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<br />Financial Analvsis <br /> <br />. <br /> <br />For the estimated project design and construction cost of $32,855,000, the District currently <br />anticipates using the financial sources shown in Table 4. <br /> <br />Table 4 - Plateau Creek Project, Sources of Funds <br /> <br /> <br />Remaining 1988 Construction Fund Authorization <br />NewBOI:rovv!ng;'1?99': . <br />New Borrowing, 2000 <br />From District,Reserv~ Funds <br />Total <br /> <br />$6,427,151 <br />,.10,000,000 <br />10,000,000 <br />6,427,849 <br />$32,855,000 <br /> <br />The new borrowings in 1999 and 2000 may be from: <br /> <br />. District revenue bond issues, <br /> <br />. an additional loan or loans from the CWCI3 Construction Fund, <br /> <br />. a Colorado Water Resources & Power Development Authority revenue bond issue, or <br /> <br />. some combination of the above. <br /> <br />. <br /> <br />CWCB staff has reviewed the District's audited financial statements for the years 1995 through <br />1997. The results of the CWCB staff review are summarized in Table 5 in the form of several <br />key financial indicators all of which are strong to very strong except that debt service coverage <br />was weak in 1995, a year in which a loss for certain investments was taken. <br /> <br />Table 5 - Financial Indicators Based on 1995 - 1997 Financial Statements <br /> <br />__lt~ _tY~5JlIiiI_t:9~Q_l'I1lIIt~:9._ <br /> <br />Operating Ratio (1) 134% <br />:etit. .pertll~"~::i:::,"::::r;:::::;:;::~:~::J:;';:"';' 9:':;;f$'1';222:::::::~' <br />Debt Service Coverage (2) 89% <br />DebtlEquity . ,35%" <br /> <br />150% <br />"",""..$.' 1 "1.0. .5. . . . <br />w,,_ ^ Y <br />'. , .",'.-' <br />191% <br />30%. . <br /> <br />138% <br />.. ;;::;,:$1 ,029 .ii,: <br />211% <br />'26o/~: :.",: <br /> <br />(I) Operating revenue/(operating expense - depreciation) <br />(2) (Total eligible revenue - actual operating expense)/debt service <br /> <br />The Ute WCD staff has prepared a projection of annual District revenues and expenditures for <br />the years 1996 through 2032. The projection includes both current debt as well as debt service on <br />$26.4 million in new debt that is expected to be incurred in 1999 and 2000 as a result of the <br />Plateau Creek Pipeline Project. The debt service coverage ratio is estimated for each of the 35 <br /> <br />. <br /> <br />4 <br />