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I <br /> through the year 2045 and beyond. During 2010 the District continued its efforts to expand <br /> reservoirs to increase the amount of water the District will have available for its customers <br /> in the future. The District is currently and will continue to improve upon the efficient use of <br /> its water and water rights. Additional water rights and storage options, either through <br /> construction or additional purchases, will also be considered. <br /> Major Initiatives <br /> In 2009 the District completed its expansion of treatment capacity of the District's water <br /> treatment plant with the addition of 4 new filters and the upgrading of several older filters. <br /> The District will continue its efforts to ensure its ability to provide adequate water to its <br /> customers into the future and to comply with anticipated water quality regulations. In <br /> addition, the District has spent an excess of $2.5 million annually in the last 10 years in <br /> upgrading and installing new waterlines and facilities within the District. It is anticipated <br /> that similar or larger amounts will be spent annually into the foreseeable future to maintain <br /> and expand the District's treatment and distribution facilities. The major focus of the <br /> District's efforts has been on increasing line sizes in those areas that are experiencing <br /> growth, replacing older deteriorated lines and expanding distribution lines into developing <br /> areas. <br /> The District accelerated the start of construction of its new administrative and distribution <br /> facilities into 2009 to take advantage of the lower cost of construction due to the economic <br /> slowdown even though this project will reduce the District's cash reserves. The District <br /> completed and occupied this facility in June 2010. (See photo on front cover.) <br /> In December 2010, the Board of Directors of the District adopted new water rates. The <br /> new water rates were effective February 1, 2011 and are expected to increase water <br /> revenue approximately 15%. The District reviews water and tap rates and property tax <br /> rates annually to evaluate the need for possible changes. See pages 40 and 41 for the <br /> water and tap rate schedules in effect over the last ten years. <br /> In November 2009, the District refunded the District's series 2000 Water Revenue Bonds <br /> with its Series 2009 Water Refunding Revenue Bonds. The new bonds have a rating from <br /> Standard & Poor's of AA. See pages 26 for additional details of this refunding transaction. <br /> Future Projects <br /> The District maintains an on-going comprehensive ten-year long-term capital plan. The <br /> costs of estimated major capital improvements over the next ten years total over $80 <br /> million. The major elements of this plan include: <br /> • Expansion of the water treatment plant capacity to meet increased demand <br /> • Supply reservoirs expansion and development <br /> • Major line replacements, upgrades and extensions <br /> • The ongoing replacement of vehicles and equipment <br /> In conjunction with the long-term capital plan, the District prepares a long-term financial <br /> projection. The District used this projection to determine that it had adequate financial <br /> means to accelerate the construction of its new administrative and distribution facilities into <br /> I <br /> i vii <br />