C153718 Financials 2010 - Laserfiche WebLink

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The District purchased an additional 45 units of Colorado-Big Thompson Units in 2010. -. The price per unit was $6400 which is the lowest ' recorded price in recent history. Since the purchase the cost of the units have rebounded and are now: in the $8000 range. ' The District had a reduction in revenue this year due to the decrease in tap sales and the wet year that resulted in a decrease of water sold for the year. We are taking a conservative position over the ' next couple years due to the down turn in the economy. Our focus for the next few years will be on upgrading and improving ' the District distribution and- infrastructure. This is necessary to allow us to utilize the additional water in our portfolio.` The District has completed the SWAP (Source Water. and Aquifer Protection) process with Colorado Rural Water and CDPHE. We are now in the implementation phase of the process. , We were successful in petitioning the Groundwater Commission to close the Hay Gulch area where our Krause Wells are located to protect II that closed basin from any further appropriations and export of the resource from this critical area. This process was a lengthy and expensive process. It did however protect the citizens of Morgan County from having 60% of its- water supply in jeopardy of being lost Idue to over pumping of the aquifer. The District continues to carry debt service and anticipate acquiring 1 additional debt due to our continued participation in the Northern Integrated supply project (NISP) . We anticipate needing to borrow approximately 10 million dollars for this project. The NISP project ' will yield approximately 1300 acre feet of CBT Water -and should be completed by 2018. The District continues to follow their investment philosophy and has been more proactive "in seeking the highest yielding rates for District funds. Interest Rates have fallen and the District has utilized some of the liquid reserves to cover capital project costs. We can anticipate a drop in the interest earned this coming fiscal year. Due to recent Banking regulation changes and the volatile nature of the economy the District is trying to keep invested CD' s below the FDIC IIlimit of $250,000. In 2008 the District initiated a project to document Standard I Operating Procedures for all critical operations in the District. Because of this we have added one office staff position. We anticipate this project to be complete in two to three years . It will the District require continued monitoring and updates but protects th from information loss and improves consistency and continuity of all operations . IThe District completed a rate study in early 2007 and had a slight increase in rates as a result. We evaluated the usage of water by tap customers in 2010 and initiated a new rate structure in 2010. We 1 _ 5 _ '1 .