Loveland 1996 WC Plan - Laserfiche WebLink

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Debt Payments Before the 1970s, Loveland's philosophy was to keep water rates and fees very low. No reserve funds were set aside for future capital expenses. When rapid growth occurred in the 70s, Loveland's water system was pushed beyond its limits. With no water funds in reserve to expand the system, $18 million had to be borrowed to up- grade the water system. The treatment plant was expanded, treated water storage tanks built and new transmission and distribution lines were installed. The water utility's largest debt payment is for the Windy Gap Project. Since 1970, the City has invested $7,781,952 in the project. From 1995 to 1999, approxi- mately $800,000 is budgeted each year for this debt. Windy Gap is scheduled to be paid off in 2017. Five-year Capital Improvement Program Capital expenditures from 1996 through 2000 are projected to be $21,519,620. Table 4 shows scheduled capital improvement projects. Table 4. Five-year capital improvement program, 1996.2000 New meters $875,000 Distribution line improvements and extensions $3,561,140 Water treatment plant improvements Green Ridge Glade Reservoir expansion Administrative, engineering and operations $420,000 $16,227,000 $436,480 Annual Audits Colorado law requires an annual audit of the City's accounting records by an inde- pendent public accountant selected by City Council. The audit for the period ending Decem- ber 31,1994 was done by Hunt, Sillman & Associates, P.C, As reported in the 1994 Comprehensive Annual Financial Report, the audit "provided no instances of material weak- nesses in the internal control structure or significant violations of applicable laws and regula- tions." The City of Loveland's annual financial reports have been awarded a Certificate of Achievementfor Excellence from the Government Finance Officer's Association for fourteen consecutive years. Water Conservation Plan 12 May 1996