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<br />
<br />COLORADO WATER CONSERVATION BOARD
<br />SEVERANCE TAX TRUST FUND - PERPETUAL BASE ACCOUNT
<br />STATEMENTS OF REVENUE, EXPENSES AND CHANGES IN NET ASSETS
<br />Years Ended June 30, 2003, 2002 and 2001
<br />(See Accountant's Compilation Report)
<br />
<br />2003
<br />
<br />OPERATING REVENUE
<br />Interest revenue
<br />Net investment income
<br />Interest earnings - Loans
<br />Total interest revenue
<br />
<br />$ 1,175,671
<br />1,381,670
<br />2,557,341
<br />
<br />Other revenue
<br />Severance tax
<br />
<br />8,083,702
<br />
<br />Total operating revenue
<br />
<br />10,641,043
<br />
<br />OPERATING EXPENSES
<br />Nonreimbursable investments
<br />
<br />358,778
<br />
<br />OPERATING INCOME/CHANGE IN
<br />NET ASSETS
<br />
<br />10,282,265
<br />
<br />NET ASSETS - BEGINNING OF YEAR
<br />
<br />74,592,958
<br />
<br />NET ASSETS - END OF YEAR
<br />
<br />$ 84,875,223
<br />
<br />3
<br />
<br />2002
<br />
<br />$ 1,491,450
<br />1,280,476
<br />2,771,926
<br />
<br />14,282,464
<br />
<br />17,054,390
<br />
<br />17,054,390
<br />
<br />57,538,568
<br />
<br />$74,592,958
<br />
<br />2001
<br />
<br />$ 1,393,012
<br />730,568
<br />2,123,580
<br />
<br />15,479,286
<br />
<br />17,602,866
<br />
<br />17,602,866
<br />
<br />39,935,702
<br />
<br />$57,538,568
<br />
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