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West Reservoir and Ditch Company Agenda Item 27e <br /> November 19-20, 2014 Board Meeting (Updated November 21, 2014) <br /> Page 4 of 4 <br /> TABLE 2: FINANCIAL SUMMARY <br /> Total Project Cost $ 471,577 <br /> WSRA Grant (48% of Project Cost) $ 225,658 <br /> CWCB Loan (52% of Project Cost) $ 245,919 <br /> CWCB Loan (Including 1% Service Fee) $ 248,378 <br /> CWCB Annual Loan Payment $ 11,090 <br /> CWCB Annual Loan Obligation (including 10% debt reserve funding) $ 12,199 <br /> Cost of Project per acre-foot of water storage (454 AF Restored) $ 1,039 <br /> Current Assessment per Share $ 3.88 <br /> Future Assessment per Share $ 12.40 <br /> Creditworthiness: <br /> At this time the Company has no existing debt. The Company meets annually and assesses shareholders <br /> for anticipated expenses for the coming year. The Company plans to levy a special assessment per <br /> share throughout the life of the loan to cover debt obligation created by this loan. <br /> TABLE 3: FINANCIAL RATIOS <br /> Future <br /> Financial Ratio Past 3 Years w/Project <br /> Operating Ratio (revenues/expenses) 113% 100% <br /> weak: <100%1 - average: 100% - 120%I- strong: >120%1 (average) (average) <br /> $18.2K/$16.1K $28.4K/$28.3K <br /> Debt Service Coverage Ratio 101% <br /> (revenues-expenses)/debt service No Debt (average) <br /> weak: <100% - Laverage: 100% - 120% - strong: >120% ($28.4K <br /> ■ $16.1K)/$12.2K <br /> Cash Reserves to Current Expenses 108% 62% <br /> weak: <50% - average: 50% - 100%1 - strong: >100% (strong) (average) <br /> $17.4K/$16.1K $6.3K/$28.3K <br /> Annual Operating Cost per Acre-Foot (604) $36 $27 <br /> (weak: >$20 - average: $10 - $20) - strong: <$101 (weak) (weak) <br /> $16.1K/604 AF $28.3K/604 AF <br /> Notes: <br /> 1. Operating revenues and expenses are averaged over three years. <br /> Collateral: As security for the loan, the Company will pledge assessment revenues and the water <br /> rights described in Table 1. This is in compliance with the CWCB Financial Policy#5 (Collateral). <br /> cc: Nick Hughes, President, West Reservoir and Ditch Company <br /> Susan Schneider/Jennifer Mete, Colorado Attorney General's Office <br /> Attachment: Project Data Sheet <br />