C150320 Feasibility Study

• Contract/PO #: CT2015-049
• Contract/PO #: C150320
• Contractor Name: Thunderbird Water and Sanitation District
• Contract Type: Loan
• Water District: 8
• County: Douglas
• Loan Projects - Doc Type: Feasibility Study

water rights is for municipal and residential use and for augmentation purposes. 8.0 APPROACHES TO VALUE The approaches to valuing the ground water rights that were considered are historic
sales evaluation and value to others. A historical sales evaluation is the comparison of the water rights in question to historical sales of similar type. There are two historical sales
that are comparable to the Ranch ground water rights as summarized in Table 3.
Ground Water Rights Appraisal Page 5 of 8 March – 2011 – Project #1151TWD03 © Leonard Rice Engineers, Inc. Table 3: Summary of Comparable Historical Sales Comp. 1 Comp. 2 Water Right
741 AF of Denver, Arapahoe, and Laramie‐Fox Hills Aquifers Approximately 210 AF of Denver and Arapahoe Seller Douglas County Arapahoe County Purchaser Cherry Creek Project Water Authority
Pure Cycle Date Unknown 2007 Source Denver Basin Aquifer Denver Basin Aquifer Purpose Drought Reserves Municipal Purposes Purchase Price $745,326 $275,000 Price Per Acre‐foot $1,006
Denver ‐$500 (not‐nontributary) Arapahoe ‐$1500 (nontributary) Reference April 2010, “Water Strategist” Mark Harding, Pure Cycle Using the above historical sales, we estimate the probable
value of the Ranch’s Denver Basin Ground Water rights as shown in Table 4. Table 4: Summary of Initial Estimate Based on Historical Sales Evaluation Aquifer Summary Comp. 1 Comp. 2 Denver
Aquifer 333.6 AF $335,600 $166,800 Arapahoe Aquifer 420.8 AF $423,300 $631,200 Laramie‐Fox Hills Aquifer 141.5 AF $142,300 (Not included) TOTAL INITIAL ESTIMATE $901,200 >$801,000 The
next step is to adjust the initial estimate. Adjustments were made for location, value to others, and differences in potential yield. Both of the comps are located in areas in the Denver
Basin that have higher potential well yield, this devalues the water rights at the Ranch. The well yield at both comp locations ranges from 100 to 400 gpm. This potentially reduces the
value of the water rights 25 to 50 percent and reduces the value range to $450,600 ‐$675,900. Value to others is an additional way to evaluate the probable value of a water right. There
are several factors to consider about the Ranch ground water rights that play an important role in estimating the value to others. These are the location of the water rights, the ability
to legally use the water rights, and the estimated potential yield. The estimated potential yield is discussed previously. Due to the location of the ground water rights at the Ranch,
they can only be used in Douglas County’s defined Margins A & B (Figure 1). This devalues the ground water rights, because it reduces the number of entities that can physical and legally
use the water rights. In a brief review
Ground Water Rights Appraisal Page 6 of 8 March – 2011 – Project #1151TWD03 © Leonard Rice Engineers, Inc. of the Douglas County map, we identified a few communities that may or may
not have an interest in the water rights. Since TWSD is adjacent to the Ranch, they are the highest probable user. Due to the lack of the ability for the water rights to be used by a
larger pool of interest, it reduces the value of the adjusted estimated initial value down by 25 to 30 percent to $315,400 to $506,900. The two, one‐acre well sites and the easement
values are not included in this appraisal, as we are not qualified to estimate their value. 9.0 RECONCILITATION The historic sales evaluation and value to others was relied upon to determine
the opinion of valuation. As of March 2011, the opinion of value for the Ranch ground water rights range from $315,400 to $506,900. The well sites and easements are not included in this
opinion of value. It is our opinion that the value of the well sites and the easements would increase the total value. 10.0 CONTINGENT AND LIMITING CONDITIONS This engineering opinion
of value has been made with the following assumptions: 1. The ground water rights are described in general terms. We have not reviewed all documents related to the ground water rights.
We assume no responsibility for matters including legal or title considerations. The title to the property is assumed to be good and marketable. 2. The ground water rights are valued
assuming that they are free and clear of all liens and encumbrances. 3. All general information regarding the ground water rights and other information in this valuation provided by
others is assumed to be reliable. However, no warranty is given for the accuracy of the information provided. 4. A test well was not drilled to determine the potential yield of the aquifers.
5. It is assumed that there are no hidden or unapparent conditions of the ground water right that renders it more or less valuable. No responsibility is assumed for any such conditions
or for studies or legal analyses to find them. 6. It is assumed that all required approvals for construction, permits and administrative requirements from the state and local governments
have been or can be obtained or renewed for the development of the ground water rights.
Ground Water Rights Appraisal Page 7 of 8 March – 2011 – Project #1151TWD03 © Leonard Rice Engineers, Inc. 7. Leonard Rice Engineers, Inc. (LRE) is experienced in water engineering and
ground water consulting. The author, Heather L. Justus, is a Certified Professional Geologist specializing in hydrogeology. 8. The forecasts, projections or valuations contained in this
report are based on current market value and may be subject to change based on future conditions. 9. LRE has no bias with respect to the subject ground water rights. 10. The engagement
of the appraiser was not contingent upon developing or reporting predetermined results. The following are general limiting conditions: 1. The ground water rights have been identified
and described in terms of use and general location. 2. No legal opinion was obtained relative to the property ownership or legal status. 11.0 CERTIFICATE OF VALUE We certify that the
opinions and estimates the Lambert Ranch Denver Basin Ground Water Rights to the best of our knowledge and belief as follows: 1. The statements of fact contained in this report are true
and correct. 2. The reported analyses, opinions, estimates, and conclusions are limited by the reported assumptions and limiting conditions and are personally unbiased professional analyses,
opinion, and conclusions. 3. LRE has no present or prospective interest in the subject ground water rights. 4. Compensation for completing the appraisal assignment is not contingent
upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the opinion of value, the attainment of s stipulated
result, or the occurrence of a subsequent event directly related to the intended use of the appraisal. The market value of the Lambert Ranch Denver Basin Ground Water Rights for municipal,
reuse, and augmentation purposes is: $315,400 to $506,900. This estimate does not include the well sites and easements, which in our opinion, increases the market value by an unknown
amount.
Ground Water Rights Appraisal Page 8 of 8 March – 2011 – Project #1151TWD03 © Leonard Rice Engineers, Inc. 12.0 REFERENCES "Appraisal Definitions, cited in report." "Douglas County Zoning
Resolution." "Leonard Rice Engineers, Inc. Memorandum." State Engineer. "State Engineer Master Well List and Permits Specifically Reported Well Yields." 2010. "Telephone conversation
with Mark Harding, Pure Cycle with Janet Williams, LRE, concerning Denver Basin Ground Water Rights Purchase, March 23, 2011." "Water Rights Purchase and Sale Agreement." "Water Strategist."
April 2010. Wells, Curt. "1984 Curt Wells Letter Report."
March – 2011 – Project #1151TWD03 © Leonard Rice Engineers, Inc. Figures
Margin A -Water Supply Zone Rainbow Creek West Plum Creek Margin A -Water Supply Zone Margin B -Water Supply Zone Margin B -Water Supply Zone Indian Creek Jarre Creek Willow Creek Lehigh
Gulch Plum Creek Mill Gulch East Plum Creek Aurora Rampart Tunnel No 2 £¤85 UV67 UV105 Aurora Rampart Reservoir T7S T7S T8S T8S R69W R68W R69W R68W ² 1151TWD03 March 2011 0 0.5 1 Miles
¦§¨70 "§¨¦25 §¨¦76 This product is for reference purposes only and is not to be construed as a legal document or survey instrument. FIGURE 1 THUNDERBIRD WATER AND SANITATION DISTRICT
AND LAMBERT RANCH LOCATION MAP LPorocjaetciot n U:\1151TWD03\GIS\MXD\3_2011_Figures\Figure_1.mxd ThunWd&erSb ird District D R A F T LRamanbcehrt Lambert Ranch Thunderbird Water and Sanitation
District Boundary Margin (Douglas County Zoning Resolution, Section 18A: Water Supply -Overlay District Boundary
!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!( !( !( !( !( !( !( !( !( !(!( !( !( !(!( !( !(!( !( !(!( !( !( !( !( !( !(!( !( !( !( !( !( !( !(
!( !( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( 5 7 42 35 13 10 25 14 40 15 30 44 30 98 96 30 35 10 90 50 80 84 150 170120 170 410300 300 300 326 350
300 300 300 300 300 300 300 350 400 400 130 300 175 380 518122 748 133 225 700 312 175 150300 150 450 511 700 466 306 200 575 200200 450 500 500 319326 300 252 120 190 112 240 600 600
600 315 550425 500116 300 173 270 451 300 10.3 This product is for reference purposes only and is not to beconstrued as a legal document or survey instrument. FIGURE 2² 0 1 2 Miles §¨¦70
§¨¦25 §¨¦76 1151TWD03 March 2011 Project LocationLambert Ranch Thunderbird W&S District U:\1151TWD03\GIS\MXD\3_2011_Figures\Figure_2.mxd Lambert Ranch Boundary Thunderbird Water and
Sanitation District Boundary 44 !( Denver Aquifer (reported well yield) 50 !( Laramie-Fox Hills Aquifer (reported well yield) 96 !( Arapahoe Aquifer (reported well yield) DENVER BASIN
WELLS WITHIN ONE TOWNSHIP RADIUS OF THUNDERBIRD WATER & SANITATION DISTRICT AND LAMBERT RANCH WITH REPORTED WELL YIELD
March – 2011 – Project #1151TWD03 © Leonard Rice Engineers, Inc. Appendix A
1 COLORADO WATER CONSERVATION BOARD WATER PROJECT LOAN APPLICATION Instructions: This application should be typed or printed neatly with black ink. Attach additional sheets as necessary
to fully answer any question or to provide additional information that would be helpful in the evaluation of this application. When finished, please sign and return this application
to: THE COLORADO WATER CONSERVATION BOARD Finance Section 1580 Logan St., Suite 600 Denver, CO 80203 Attn: Kirk Russell, P.E. or Anna Mauss, P.E. Phone [phone] x3232 Fax (303)
894-2578 Email [e-mail] or [e-mail] Part A. -Description of the Applicant (Generally, the applicant is also the prospective owner and sponsor of the proposed
project) 1. Name of applicant Thunderbird Water and Sanitation District Mailing Address P. O. Box 157 Sedalia, Colorado. 80135 Business Phone (303 ) 688-5962 Fax ( ) Federal ID Number
NA email [e-mail] 2. Person to contact regarding this application: Name Larry Morris Position/Title President Address 5780 W. Sioux Dr. Sedalia, Colorado 80135 Business Phone
( 303 ) 688-5962 Cell ( 303 ) 525-6835 Email [e-mail] 3. Type of organization (Ditch Co., Irrigation District, Municipality, etc.): Water District Date of Annual Meeting
_2nd Thursday in January_______________ Is the organization incorporated in the State of Colorado? YES ____ NO___X__ (If YES, please include a copy of the articles of incorporation,
and the bylaws)
CWCB Water Project Loan Application 2 4. Please provide a brief description of the owner's existing water supply facilities and describe any existing operational or maintenance problems.
Attach a map of the service area 2 Ground water wells, feeding individual distribution systems, with a storage tank for each system. Each system is chlorinated per State Regulations
and each household is metered. System is 40 yrs old but consistently maintained. Concern is future Water supply and availability For existing facilities indicate: Number of shareholders
or Number of customers served 175 Current Assessment per share $ Number of shares Number of acres irrigated Water Right: _______CFS. Average water diverted per year: ____55____ acre-feet.
Part B. -Description of the Project 1. Name of the Project Lambert Ranch Water Rights 2. Purpose of this loan application. Check one. New project Rehabilitation or replacement of existing
facility X Enlargement of existing facility Emergency Repair Other (describe) 3. If the project is for rehabilitation of an existing reservoir, is the reservoir currently under a storage
restriction order from the State Engineer? YES ___ NO ___ 4. General location of the project. (Please include county, and approximate distance and direction from nearest town, as well
as legal description, if known. Located in Douglas County approximately 2 miles West of Sedalia Colorado. Lies on the northern Border of Thunderbird Water District which supplies Indian
Creek Ranch subdivision. 5. Please provide a brief narrative description of the proposed project including purpose, need, facilities, type of water uses to be served and service area.
Attach separate sheet, if needed. More reliable Future Water supply to meet increase in demand and better supply our current and future customers., and more diverse less controversial
well sites. Provide a safe, high quality water supply for all homeowners in Indian Creek Ranch subdivision. Water will be for all domestic uses to users within the Thunderbird Water
district
CWCB Water Project Loan Application 3 6. Will the acquisition of additional water rights be necessary? YES x NO ______ If YES, please explain. Thunderbird Water supplies treated water
to 175 individual homes in Indian Creek Ranch subdivision. Although it is close to build out, we must look to the future requirements and demands of the Homeowners within the District.
7. Please list the names, addresses and phone numbers of the Applicants’ engineer(s) and attorney(s). NAME ADDRESS and PHONE Timothy J. Flynn 390 Union Blvd, suite 400 Denver, Colo.80228
303-986-1551 Courtney Hemenway P.E. 17011 Lincoln Ave., #416 Parker, Colo. 80134 303-901-2287 Robert Krassa Attorney 2344 Spruce St. Suite A, Boulder Colo. 80302 303-442-2156 8. List
any feasibility studies or other investigations that have been completed or are now in progress for the proposed project. If so, submit one copy of the study with this application None.
9. Estimated cost of the project. Please include estimated engineering costs, and estimated construction costs, if known. Estimated Engineering Costs:$ $ Estimated Construction Costs:
$ Estimated Other Costs: $ 350,000.00 (land, water rights purchase,etc.) Estimated Total Costs: $ 350,000.00 10. Loan amount and terms you are requesting. Requested Loan Amount: $ 350,000.00
(Usually 90 % of est. Total Costs) Term (length) of loan: 20 years (Usually 10, 20, or 30 years) Interest Rate: % (Please call for our current rates) Part C. -Project Sponsor Financial
Information Because the CWCB’s Fund is a revolving fund, it is important that the project sponsor have the financial capacity to repay any loans made by the CWCB. The following information
is needed to assist the CWCB in a preliminary assessment of the applicant's financial capacity. The project sponsor will submit the three most recent annual financial statements. 1.
List any existing long-term liability (multi-year) or indebtedness that exceeds one thousand dollars. For example, bank loans, government agency loans, bond issues, accounts payable,
etc.
CWCB Water Project Loan Application 4 Include names and addresses of lenders, amounts, due dates and maturity dates. Remaining Annual Maturity Lender Name & Address Amount Payment Date
Colo Water Resources & Power 1R 234,732.56 14,980 11-1-2022 Colo Water Resources & Power #3 170,145.72 16,147 5-1-2019 2. Are any of the above liabilities now in default, or been in
default at any time in the past? YES____ NO _x___. If YES, please give detailed explanation. 3. Please provide a brief narrative description of sources of funding, in addition to the
CWCB, which have been explored for this project (Examples would be Banks, USDA Rural Development, NRCS, Colorado Water Resources and Power Development Authority, Colorado Division of
Local Government, etc.). Colorado Water Resources and Power Development Authority 4. What collateral will you be offering for this loan? Possibilities include a pledge of revenues, the
project itself, real estate, water rights. We are a title 32 District with Taxing authority and will of course repay the loan The above statements are true, to the best of my knowledge:
Signature of Applicant Printed Name Larry Morris Title President Date
THUNDERBIRD WATER & SANITATION DISTRICT FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 2008
THUNDERBIRD WATER & SANITATION DISTRICT TABLE OF CONTENTS Year Ended December 31, 2008 PAGE INTRODUCTORY SECTION District Officials…………………………………………………………………………………… R1 FINANCIAL SECTION
Management’s Discussion & Analysis………………………………………………….…… i -iv Independent Auditors' Report ……………………………………………………………………. 1 Basic Financial Statements Statement of Net Assets………………………………………………………………………
…. 2 Statement of Revenue, Expenses and Changes in Net Assets…………………………….. 3 Statement of Cash Flows………………………………………………………………………… 4 Notes to the Financial Statements…………………………………………………………
5 -11 Required Supplementary Information Budgetary Comparison Schedule………………………...…………………………………… 12
INTRODUCTORY SECTION
R1 THUNDERBIRD WATER & SANITATION DISTRICT ROSTER OF DISTRICT OFFICIALS Year Ended December 31, 2008 District Officials Larry G. Morris -President David Gaige -Vice President Gary Cammarata
-Secretary Barry Gager -Treasurer Bruce Boydstun -Member
FINANCIAL SECTION
THUNDERBIRD WATER & SANITATION DISTRICT MANAGEMENT’S DISCUSSION AND ANALYSIS Year Ended December 31, 2008 i The discussion and analysis is designed to provide an analysis of the financial
condition and operating results of the Thunderbird Water & Sanitation District (the District) and to inform the reader on the District’s financial issues and activities. The Management’s
Discussion and Analysis (MD&A) should be read in conjunction with the District’s basic financial statements. Overview of the Financial Statements This discussion and analysis is intended
to serve as an introduction to the District’s basic financial statements. The District’s basic financial statements comprise two components: 1) government-wide financial statements and
fund financial statements; and 2) notes to the financial statements. Combined Government-wide and Fund Financial Statements Government-wide financial statements. The government-wide
financial statements are designed to provide readers with a broad overview of the District’s finances, in a manner similar to a private-sector business. The statement of net assets presents
information on all of the District’s assets and liabilities, with the difference between the two reported as net assets. Over time, increases or decreases in net assets may serve as
a useful indicator of whether the financial position of the Authority is improving or deteriorating. The statement of revenue, expenses and changes in net assets presents information
showing how the government’s net assets changed during the past year. All changes in net assets are reported as soon as the underlying event giving rise to the change occurs, regardless
of the timing of the related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods. The government-wide
financial statements distinguish functions of the District that will be principally supported by assessments. The functions of the District include acquisition, production, treatment,
and distribution of water as well as acquisition, installation, maintenance, and repair of the infrastructure necessary to do so.
THUNDERBIRD WATER & SANITATION DISTRICT MANAGEMENT’S DISCUSSION AND ANALYSIS Year Ended December 31, 2008 ii The government-wide financial statements are combined with the fund financial
statements and can be found on pages 2 to 4 of this report. Fund financial statements. A fund is a grouping of related accounts that is used to maintain control over resources that have
been segregated for specific activities or objective. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related
legal requirements. The only fund of the Authority is an enterprise fund. Notes to the financial statements. The notes provide additional information that is essential to a full understanding
of the data provided in the governmentwide and fund financial statements. The notes to the financial statements are on pages 5 to 11 of this report. Government-wide Financial Analysis
As noted earlier, net assets may serve over time as a useful indicator of a government’s financial position. In the case of the District, assets exceeded liabilities by $854,459 at the
close of the year. The following is a condensed comparative summary of the District’s net assets at December 31 MD & A Condensed Comparative Summary 2008 2007 Assets $ 1,401,413 $ 1,360,527
Liabilities 546,954 574,828 Net Assets $ 854,459 $ 785,699 The Authority’s net assets increased by $68,760 during 2008. Key elements contributing to the increase are as follows:  User
fee revenue increased $21,646.  Capital assets in the amount of $51,864 were purchased.  Accumulated depreciation increased by $23,616.
THUNDERBIRD WATER & SANITATION DISTRICT MANAGEMENT’S DISCUSSION AND ANALYSIS Year Ended December 31, 2008 iii The following is a condensed comparative summary of the District’s revenue
and expenses: MD & A Condensed Comparative Summary 2008 2007 $ 103,300 $ 8 1,653 8 9,902 101,924 Total revenue 193,202 183,577 1 01,728 73,633 2 2,714 60,988 Total expense 124,442 134,621
Change in net assets 6 8,760 48,956 Net assets, beginning of year 7 85,699 736,743 Net assets, end of year $ 854,459 $ 785,699 Non-operating expense Operating revenue Non-operating revenue
Operating expense Capital Assets The following is a condensed comparative summary of the Authority’s capital assets: MD & A Condensed Comparitive Summary 2007 Additions Retirements 2008
Water Rights $ 80,675 $ 6,216 $ -$ 86,891 Plant and Equipment 1,000,227 45,648 -1,045,875 Total Capital Assets 1,080,902 51,864 -1,132,766 Less: Accumulated depreciation (238,216) (23,616)
-(261,832) Net Capital Assets $ 842,686 $ 28,248 $ -$ 870,934 As of December 31, 2008, the District had $870,934 invested in a broad range of capital assets, including water rights,
wells, lines, buildings, and equipment. As of December 31, 2007, this amount was $842,686. During the current year the District capitalized
THUNDERBIRD WATER & SANITATION DISTRICT MANAGEMENT’S DISCUSSION AND ANALYSIS Year Ended December 31, 2008 iv water rights of $6,216, and equipment of $45,648. Accumulated depreciation
was increased by the amount of depreciation expense of $23,616. General Fund Budgetary Highlights The difference between the original and final budget of $1,291,332 and actual expenditures
of $180,671 was $1,110,661 (on a budgetary basis). This difference was a result of deferring both the issuance of $1,040,000 of bonded debt and the planned improvement of the water system.
Economic Factors and Next Year’s Budgets and Rates The District budgeted for 2009 revenue of $1,220,196. This includes the issuance of $1,040,000 of bonded debt and the planned improvement
of the water system. Overall, the District has budgeted a $7,941 decrease in fund balance for 2009. Requests for Information This financial report is designed to provide a general overview
of the District’s finances for all those with an interest in the government’s finances. Questions concerning any of the information provided in this report or requests for additional
information should be addressed to: Barry Gager, Treasurer, Thunderbird Water & Sanitation District, P.O. Box 157, Sedalia CO 80135.
Johnson, Holscher & Company, P.C. Certified Public Accountants Member of the American Institute of Certified Public Accountants 6464 South Quebec Street, Suite 450 Member of the Private
Companies Practice Section Centennial, Colorado 80111 [phone] Fax [phone] Board of Directors Thunderbird Water & Sanitation District Sedalia, Colorado Independent Auditors'
Report We have audited the accompanying financial statements of the business-type activities of the Thunderbird Water & Sanitation District (the District), as of December 31, 2008, and
for the year then ended, which collectively comprise the basic financial statements of the District as listed in the table of contents. These financial statements are the responsibility
of the management of the District. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards
generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the respective financial position of the business-type activities of the District,
as of December 31, 2008, and the respective change in financial position and cash flows thereof, for the year then ended, in conformity with accounting principles generally accepted
in the United States of America. The management’s discussion and analysis are not a required part of the basic financial statements, but are supplementary information required by accounting
principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods
of measurement and presentation of the supplementary information. However, we did not audit the information and express no opinion on it. Our audit was conducted for the purpose of forming
opinions on the financial statements that collectively comprise the District’s basic financial statements. The accompanying budgetary comparison schedule is presented for purposes of
additional analysis and is not a required part of the basic financial statements. The budgetary comparison schedule has been subjected to the auditing procedures applied in the audit
of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Centennial, CO March
31, 2009
Basic Financial Statements
ASSETS CURRENT ASSETS Cash and Cash Equivalents $ 300,070 Investments 114,162 Accounts Receivable 16,909 Property Taxes Receivable 73,333 TOTAL CURRENT ASSETS 504,474 CAPITAL ASSETS
Property, Plant and Equipment 1,132,766 Accumulated depreciation (261,832) NET CAPITAL ASSETS 870,934 OTHER ASSETS Restricted Cash 26,005 TOTAL ASSETS 1,401,413 LIABILITIES AND FUND
EQUITY LIABILITIES CURRENT LIABILITIES Accounts Payable 4,564 Accrued Interest 3,263 Current Portion of Long-Term Debt 29,788 Deferred Property Tax Revenue 73,333 TOTAL CURRENT LIABILITIES
110,948 LONG-TERM LIABILITES Notes Payable 436,006 TOTAL LIABILITIES 546,954 NET ASSETS Invested in Capital Assets, net of related debt 434,928 Reserved for Emergencies 3,770 Unreserved
415,761 NET ASSETS $ 854,459 The accompanying notes are an integral part of the financial statements. 2 THUNDERBIRD WATER & SANITATION DISTRICT STATEMENT OF NET ASSETS December 31, 2008
OPERATING INCOME User Fees $ 103,300 OPERATING EXPENSES Repairs and Maintenance 21,698 Legal and accounting 16,021 Insurance 3,277 Meter Readings 4,352 Other 6,316 Utilities 24,856 Supplies
1,592 Depreciation 23,616 Total Operating Expenses 101,728 NET OPERATING INCOME (LOSS) 1,572 NON-OPERATING REVENUE (EXPENSE) Property Taxes 69,922 Specific Ownership Taxes 8,566 Interest
Income 11,414 Interest Expense (21,568) County Treasurer Fee (1,146) Loss on Disposition of Capital Assets -NET NON-OPERATING REVENUE (EXPENSE) 67,188 NET INCOME 68,760 NET ASSETS -BEGINNING