <br />$58.89 <br />weak: >$20 1 - avera e: $10 - $20 - strong: <$1 <br />(weak) <br />(weak) <br />$165K/6,300 <br />$371K/6,300 <br />*Note: The Conveyance System Project was delayed due to wildfires in the area. Construction will begin in 2014; <br />therefore, the project is not yet in repayment and the debt service was only included in the Future w/ Project ratios. <br />Collateral: As security for the loan, the Company will pledge assessment revenues backed by a <br />rate covenant and the Project itself including: Continental Reservoir and associated storage rights. <br />This is in compliance with the CWCB Financial Policy 45 (Collateral). <br />cc: Jay Yeager, Manager, Santa Maria Reservoir Company <br />Susan Schneider /Jennifer Mele, Colorado Attorney General's Office <br />Attachment: Water Project Loan Program — Project Data Sheet <br />