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PINEWOOD SPRINGS WATER DISTRICT <br /> MANAGEMENT'S DISCUSSION AND ANALYSIS <br /> December 31, 2011 <br /> BUDGETARY HIGHLIGHTS <br /> The schedule of revenues and expenses, actual compared to adopted budget, is included in <br /> the required supplementary information. The numbers show that the District operated in a positive <br /> situation-that is revenues exceeding expenditures. <br /> CAPITAL ASSETS AND DEBT ACTIVITIES <br /> The District's investment in capital assets as of December 31, 2011, amounted to $4,708,719, <br /> net of accumulated depreciation. More detailed information on the District's capital assets may be <br /> found in Note 3 in the Notes to Financial Statements. <br /> The District has $3,437,412 of long-term debt obligations as of December 31, 2011. The <br /> long-term debt was incurred mainly for the improvements and additions to the water supply, <br /> treatment transmission and distribution systems completed in 2008. <br /> ECONOMIC FACTORS AND NEXT YEAR'S BUDGET <br /> At an election held on November 4, 2003, the electors of the District approved the incurrence <br /> of debt up to $3,000,000, with interest not to exceed 5%peeannum, for the purpose of constructing a <br /> raw water storage reservoir, replacing and relocating main water distribution lines, acquiring water <br /> rights and sources and increasing water treatment capacity. During 2008 at a special election the <br /> District approved an increase to the funding for the reservoir project in the amount of$750,000. <br /> CONTACTING THE DISTRICT'S MANAGER <br /> This financial report is designed to provide our customers and creditors with a general <br /> overview of the District's finances and to demonstrate the District's accountability for the money it <br /> receives. If you have questions concerning this report, or need additional information, please contact <br /> the Pinewood Springs Water District, 183 Cree Court, Lyons, CO 80540. <br /> Page 6 <br />