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<br />I COLORADO WATER CONSERVATION BOARD
<br /> CONSTRUCTION FUND
<br />I STATEMENTS OF REVENUE, EXPENSES AND CHANGES IN NET ASSETS
<br /> Years Ended June 30, 2004, 2003 and 2002
<br />I (See Accountant's Compilation Report)
<br />I 2004 2003 2002
<br /> OPERATING REVENUE
<br />I Interest revenue
<br />Net investment income $ 2,339,981 $ 3,842,771 $ 4,320,761
<br /> Interest earnings - Loans 7,276,266 6,390,632 6,659,438
<br />I Total interest revenue 9,616,247 10,233,403 10,980,199
<br /> Other revenue
<br />I Mineral lease income 7,943,045 4,953,826 4,513,769
<br />Other 14,910 8,706
<br />I Total other revenue 7,943,045 4,968,736 4,522,475
<br />Total operating revenue 17,559,292 15,202,139 15,502,674
<br />I OPERATING EXPENSE
<br />Interdepartmental operations 5,399,626 6,039,309 5,677 ,290
<br /> Nonreimbursable investments 2,442,932 1,361,620 1,006,904
<br />I Personal services and other operating expenses 2,834,549 1,711,069 1,686,001
<br />Total operating expense 10,677,107 9,111,998 8,370,195
<br />I OPERATING INCOME/CHANGE IN
<br />NET ASSETS 6,882,185 6,090,141 7,132,479
<br />I NET ASSETS - BEGINNING OF YEAR 244,838,970 238,748,829 231,616,350
<br />I NET ASSETS - END OF YEAR $ 251,721,155 $ 244,838,970 $ 238,748,829
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