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<br />Over the past several months, the Board has expanded its <br /> <br />effort to include an overall review of Colorado's water project <br /> <br />financing needs. Discussions were held at each of several Board <br /> <br />meetings, public input solicited, and finally a draft discussion <br /> <br />paper circulated for review and comment. <br /> <br />The results of the Board's deliberations are embodied in the <br /> <br />enclosed discussion paper entitled "Water project Financing Needs <br /> <br />In Colorado." The Board's fundamental conclusion is that a large <br /> <br />portion of Colorado's needed projects cannot generate enough <br /> <br />revenues to pay for themselves. Thus, substantial sums of state <br /> <br />tax monies will have to be made available if project development <br /> <br />is to go forward in a timely manner for the benefit of Colorado I s <br /> <br />citizens and the protection of our interstate compact <br /> <br />entitlements. <br /> <br />Sincerely, <br /> <br />J. William McDonald <br />Director <br /> <br />JWM/ g 1 <br />Enclosure: 'as stated <br />cc: Governor Richard D. Lamm <br />Lorraine Lomhardi,.Chief Clerk of the House <br />Marjorie Rutenbeck, Secretary of the Senate <br />Members, House Committee on Agriculture, Livestock, and <br />Natural Resources <br />Memhers, Senate Committee on Agriculuture, Natural <br />Resources, and Energy <br />Lyle Kyle, Director, Legislative Council <br />Members, Colorado Water Conservation Board <br />Members, Colorado Water Resources and Power Development <br />Authority <br /> <br />-2- <br />