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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 />I <br /> <br />A.3 <br /> <br />A.2.3 <br /> <br />individual shareholders to <br />expenses. A 1 i st of the FWDC <br />Attachment A. <br /> <br />raise funds for operational <br />shareholders is also included in <br /> <br />Financial Status <br /> <br />The 1986 Financial Statements and Report on Examination <br />for FWDC are listed in Attachment B. This document shows total <br />assets of $467,989 and total liabilities of $20,349 for 1986. <br /> <br />Fixed assets of the FWDC include Gurley Reservoir, the <br />ditch system and water rights as well as various pieces of <br />equipment tota 11 i ng $453,089. The ditch, reservoir and water <br />rights are valued at $228,421 based on 1947 data. The Gurley <br />Ditch Project is valued at $195,42B based on data from the <br />late 70's or early 80's. The FWDC Board of Directors has <br />stated that the current value of the ditch, reservoir and <br />water rights is at least.$I,OOO,OOO in 1987 dollars. <br /> <br />According to officers of the FWDC, liabilities in the <br />form of long- and short-term notes to the Wichita Bank for <br />cooperatives and the San Miguel Basin State Bank have recently <br />been liquidated. The FWDC's liabilities currently include only <br />short-term accounts payable. <br /> <br />Project Lands - <br /> <br />A.3.1 <br /> <br />Project Service Areas <br /> <br />Gurley Reservoir utilizes the water collected from the <br />Beaver Creek drainage area located southeast of the project <br />area. Snow accumulates in the project watershed during the <br />winter months and is released during the spring melt. Runoff <br />waters from the melting snow pack usually peak during the <br />first two months of spring, usually by the end of May. <br />