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PINE RIVER IRRIGATION DISTRICT <br /> NOTES TO FINANCIAL STATEMENTS <br /> DECEMBER 31, 1994 <br /> Note 4 - User Assessments Receivable: <br /> The annual levy on the irrigable acres in the current year will be collected in the subsequent year, <br /> and accordingly, has been accrued as a receivable at year-end and offset by a deferred revenue <br /> account. Delinquent assessments are charged into income in the year due and are reflected net of <br /> the allowance for uncollectibles. At December 31, user assessments receivable consisted of the <br /> following: <br /> 1994 1993 <br /> Current User Assessments $56,230 $55,307 <br /> Delinquent Assessment 9,513 9,785 <br /> Augmentation Receivable 10,330 3.357 <br /> 76,073 68,449 <br /> Less: Allowance For Uncollectibles (508) (1,507) <br /> Net User Assessments <br /> Receivable $75,515 $66.942 <br /> Note 5 - Contractual Agreements: <br /> Ptarmigan Resources and Energy, Inc. - This contract dated June 3, 1988 between the District, <br /> Ptarmigan Resources and Energy, Inc. and the U. S. Bureau of Reclamation provides for the <br /> construction and ongoing maintenance of the Vallecito Dam Hydroelectric Project. Construction <br /> of the hydroelectric plant began in June, 1988 and was complete May 5, 1989. The plant is the <br /> property of the Ptarmigan Resources and Energy, Inc. <br /> Under a separate agreement with Ptarmigan Resources and Energy,Inc.,the District began providing <br /> maintenance of the facility beginning in 1991 with initial operation. The District receives 10% of <br /> the net revenue from incremental increases in power on an annual basis. In addition,Ptarmigan pays <br /> 15% (but not more than $15,000) of the annual operating and maintenance costs of the District. <br /> Also, Ptarmigan pays the District $30 each day for labor up to 2 hours and $10 per hour over the 2 <br /> hour daily limit from October to May. From May to October,Ptarmigan pays$50 each day for labor <br /> and $15 for each additional daily hour of service. In addition Ptarmigan reimburses the District <br /> directly for fuel used in relation to the maintenance of the Facility. At December 31, 1994, <br /> Ptarmigan owed the District $35,454 for operating and labor costs and $15,000 for production. <br /> 11 <br />