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<br />Water Management Study: Upper Rio Grande Basin <br /> <br />Table 2.7.-Repayment slatus of costs allocated to irrigation, Seplember 1994 ($000) <br /> Repayment Future <br /> to date repayment Irrigation <br /> assistance <br /> By By By By and Discount <br />Project irrigators others' irrigators others' charge-offs loans <br />Middle Rio Grande 13,745 9 2,244 0 9 0 <br />Rio Grande' 14,504 1,052 0 5,535 7,150 4,110 <br />San Juan-Chama 743 346 2,947 30,154 30,924 0 <br />San Luis Valley 475 7 0 0 1,863 0 <br /> <br />'o- <br />r, <br />;! <br /> <br />~~':> <br />~: <br /> <br />Source: U.S. General Accounting Office (1996). <br />'lrrigation assistance payments made with revenues from power or a project's other sources, such as <br />miscellaneous water sales and land-use leases, because the amounts allocated to irrigators have been <br />determined to exceed their ability to pay. <br />'The Rio Grande Project has repaid its entire construction obligation to the federal government and <br />has received title to all of its distribution and drainage facilities (Esslinger 1997). <br /> <br />,'-" <br /> <br />Municipal Values. As with agriculture, a modern city would not exist <br />without extensive water services. But this does not mean that one <br />reasonably can attribute to the water the full value ofthe city's economy. <br />Indeed, in a complex urban setting there are many different ways to look at <br />the value of water. The value urban consumers place on water at the <br />margin, i.e., for a small change in consumption, probably is substantially less <br />than the value of big changes. Values may change over the long run, as a <br />city implements new pricing structures, consumers' tastes and preferences <br />change, and the economy's industrial structure evolves. Especially in a <br />desert environment, stored water also acquires an option value, giving <br />consumers security that they will not run dry during a drought period. <br /> <br />.:< <br /> <br />,:.' <br /> <br />;:,:': <br />:;..:. <br />~, <br /> <br />:';~ <br />~2.' <br /> <br />There are two recent studies of municipal values in the Albuquerque area. <br />One employed a model of the demand for water by the city's single-family <br />residences, given the prices they faced in 1992 (McGuckin 1994). This model <br />estimated the reduction in consumers' economic welfare that would occur if <br />single-family residential use in Albuquerque were curtailed by 4,000 afper <br />year (this is 2,000 af of consumptive use), from 53,000 afto 49,000 af. The <br />result indicates that the value of water to residential consumers in <br />Albuquerque is approximately $326 per af of water available at the tap, or <br />$652 per af on a consumptive-use basis. <br /> <br />,,'.; <br /> <br />60 <br /> <br />{., ')(j41 <br />t' 1.1'" \,. <br /> <br />~~' <br />