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<br />. <br />. <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />Preface <br /> <br />This Long-Term Financial Projection presents, to the best of management's knowledge and <br />belief, the expected cash position of the Colorado Water Conservation Board Construction Fund and <br />the Perpetual Base Account of the Severance Tax Trust Fund for the forecast period. The projection <br />reflects management's judgement of the future needs of the water users, expected economic <br />conditions, and the Board's current policy for use of the Construction Fund. The projection is <br />designed specifically to present projected cash sources, cash applications, and ending cash balances <br />for the forecast period. <br /> <br />The purpose of the projection is to determine the cash requirements of the Colorado Water <br />Conservation Board Construction Fund and is not intended for any other purpose. The assumptions <br />disclosed herein are those that management believes are significant to the projection. There will <br />usually be differences between the proj ection and actual results because events and circumstances <br />frequently do not occur as expected. <br /> <br />/1IAt~ f? &-'~C/V! <br /> <br />William P. Stanton, P.E. <br />Chief, Planning and Construction Section <br /> <br />.. <br /> <br />~ <br /> <br />~ <br /> <br />II! <br /> <br />~ <br />