|
PENROSE WATER DISTRICT
<br /> 340 Grant Street .:. Penrose,CO 81240
<br /> CAPITAL ASSETS AND DEBT ADMINISTRATION
<br /> Capital Assets
<br /> The following table summarizes the changes in capital assets during the year.
<br /> Balance,
<br /> Beginning of Balance,End of
<br /> Description Year Additions Deletions Year
<br /> Capital assets not being depreciated:
<br /> Water rights $ 1,454,687 $ - $ - $ 1,454,687
<br /> Water storage rights - 2,549,145 - 2,549,145
<br /> Land and rights of way 38,198 - - 38,198
<br /> Capital assets being depreciated:
<br /> Buildings and Improvements 56,890 - - 56,890
<br /> Water Treatment Plants 2,148,981 29,126 - 2,178,107
<br /> Distribution System 2,638,116 - - 2,638,116
<br /> Other Equipment 251,756 - - 251,756
<br /> Total capital assets being depreciated at cost 5,095,743 29,126 - 5,124,869
<br /> Less accumulated depreciation (3,239,810) (141,553) - (3,381,363)
<br /> Net capital assets being depreciated $ 1,855,933 N/A N/A $ 1,743,506
<br /> During 2011 the District acquired 500 acre feet of water storage space in the Brush Hollow
<br /> Reservoir.
<br /> DEBT OUTSTANDING
<br /> The following table summarizes the debt activity of the District during the year.
<br /> Balance,
<br /> Beginning of Payments and Balance,End Due Within
<br /> Description Year Additions Deletions of Year One Year
<br /> Water revenue refunding bonds,
<br /> series 2003 $ 325,000 $ - $ (160,000) $ 165,000 $ 165,000
<br /> Colorado Water Conservation
<br /> Board - 3,510,000 - 3,510,000 -
<br /> Bond anticipation note 3,000,000 - (3,000,000) - -
<br /> Total $ 3,325,000 $ 3,510,000 $ (3,160,000) $ 3,675,000 $ 165,000
<br /> During 2011the District repaid the bond anticipation note with some funds advanced through the
<br /> loan from the Colorado Water Conservation Board that was secured in late 2010. The remainder
<br /> of the funds came from the District's accounts.
<br /> ECONOMIC AND OTHER FACTORS
<br /> Since 1993 the Penrose Water District has declared enterprise status for budget purposes. Each
<br /> year the District calculates anticipated revenues and finds that expected income realized from
<br /> "grants", as defined by TABOR, equals less than ten percent of total income. Notwithstanding
<br /> 3
<br />
|