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<br /> --------- <br />I <br />I THE JACKSON LAKE RESERVOIR AND IRRIGATION COMPANY <br /> BALANCE SHEETS <br />I December 31. 1998 and 1997 <br />I ASSETS <br /> 1998 1997 <br />I Cash in bank $ 29,946 $ 25,742 <br /> Accrued interest revenue 100 115 <br />I Assessments receivable 55 50 <br />Prepaid elCPense 1,433 1,386 <br />Water decree (Note 3) 2,174 2,174 <br />I Property and equipment (Note 1) <br />Land and improvements 318,005 313,577 <br />Equipment 38,399 34,824 <br /> Less accumulated depreciation (31,476) (28,397) <br />I <br />Total Assets $ 358,636 $ 349,471 <br />I <br /> LIABILITIES AND FUND EQUITY <br />I Liabiltties <br />I Accounts payable $ 2,204 $ 484 <br />Payroll taxes wtthheld and accrued 889 1,040 <br />Deferred revenue (Note 2) 7,107 14,214 <br />I Total Liabiltties 10,200 15,738 <br /> Fund Equtty <br />I Capttal stock - 1,550 shares authorized <br />at $100 par value, 1,550 shares issued <br /> and outstanding 155,000 155,000 <br />I Fund balance 193,436 178,733 <br />Total Fund Equtty <br /> 348,436 333,733 <br />I Total Liabilities and Fund Equtty $ 358,636 $ 349,471 <br />I <br />I <br />I <br />I The accompanying notes are an integral part of these statements, <br /> -2- <br />