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C153445 Feasibility Study
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C153445 Feasibility Study
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Last modified
11/19/2009 11:29:57 AM
Creation date
10/5/2006 11:35:14 PM
Metadata
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Template:
Loan Projects
Contract/PO #
C153445
Contractor Name
Summit Reservoir and Irrigation Company
Contract Type
Loan
Water District
32
County
Montezuma
Bill Number
HB 84-1128
Loan Projects - Doc Type
Feasibility Study
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<br />summit has the authority to enter into contractural arrange- <br />ments with other entities, such as the CWCB. Assets of Summit can <br />be used to collateralize loans ~equired to accomplish repairs or <br />improvements. <br /> <br />Summit is not a government81 entity and does not have associ- <br />ated powers, such as eminent domain. <br /> <br />Financial Status <br /> <br />The balance sheet and profit and loss statement for Summit <br />are shown on Table II-A. As cap be seen Summit has expenses of <br />about $30,000 to $40,000 per year. Wages to the ditch rider and <br />secretary aC,count for the largest expenditure. Maintenance, - <br />mileage, and debt service on a loan- with Wichita Bank are the <br />other substantial items. <br /> <br />Income to Summit is almost exclusively the result of the <br />assessment on shareholders. In 1982 the assessment was $102 per <br />share. There are 400 shares so $40,800 was raised; this amount <br />exceeded expenseshy a large margin so the 1983 assessment was <br />reduced to $90 per share. The ability of the shareholders to pay <br />$102 is a measure of the amount which could be generated to repay <br />CWCB funds. The financial program is discussedrnore thoroughly in <br />Chapter VIII. <br /> <br />Table II-A <br />Summit Reservoir and Irrigation Company <br />Profit and Loss <br /> <br />Expenses 1981 1982 <br /> <br />Wages' <br />Insurance <br />Interest' <br />Office Expenses <br />Maintenance <br />Electric - Telephone <br />Mileage <br />Legal & Accounting <br />FICA Expense <br /> <br />Income <br /> <br />Assessments <br />Miscellaneous <br /> <br />Physical Assets <br /> <br />'$11,754.00 <br />501.00 <br />4,056.80 <br />195.38 <br />15,353.22 <br />693.92 <br />5,375.41 <br />1,657.50 <br />504.76 <br />$40,091.99 <br /> <br />$ 9,657.00 <br />570.33 <br />5,371.67 <br />163,04 <br />6,077.93 <br />623.86 <br />5,509.41 <br />80.00 <br />454.08 <br />$28,507.42 <br /> <br />$28,800.00 <br />2,634.89 <br />$31,434.89 <br /> <br />$40,800.00 <br />2,566.12 <br />$43,366.12 <br /> <br />The ,primary assets of Summit are the water rights (discussed <br />in Chapter IV) and the facilities to utilize those rights. The <br /> <br />-8- <br />
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