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I <br /> The Reporting Entity 1 <br /> Ute Water Conservancy District was orc,anized in 1956 to provide domestic water service <br /> to the rural areas of the Grand Valley in Mesa County, Colorado, under the "Water <br /> Conservancy Act" of Colorado. A 14 member Board of Directors appointed by the Mesa <br /> County District Court for overlapping four-year terms governs the District. The District <br /> operates using the Board-Manager form and is legally separate from other local or state <br /> governmental units. All operations of the District are accounted for as an enterprise fund. <br /> I <br /> Economic Condition and Outlook <br /> The Grand Valley is a major service center for western Colorado and eastern Utah. The <br /> valley is home to medical facilities, educational facilities, commercial services and retail <br /> outlets that serve a large regional population in addition to the residents of the valley. The <br /> valley's numerous orchards and vineyards and proximity to the Grand Mesa, the Colorado <br /> National Monument and several National Parks and other scenic attractions have resulted <br /> in defining the valley as a significant tourist destination. Natural gas drilling and uranium, <br /> coal and other mining have re-emerged in recent years as viable industries as the price for <br /> these commodities increased. The area's mild climate and close proximity to a variety of <br /> year around outdoor activities have made the valley a home for telecommuters and a <br /> retirement community. The valley's economy has significantly diversified over the last <br /> several decades. This diversified base has brought consistent growth to the area. Recent <br /> drops in the prices for natural gas and oil and other minerals mined in the area combined <br /> with the protracted sub-prime mortgage lending problems nationally and internationally <br /> have resulted in a slowdown in the area's economy. The prolonged national down-turn in <br /> housing construction has impacted local housing construction, growth and employment. <br /> The slowdown in growth in the valley is reflected by the slowed growth in the District's <br /> customers and tap sales. See Schedule 3 on page 38 and Schedule 7 on page 43 for a <br /> ten-year history of customers, tap sales and county building permits. <br /> Ute Water Conservancy District obtains its raw water supply primarily from the Plateau I <br /> Creek drainage on the north slope of the Grand Mesa in western Colorado. Plateau Creek <br /> is a tributary to the Colorado River. A prolonged drought in the Colorado River drainage <br /> has resulted, over the last decade, in the lowering of water levels in both Lake Mead and <br /> Lake Powell. The Colorado River and its tributary streams are home to four endangered <br /> species of fish, the Colorado pikeminnow, the razorback sucker, the humpback chub and <br /> the bonytail chub. One of the areas considered to be critical habitat for these fish by the <br /> United States Fish and Wildlife Service is the Colorado River from Palisade, in the eastern <br /> end of the Grand Valley, to the confluence of the Colorado River with the Gunnison River at <br /> Grand Junction. This area is known as the "15 Mile Reach" of the Colorado River and lies <br /> within the service area of the District. These four fish have and will continue to affect all <br /> water users along the river. The District's management has been actively involved, <br /> together with federal, state and other local agencies and officials, in efforts to protect <br /> general water flows and habitat for these endangered fish and thus protect the District's <br /> current and future water sources. The District's involvement in this effort will continue into <br /> the foreseeable future. I <br /> The District is performing an update of a firm yield study of the water rights held by the <br /> District to determine if the District has sufficient water rights to meet projected demand <br /> vi I <br />