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Financial Status <br />Fisher currently (and historically) derives the majo rity of its operating revenue from shareholders <br />via share assessments. Other minor revenue sources include interest on savings accounts, <br />crossing agreements, and other sources. Financia l reports for fiscal years 2009, 2010, and 2011 <br />year-to-date are summarized in Table 1. Complete reports are provided in Appendix C. <br /> <br />Fisher strives to operate with a small reserve in case of unforeseen expenditures during the year. <br />Additionally, Fisher maintains an emergency rese rve to offset major expenditures. The Board <br />decides annually the appropriate annual assessm ent, operating reserve, and emergency reserve <br />levels. <br /> <br />Table 1: Summary of Fisher Ditch Financial Reports <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />20092010 <br />2011 <br />to-date <br />Total Assets17,943 $ 36,735 $ 45,135 $ <br />Liabilities48 $ 48 $ 144 $ <br />Capital Stock67,200 $ 67,200 $ 67,200 $ <br />Total Operating Revenue49,413 $ 49,979 $ 56,399 $ <br />Total Operating Expenses56,300 $ 31,187 $ 41,289 $ <br />Net Income (Deficit)(6,887)$ 18,792 $ 15,110 $ <br />Physical Assets and Water Rights <br />Fisher owns a diversion dam and headworks on Clear Creek and approximately 8.2 miles of <br />earthen canal, pipeline, and appurtenant structures . The Fisher Ditch delivers water to a second <br />mutual ditch company, United Water Company, at the downstream extent of the ditch at <br />Copeland Reservoir. United Water Company is a Fisher shareholder, but also maintains <br />separate facilities which are not assets of Fisher. The approximate dividing line between <br />company facilities is the Interstate 25 corridor. <br /> <br />The decreed water rights of the Fisher are summarized in Table 2, while monthly and annual <br />diversions are summarized in Table 3. Annual diversion have ranged from 3,509 acre-feet to <br />12,418 acre-feet annually, with an average yield of 7,623 acre-feet. Fisher shares have been the <br />subject of numerous changes of use cases over the years which have quantified the consumptive <br />yield and return flow obligations associated with these shares. Return flow obligations for a <br />number of users are met at the Fisher Ditch augment ation station, located just downstream of the <br />measurement flume in the upper portion of the ditch system. <br /> <br />Table 2: Summary of Fisher Ditch Water Rights <br />Appropriation DateAdjudication DateAdministration No.Decreed Rate (cfs) <br />6/29/1861 10/04/1884 4198.00000 34.7 <br />3/30/1898 5/13/1936 17621.00000 35.0 <br /> 4