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<br />. <br /> <br />. <br /> <br />. <br /> <br />Water Project Construction Loan Program - General and Financhtl Matters, <br />Financial Activity for December 1999 and January 2000 <br /> <br />Introduction <br /> <br />Summary reports of the Colorado FinaIlcial Reporting System (COFRS) reports for the <br />Construction Fund have been prepared to give the Board a continuing update on [mancial activity <br />in the Construction Fund. Summary reports for Period 6 (December I - Decernber 31), and <br />Period 7 (January 1 - January 31) are attached. <br /> <br />Discussion <br /> <br />A total of $6.31 million was received in loan deposits in the first 7 calendar months of <br />state FY 1999-00. Ofthis amount, $2.78 million was return of principal and $:3.53 million was <br />interest. In contrast, loan disbursements totaling $912,087 were made in the first 7 calendar <br />months of state FY 1999-00. - <br /> <br />Loan Repayment Delinquency Report <br /> <br />Loan Repaymer1ts received relative to the Water Project Construction Loan Program have been <br />reviewed for the period covering July 1999 through February 2000. The effective due date ofthe <br />payment is incltlsive of the Board's current 30 day late policy. Hence, the date the payment was <br />received was compared to the last day allowable prior to the payment being considered late. <br /> <br />Repayments due for the first eight months of the Fiscal Year 2000 totaled 112. There were three <br />payments not received on time during this period. This includes two received between I and 30 <br />days late (Handy Ditch Company and Mancos Water Conservancy District), and one receiyed <br />between 31 and 60 days late (Coon Creek Reservoir and Ditch Company). Thus, the on-time <br />performance for the total repayments due was 97% in compliance or 3% not in compliance. <br />Procedures haw been recently implemented to ensure a more successful on-time performance <br />result as depicted above. <br /> <br />The receivables for Coon Creek Reservoir and Ditch Company and the Town of Starkville will <br />be addressed in the May 2000 CWCB Board Meeting in an effort to resolve these issues. <br />