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I I I I I I I I I I II I I I I II I I I II P :':,'\ 1 "':' 8 ~j ".) ~:. -'~ of 15 years and is published on a periodic basis by the U.S. Water Resources Council. At the time this economic study of the Ute Indian reservations was initiated, the federally mandated discount rate was 8 3/8 percent. That rate was used in the economic analysis of PIA on the Southern Ute and Ute Mountain Ute Indian Reservations. 2.5 Overview of the Study The economic analysis of PIA on the Ute Mountain Ute and Southern Ute Indian Reservations required close cooperation between soil scientists, agronomists, agricultural engineers. hydrologists and economists. The results of studies performed by soil scientists were used by agricultural engineers to define arable parcels of land that were conducive to irrigation. These parcels were then reviewed in light of hydrological studies to decide whether a reliable source of water was available. Agronomic studies were undertaken to determine what types of crops could be grown on various types of soils on both reservations, and what yields could be expected as a function of climatic zone (defined by elevation). All of these studies were carried out by other experts employed by the State of Colorado, and are described in separate reports. The economic analysis undertaken on behalf of the State of Colorado was divided into two parts. The economic analysis described in this report (the Level A economic analysis) was designed to provide estimates of gross NED benefits and on-farm production costs. The differences between these estimates of benefits and production costs are referred to as net agricu1 tu:a1 returns. They do not take into consideration either on-farm irrigation system costs or off-farm costs for water delivery. Estimates of on-farm irrigation costs and water delivery costs were made by agricultural 12 - 1..