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occurred 2015.The Board discussed how to consider establishing reserve balances and decided to table <br /> the discussion for a later time. <br /> MOTION:Brent Nation moved to approve the financial report.Greg Dewey seconded the motion.The <br /> motion was approved unanimously by the directors present. <br /> Joe Frank presented a draft 2017 budget.To project assessment based revenue,the budget assumes 6 <br /> million base member units,which is the number of recurring membership units,and assessments at <br /> $0.15 for 2017 and$0.17 for 2018.The board discussed 2017 expenses and potential FEMA <br /> contribution to Tamarack flood recovery.The proposed 2017 budget assumes FEMA is covering 75% <br /> of the expenses. <br /> MOTION:Alan Benyman moved to approve the proposed budget.Brent Nation seconded the motion. <br /> The motion was approved unanimously by the directors present. <br /> Joe Frank presented a summary of Colorado's combined funding to the Platte River Recovery <br /> Implementation Program(PRRIP or Program)and a custom summary report of finances from 1/1/2007 <br /> through 9/28/2016.State of Colorado committed to contribute$25M plus interest(state calls it an <br /> indexing factor)to the Program(in 2008 dollars).Suzanne Sellers discussed the status of payment of <br /> the State's commitment.Combined funding shows a partnership in contributions to the Program with <br /> $28M coming from State and other entities and$7M coming from SPRWRAP.The Board also noted <br /> that the State donated use of their land at Tamarack State Wildlife Area to implement the recharge <br /> program. <br /> 6. BOARD ACTIONS TAKEN BY CONSENT <br /> Austin Hamre presented on Board actions taken by consent since the July 21,2016 Board meeting. <br /> The Board approved Resolution No.16-01 regarding creation of Class X-6 Membership,a <br /> membership class for depletions related to open space. <br /> The Board approved the following checks: <br /> • Check#1507 Hamre,Rodriguez,Ostrander&Dinges_Legal <br /> • Check#1508 Trout,Raley,Montano,Witwer&Freemen_Legal <br /> DISSCUS!ON ITEMS <br /> SPWRAP ADMINISTRATIVE&CORPORATE ISSUES <br /> 7. PRRIP UPDATE <br /> Alan Berryman and Deb Freeman provided updates on the PRRIP.They discussed the extension of the <br /> first increment of the Program and referred to a draft PRRIP First Increment Extension Proposal dated <br /> September 14,2016. <br /> When starting the PRRIP in 2007,the approach was to,by the end of the first 13-year increment,meet <br /> land and water milestones and test biological,hydrologic and habitat questions through an adaptive <br /> management process.A second increment of the Program was to be designed to address new questions <br /> that arose in the first increment.Nine years into the first increment,the Program has met the land <br /> milestone.The Program has secured 90,000 af of the 130,000—150,000 af of the water milestone but <br /> does not expect to meet the water milestone by end of first increment.The J-2 Reservoir project would <br /> SPWRAP First Quarter Board of Directors Meeting <br /> July 21,2016 Page 2 of 4 <br />