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Oligarchy Irrigation Company <br />October 18, 2013 (Updated October 21, 2013) <br />Page 5 of 5 <br />TABLE 5: FINANCIAL RATIOS <br />Agenda Item 8d <br />Financial Ratio <br />Past 3 Years <br />Future <br />w/ Project <br />Operating Ratio (revenues /expenses) <br />121% <br />101% <br />(Strong) <br />(Average) <br />weak: <100% vera e: 100% - 120% stron : >120% <br />$92K/$76K <br />$149K/$147K <br />Debt Service Coverage Ratio <br />103% <br />(revenues- expenses) /debt service <br />No Existing <br />(Average) <br />Debt <br />$149K -$76k <br />weak: <100% vera e: 100% - 120% stron g: >120% <br />$71K <br />Cash Reserves to Current Expenses <br />145% <br />75% <br />_00-7. <br />(Strong) <br />(Average) <br />weak: <50% 1 kverage: 507/1-1 stron : > 100% <br />$11 OK/$76k <br />$11 OK/$147K <br />Annual Operating Cost per Acre -Foot (7,966 AF) <br />$9.5 <br />$18 <br />eak: >$20 vera e: $10 - $20 U stron : <$1 <br />(Strong) <br />(Weak) <br />$147K/8K AF <br />$76K/8K AF <br />Collateral: As security for the loan, the Company will pledge its assessment revenues backed by a <br />rate covenant and the Project itself (Oligarchy Ditch diversion structure and headgate). This is in <br />compliance with the CWCB Financial Policy #5 (Collateral). <br />cc: Dan Grant, Secretary /Treasurer, Oligarchy Irrigation Company <br />Susan Schneider /Jennifer Mele, Colorado's Attorney General Office <br />Attachment: Water Project Loan Program — Project Data Sheet <br />