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~ J J J J J J J J 1 J J J J J J J J ! j I j SUMMARY AND CONCLUSIONS This study has been conducted on behalf of the Southwestern Water Conservation District of Colorado. The purpose of this study is to independently evaluate and estimate the benefits and benefit- cost ratios associated with the Animas-La Plata Project. Tables 1 and 2 illustrate the benefits and costs of the Animas- La Plata Project using different discount rates and different estimates of benefits. Table 1 shows the Bureau of Reclamation and our estimates using 3.25 percent as the discount rate. As one can see our benefit-cost ratios for direct and indirect benefits are 1.7:1 and 2.1:1 respectively while the Bureau's ratios are 1.2:1 and 1.4:1. The differences occur because we include a more accurate multiplie (1.31) and apply it to all direct benefit categories. It seems reason- able to expect any expenditures to have a multiplier impact on an area, not just agricultural expenditures. Recreation and fish benefits are greater due to more current estimates of use and more realistic values placed on the benefits. Wildlife benefits are not included as data are not available on this category at this time. Finally, we have created a new category of benefit called economic development benefits. We did this because it seems logical to assume that money spent on the construction and operation of the project will create dollars of income which will be multiplied throughout the region. Teble 2 gives Bureau and our estimates based on a 6.625 percent discount rate. As might be expected, the benefit-cost ratios are lower but our ratios still remain at least one to one (1.0:1 and 1.3:1). 1