PROJ00454 - Laserfiche WebLink

Home Browse Search

I" I I I I I I I I I I I I I I I I I I Feasibility Report for Dam Safety Modifications to DeWeese Dam April 22, 1997 7 2.3 FINANCIAL STATUS The Company currently operates on an annual budget of about $85,000, which covers the Company's costs for operation, maintenance, administration and existing debt service, Income is primarily in the form of annual assessments to shareholders, The present assessment is $10,00 per share plus a $15,00 administrative fee charged to each shareholder, Of the total $10.00 per share assessment, about $8.00 per share plus the administrative fee covers normal operation, maintenance, administration, and existing debt service expenses, The remaining $2,00 per share became effective in 1995 in anticipation of preliminary expenses (e.g. engineering) related to dam safety repairs at DeWeese Dam. In addition to assessments, the Company derives income from two other sources: a lease with the Colorado Division of Wildlife for recreational use of the reservoir, and a nominal interest income, The Company has two outstanding debts. One is a construction fund loan from the CWCB, with a balance at the end of 1996 of $101,151.58. The other is a loan with a balance of $15,000, which the Company expects to retire before beginning construction of repairs to DeWeese Dam. The Company employs a part-time ditch rider, and pays a nominal salary and expenses to the president, secretary-treasurer, and directors of the Company. Annual financial reports for the last 5 years are included in Appendix C. 2.4 WATER RIGHTS The Company has 19 direct flow water-rights, with a total adjudicated diversion rate of 31,85 cfs, as summarized in Table 2, The rights are relatively senior, with appropriation dates ranging from February 1866 to November 1894. The point of diversion for all of the rights is on Grape Creek, about 1.3 miles upstream from the Arkansas River and about 25 miles downstream from DeWeese Dam. In addition to the direct flow rights, the Company has storage rights at DeWeese Reservoir for a total of 4,326,6 af(Table 2), which is supplied directly by natural flows ill Grape Creek. Water is generally stored from November 15 until March 15, under the Southeastern Colorado Water Conservancy District's Winter Water Storage Program. In some years4ere is sufficient streamflow in Grape Creek to allow the Company to store in the early summer. 96006\REPORTS\FEAS\TEXT,NEW .!:Jl GEl Consultants, lnc,