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<br />, <br /> <br />111-5 <br /> <br />Recently a Federal Economic Development Administration grant was <br /> <br />applied for in order to complete the initial phase improvement pro- <br /> <br />gram as outlined in the Master Plan. The application was not funded. <br /> <br />FINANCE AND OPERATION <br /> <br />~ <br /> <br />Present Town ordinances regarding water system financing and operating <br /> <br />procedures are attached as Appendix A. In general, the water utility <br /> <br /> <br />operates under an individual fund separate from the General Fund; that <br /> <br /> <br />is, the General Fund would be neither depleted nor increased by the <br /> <br /> <br />utility operation. It is, however, possible to assess a tax levy <br /> <br /> <br />specifically for the water system. The past year's Water Fund <br /> <br /> <br />revenues and expenditures can be examined in the 1976 audit report <br /> <br /> <br />prepared by Dan M. Handy and Associates, attached as Appendix B. The <br /> <br /> <br />projected 1977 revenues and expenditures can be reviewed in pertinent <br /> <br /> <br />sections of the Town of Basalt budget, attached as Appendix C. <br /> <br />The sources of revenue available to the Water Fund include taxes, <br /> <br />tap fees, and service charges. Currently no taxes are applied to the <br /> <br /> <br />Water Fund. The tap fee is $750 for each equivalent single-family <br /> <br /> <br />residential unit (EQR) in Town, and the service rates are $19.50 per <br /> <br /> <br />quarter per EQR in Town. Users outside the Town boundaries must pay <br /> <br />one and one-half times the in-town rates for both tap fees and <br /> <br />service charges. <br /> <br />Basalt presently has 244 active water accounts, 215 in Town and 29 <br /> <br /> <br />outside the Town limits. The Colorado State Statutes provide the <br /> <br />/~ <br />