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WSP07002
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Last modified
1/26/2010 2:25:18 PM
Creation date
10/12/2006 2:02:16 AM
Metadata
Fields
Template:
Water Supply Protection
File Number
8449
Description
Platte River Studies
State
CO
Basin
South Platte
Date
2/1/1991
Author
City of Greeley
Title
Feasibility Study for Rehabilitation of Hourglass Dam and Reservoir Vol. 1
Water Supply Pro - Doc Type
Publication
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<br />I <br /> <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 />2.4 <br /> <br />FINANCIAL STATUS <br /> <br />The diversily of City services and the necessity of assuring legal compliance preclude recording <br />and summarizing all financial activity of Ihe City in a single account entity. Therefore. the <br />accounting system used by the City of Greeley combines several fiscal un~s which are <br />accounted for in separate funds, For the Water and Sewer Department. three separate funds <br />have been established - the water fund. sewer fund. and sewer lagoon fund. Only the water <br />fund is discussed in Ihis report. <br /> <br />The waler fund is a proprietary fund which is used to provide water service to the residenls of <br />the City. The fund Is self, sustaining and self-supporting by relying completely on user charges. <br />The waler fund is administered by the Waler Department. All activ~ies necessary 10 provide <br />treated water to Ihe CIty's water cuslomers are supported by this fund. Including administration, <br />operations. maintenance, financing and debt service. and billing and revenue collection. <br /> <br />The schedule of water general obligation bond coverage for the last ten fiscal years is presented <br />on Table 2.1. The column in the table representing the net revenue available for debl service <br />is derived from the gross revenues, less expenses. excluding debt services. The ratio of the <br />net revenue available for debt service to the debl service requirement has exceeded 1,5 over <br />the last eight years, excepl for t987 when ~ was 1.48. In 1989. the debt service requirement <br />was slightly over $2,4 million, This compares favorably with net revenues of $4,1 million. The <br />difference belween net revenue and debt service requirements Is placed in reserve accounts for <br />replacement of depreciated capital assets. <br /> <br />In 1989. gross revenue of $9,3 million was derived primarily from user fees Including Income <br />from sale of residential, commercial, agricullural, and industrial water inside and outside the city. <br />Water tap fees are also Included. <br /> <br />Debt service requirements for 1990 through 2007 are shown on Table 2.2. The total amount <br />~ <br />of outstanding bonds is bout $2.92 milli n. ith interest, futUre payments through the year <br />, <br />2007 will total nearly $50 mi Ion. OVer the next 10 years. the annual debt service requirement <br /> <br />declines from $3,04 million to $2,64 million. <br /> <br />2-4 <br />
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