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<br />. , <br /> <br />. <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 CWCB Construction Fund, <br /> <br />. a Colorado Water Resources & Power Development Authority revenue bond issue, or <br /> <br />. . some combination of the above. <br /> <br />CWCB staff has reviewed the District's audited financial statements for the years 1995 <br />and 1996 as well as preliminary data for 1997 as submitted by the District staff. The <br />results of the CWCB staff review are summarized in Table 5 in the form of several key <br />financial indicators. <br /> <br />Table 5 - Financial Indicators Based on 1995 - 1997 Financial Statements <br /> <br />. <br /> <br /> <br />1995 <br />134% <br />$1,222 <br />89% <br />35% <br /> <br />1996 <br />150% <br />$1,105 <br />191% <br />30% <br /> <br />1997 <br />138% <br />$1,029 <br />191% <br />26% <br /> <br />(1) Operating revenue/(operating expense - depreciation) <br />(2) (Total eligible revenue - actual operating expense)/debt service <br /> <br />The operating ratios and the debt to equity ratios could be considered as strong to very <br />strong. The amount of debt per tap is in the average category. Debt service coverage was <br />weak in 1995 (a year in which a loss for certain investments was taken) but was in the <br />strong category for 1996 and 1997. <br /> <br />Revenue and Exvenditure Projections <br /> <br />The Ute WCD staff has prepared a projection of all annual District revenues and <br />expenditures for the years 1996 through 2032. The projection includes both current debt <br />as well as debt service on $26.4 million in new debt that is expected to be incurred in <br />1999 and 2000 as a result of the Plateau Creek Pipeline Project. The debt service <br />coverage ratio is estimated for each of the 35 years. <br /> <br />. <br /> <br />The projection indicates that debt service coverage is adequate in each year of the 35-year <br />period. The District's cash reserves will increase to a maximum amount of about $32 <br />million in the year 2000, However, expenditures will exceed revenues in the years 2000 <br />to 2006 drawing down reserves to about $16 million in 2007, Reserves reach a minimum <br />of about $15 million in 2011 and increase significantly thereafter. <br /> <br />5 <br />