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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />II <br /> <br />from interest on savings accounts and other sources. Under an agreement with the <br />Colorado Division of Parks and Outdoor Recreation (CDPORI, a portion of the lease <br />payments for public recreation use of the reservoir surface rights will be utilized for <br />repayment of a loan taken out by CDPOR from the Colorado Water Conservation Board <br />(CWCB) for partial funding of the subject Feasibility of the Repair of the Jackson Lake <br />Reservoir Dam Upstream Slope Protection project. <br /> <br />Following in Table 1 is a summary of the Jackson Lake Reservoir and Irrigation <br />Company's financial report for 1997, 1998, and 1999. The complete reports for 1999 <br />and 1998 are included in Appendix B. Information for 1997 is included in the 1998 <br />report. This summary includes assets, liabilities, income, and expense summaries of the <br />Jackson Lake Reservoir and Irrigation Company as compiled by the accounting firm of <br />'Anderson, Lee, and Company, Fort Morgan. The Company typically operates in a cash <br />neutral mode over the years, balancing income with expenses. In any particular year, <br />however, income does not necessarily match expenses. The reserve fund is used to <br />meet extra expenses and save extra income. <br /> <br /> TABLE 1 <br />SUMMARY OF FINANCIAL REPORTS <br /> 1997 1998 1999 <br />Total Assets $349,741 $358,636 $346,667 <br />Liabilities $15.738 $10.200 $16.262 <br />Capital Stock $155,000 $155,000 $155,000 <br />Total Operating Revenue $94,666 $102,918 $125,978 <br />Total Operating Expenses $105,568 $88,215 $144,009 <br />Net Income (Deficit) ($10,902) $14,703 ($18,031) <br /> <br />Phvsical Assets <br /> <br /> <br />The Jackson Lake Reservoir and Irrigation Company operates the Jackson Lake <br /> <br /> <br />Reservoir storage reservoir and approximately thirteen miles of inlet and outlet ditches. <br /> <br /> <br />The Company owns an easement for the reservoir and dam, an easement for the eleven <br /> <br />5 <br />