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<br />. <br /> <br />Table 2, Estimated Construction Costs for WRCC Projects <br /> <br />Item Estimated Cost <br />Annex No.8 Outlet $565,000 <br />Elder Reservoir Outlet 279,000 <br />Windsor Reservoir No.8 Outlet 650,000 <br />Total construction cost $1,494,000 <br /> <br />Table 3. Estimated Total Costs for WRCC Projects <br /> <br />Item Estimated Cost <br />Construction cost $1,494,000 <br />Engineering costs 269,000 <br />Legal and contingencies 224,000 <br />Total costs $1,987,000 <br /> <br />Fundinl! Reauest <br /> <br />. <br /> <br />The Company is requesting 90 percent funding of total project costs, or $1,788,300. <br />From the current authorization of$I,202,000, there remains a balance of$633,218 after <br />completion of the Poudre Valley Canal and Cobb Lake Pipeline projects. The requested <br />additional authorization then is $1,788,300 less $633,218, or approximately $1,155,000. <br />The WRCC will pay the remaining 10 percent ofproject costs through the use of cash <br />reserves. <br /> <br />Financial Summary . <br /> <br />The Company's present fmancial condition appears to be very sound. Table 4 <br />summarizes some key financial indicators based on information in the Company's un- <br />audited Statements of Cash Receipts and Disbursements for the years 1996 to 1998. All <br />of the indicators in Table 4 are in the strong or acceptable categories per the Board's <br />creditworthiness policy. At the end of 1998, cash reserves amounted to $360,735. <br /> <br />Table 4. WRCC Financial Indicators <br /> <br />Item 1998 1997 1996 <br />lOPerating ratio (l) 0.95 0.88 1.33 <br />!Debt service coverage (2) 1.09 1.05 3.07 <br />Cash reserves to current expense 1.08 1.23 1.39 <br /> <br />(1) Operating revenue/operating expense <br />(2) (Total revenues-operating expense)/debt service <br /> <br />. <br /> <br />3 <br />