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THE NORTH POUDRE IRRIGATION COMPANY 1981
Cactu1 Rill Ditch Co,
DIRECTORS
Harlan Seaworth ... Wellington, Colorado Duane Aranci ... Fort Collins, Colorado Philip Schnorr ... Fort Collins, Colorado Manuel Pineda ... Fort Collins, Colorado Robert Stieben ... Wellington, Colorado
OFFICERS
Harlan Seaworth ... President Duane Aranci ... Vice President Ben Dumler ... Secretary-Manager
ORDER OF BUSINESS
According to the By-Laws, the order of business of the stockholders meeting shall be as follows:
I. Meeting called to order by the chairman at 10:00 A.M.
2. Appointments of three stockholders of the company as a credentials committee
3. Registration of proxies with credentials committee 4. Report of credentials committee
5. Annual report
6. Nomination of directors
7. Opening of polls for election of directors 8. Old business
9. New business
(A.) Vote on assessment for the year
1
THE IRRIGATION SEASON
The snow pack on the Cache La Poudre River Watershed for 1981 was one of the smallest on record. At the start of the irrigation season the prospect for direct-river flow was not very bright. Most of you know that our system is more dependent on our twenty-two reservoirs and our 40,000 units of Colorado Big Thompson than we are on direct-flow rights.
By April 14th, we had many contacts by water users as to the availability of water. So at that time the Board declared a four acre foot per share appropriation and directed the manager to make water available to all paid-up stockholders as soon as there were enough orders to make it possible to deliver the water without excessive loss.
By April 21st, the weather was very warm and dry. It was the Board's opinion that some direct-flow water would be available to us for a short period of time. On that date an additional 1 acre foot per share appropriation was declared to be run by May 10th. The first water was delivered April 24th. On May 3rd, we received some welcome moisture all over our system to give our crops a very good start. The 1981 season produced record yields for many growers. Some yields reported were over 30 tons of sugar beets per acre; 70 bushels of pinto beans per acre;
and, 200 bushels of corn per acre. These yields are exceptional and not average for all the system, but it does prove to us that with the right combination of weather, water, fertilizer and management, we have land under our system that can produce.
Our total appropriation for the year was 6.75 acre feet per share. We carried over 20,000 acre feet for 1982.
RESERVOIR NO. 5 REHABILITATION
The rehabilitation of the No. 5 dam that was started in 1980 was completed in 1981. The dirt work covering the new outlet extension and the sloping and reshaping of the dam was completed. A 250 foot spillway was constructed at the west end of the dike. The riprap was put up for bids on a delivered basis. Colorado Lien Co. was the low bidder.
The North Poudre's men and equipment did the placing of the riprap of the dike. One share of North Poudre Treasury Stock was traded for this land.
The total construction cost of this project was $217,250, including the amount spent in 1980. This has all been paid.
At the present time we have 4,700 acre feet of water in this reservoir.
HINKLEY LAKE
This past summer a sink hole just below the dam, but over the outlet tube was discovered. This is a rather small reservoir with a capacity of 933 acre feet but its location makes it very important to our system as an equalizer. The Board felt the best way to solve this problem was to rebuild and reshape the dike and install a completely new outlet. At this time, a large portion of the dam has been rebuilt and reshaped. The old outlet has been removed and the new pipe for the outlet is on site. We expect to complete this work in the spring of 1982, in time for the water season. The cost is estimated at about $100,000. No riprap is needed.
FOSSIL CREEK RESERVOIR
The cost and analysis report that was started on Fossil Creek Reservoir in 1980 by Bruns, Inc., of Longmont, has been completed.
A copy of this report is on file in the Company office. Any stockholder is welcome to examine it there.
This report was prepared to provide us with alternatives and cost estimates that could be used in the total rehabilitation of the reservoir.
Cost of items considered were right-of-way; spillway; reshaping; and rebuilding of the dam, including cut-off trench on the upstream side of the dam and riprap. Also, repair or replacement of the outlet works was considered. Four different alternate plans were presented with cost estimates from $3,184,637.50 to $4,489,963.75. All of these alternates included 25% for contingencies, legal and engineering.
I think we all realize that this Company cannot undertake this kind of a project without some type of long term financing.
At last year's annual meeting it was suggested that the Board look into the possibility of selling Industrial Revenue Bonds as a means to provide money to pay for this kind of a project and keep our assessments at a reasonable level.
We contacted Boettcher & Co. and Dain Bosworth Incorporated, two of the investment bankers in the area. After listening to them, we believe we can borrow money from other lenders at a comparable interest rate and much less red tape.
We made an application to the Colorado Water Conservation Board, Construction Fund, for a 5% interest loan based on Bruns, Inc. Cost Analysis Report. We attended the Water Conservation Board meeting in December and made a plea for a 90% loan, but we received approval for 50% of the cost, or about $2,057,000.00, whichever is the least. The normal practice is to loan only 50% of the project cost.
3
We have also met with a representative of the Wichita Bank for Cooperatives, and discussed the possibility of arranging for a loan that could be used in conjunction with the Water Conservation Board loan or a loan without the Water Conservation Board money. The interest on this type of a loan is variable and not locked in.
We have just recently requested a commitment from the Wichita Bank for Cooperatives for a
$1,000,000.00short-term and a commitment for a long-term or 20 year loan for
$1,600,000.00.SPILLWAY RIGHT-OF-WAY FOR FOSSIL CREEK
After about two years of study and negotiation, we have
signed apurchase agreement with the owners to acquire approximately 23 acres for additional spillway for Fossil Creek Reservoir.
The additional spillway is necessary to meet requirements of the State Engineer. The contract price is $101,736 and was based on a MAI appraisal.
The spillway purchase agreement provides for 30% at closing in January of 1982; the balance amortized over 7 years at 14% interest, with right of prepayment after the third year.
HALLIGAN DAM
For the last two years we have referred to the safety study that we were ordered to have made on Halligan Dam. The study was completed in 1980 and presented to the State Engineer's Office in early 1981. We have not had a reply as to their approval or disapproval of the study.
At the 1981 Annual Meeting, we had some discussion as to the feasibility of enlarging Halligan Dam. We had the same engineer that made the safety study, Dr. James Ruff,
giveus an estimate as to the cost of such a study. His estimate was from $150,000.00 to
$300,000.00.The Board did not feel we should proceed at this time.
BOXELDER FLOOD CONTROL DAMS
After many years of study and seven years of construction, the
Boxelder Flood Control Project is almost completed. One more week of
warm weather this last fall and all dirt work on the dam designated as
B-2 would have been completed, leaving only clean up, fencing and
grass seeding to be done. I expect there will be a dedication ceremony held at the B-2 site sometime in the summer of 1982. All stockholders should try to attend. This project should
be
a very valuable asset to this Company and to the area.CHANGE TO FISCAL YEAR
For many years the North Poudre has kept its records on a calendar year basis. Due to the rush to get records together for tax purposes, it is very difficult to get an accountant to audit the books in time to have an Annual Report ready for an early February meeting. We believe it is in the best interest of the Company to change to a fiscal year from November 1st through October 31st. We have received permission to do this from the Internal Revenue Service and have made this change.
CONCLUSION:
The Board of Directors requests your questions and asks for your comments for the improvement of the Company.
Respectfully submitted, Harlan Seaworth, President December 30, 1981
"Human vanity can best
be
served by a reminder that, whatever his accomplishments, his sophistication, his artistic pretension, man owes his very existence to a six inch layer of topsoil and the fact that it rains." - - - - -Anonymous5
$
7.00 34.50 2.00 3.00 3.50 30.00
$80.00
RECOMMENDED BUDGET FOR 1982.
Items Per Share
for water assessment
for operation and maintenance and weed control for loan retirement
for new equipment
for right-of-way acquisition for reservoir rehabilitation
S55.00
per share due and payable April1, 1982,
interest at1
½%
per month charged after May1, 1982.
S25. 00
per share due and payable October1, 1982,
interest at1 ½ '½
per month charged after November1, 1982.
Accounts past due over 1 year will be charged
25%
interest.Total amount owed must be paid prior to water delivery.
Total assessments of
$80.00
per share are due April1, 1982,
on two shares or less.SOURCE OF WATER
SOURCE OF WATER ACRE FEET PERCENTAGE
Storage to January 1, 1981 28,757 32.74
Storage to April 1, 1981 8,569 9.75
Storage After April 1, 1981 3,023 3.44
Total 40,349 45.93
Direct flow 7,494 8.53
Horsetooth
40,00045.54
Total 87,843
100.00DISTRIBUTION
North Poudre Stockholders 48,677 55.41
Fossi I Creek Stockholders 3,450 3.92
Carryover0ctober1, 1981 19,728
22.46Loss in storage and distribution 15,988 18.21
Total 87,843
100.00DIVIDENDS ACRE FEET
Per Share
April 4, 1981 4.0
April 21, 1981 1.0
July 9, 1981 .5
July , 18, 1981 .75
August 10, 1981 .5
6.75
7
After the 1981 season, I'm convinced there isn't such a thing as a usual year.
We were low on snow pack, but the North Fork of the Poudre River continued producing water all through 1980 after water season into late spring of 1981, enabling us to fill our reservoirs. The end result was that we had by far more water for the water users than we had anticipated.
Two concrete structures, one lateral inlet structure and two divider structures were installed; also two small spill-over structures. Concrete repairs were also made on seven old structures and concrete repairs were made in the concrete ditch below Hinkley Reservoir.
A new pipeline inlet to Boxelder #2 Reservoir and a small pipeline from the Softwater Lateral to the North Poudre #3 Reservoir Inlet ditch were installed.
One new headgate was installed on the Cheyenne Lateral and a new
gatewas installed in North Poudre Reservoir #1. Two other headgates were repaired with new paddles.
Reservoir gate stems were repaired at Park Creek Reservoir and Fossil Creek Reservoir; two parshall flumes needed to be replaced.
Gravel and dirt hauling for our roads and ditches seems to be a rather standard order of procedure as is ditch cleaning and tree removal.
At this writing, the snow pack in our water sheds is greater than
averageand by far better than last year. I'm looking forward to more available water for 1982.
Ben Dumler, Manager
ANNUAL PRECIPITATION IN INCHES
YEAR WELLINGTON CACTUS HILL BUCKEYE LIVERMORE
1936 7.93
1937 11.63 10.63
1938 16.38 12.10
1939 7.20 6.13 6.21
1940 13.00 11.93 11.38
1941 19.77 16.10 18.58
1942 20.45 14.09 16.70
1943 10.73 7.24 incomplete
1944 11.49 8.88 8.21
1945 16,97 13.93 15.07
1946 16.29 8.94 12.98
1947 17.18 13.80 14.46
1948 8.61 7.06 7.81
1949 15.85 13.23 14.78
1950 13.89 8.08 9.39
1951 21.59 15.83 15.02
1952 11.87 14.01 8.82
1953 12.10 7.79 13.11
1954 8.30 7.10 7.90
1955 12.84 13.48 10.20
1956 15.84 9.44 13.41
1957 19.48 12.90 16.67
1958 17.99 15.70 14.21
1959 14.58 12.61 12.61
1960 8.84 9.61 7.67
1961 24.95 19.38 18.51
1962 13.90 9.16 13.18
1963 12.10 9.70 11.84
1964 5.64 4.51 5.21
1965 16.50 11.55 15.46
1966 8.21 4.74 8.10
1967 22.52 18.28
1968 10.26 9.18 8.49 4.80
1969 15.39 15.80 14.83 15.82
1970 11.48 14.22 9.61 13.71
1971 13.27 13.04 10.57 12.45
1972 13.50 15.02 10.87 11.22
1973 10.90 15.11 11.10 14.64
1974 8.84 10.65 9.56
1975 11.13 11.90 7.48
1976 10.39 7.00 10.77
1977 10.35 9.72 13.88
1978 10.25 12.87 11.70 15.03
1979 19.59 20.78 16.27 21.50
1980 13.51 12.58 14.61 17.61
1981 12.93 12.01 15.48 14.56
9
Assmt. Ac.Ft. Cost Per 5 Yr. Av.
Year per share per share Ac.Ft. Interest
Per Ac.Ft.
Cost
1909 $ 5.00 $22,029.05
1910 5.00 26,533.46
1911 4.00 21,351.13
1912 5.00 3.09 1.61 21,137.50
1913 6.00 2.87 2.09 26,683.07
1914 7.00 3.44 2.03 35,698.51
1915 7.00 3.09 2.26 2.00 39,715.38
1916 7.00 2.29 3.05 37,843.74
1917 7.00 3.15 2.22 33,341.79
1918 7.00 2.41 2.90 39,510.20
1919 8.00 1.14 7.01 38,383.15
1920 11.00 2.98 3.69 3.77 37,483.88
1921 8.00 3.74 2.13 36,672.49
1922 6.50 1.83 3.55 37,269.08
1923 6.50 4.31 1.50 38,713.11
1924 9.50 4.59 2.07 42,899.56
1925 12.00 2.52 4.76 2.80 42,232.10
1926 5.00 4.63 1.08 40,525.92
1927 8.00 3.92 2.04 41,175.17
1928 8.50 4.59 1.85 37,054.95
1929 8.25 4.43 1.86 33,242.45
1930 8.25 3.09 2.66 1.90 31,879.06
1931 7.50 2.60 2.88 30,510.11
1932 7.00 1.37 5.10 29,314.38
1933 4.50 2.87 1.56 28,702.10
1934 5.00 1.37 3.64 28,773.75
1935 4.25 3.16 1.34 2.90 28,716.25
1936 6.00 2.07 2.89 28,863.61
1937 5.75 1.22 4.77 23,692.80
1938 6.75 3.21 2.10 23,626.89
1939 7.75 2.61 2.98 25,655.98
1940 7.25 .75 9.60 4.47 21,808.42
1941 4.00 2.00 2.00 19,102.96
1942 6.25 3.90 1.60 18,030.56
1943 8.00 4.19 1 .90 17,423.15
1944 7.25 3.07 2.35 16,208.69
1945 7.25 2.10 3.45 2.26 14,149.96
1946 7.25 2.00 3.64 12,668.32
10
5 Yr.Av.
Assmt. Ac.Ft. Cost Per Per Ac.Ft.
Year per share per share Ac. Ft. Cost Interest
1947 9.00 3.30 2.72 11,266.32
1948 13.00 2.16 6.10 11,420.83
1949 12.00 3.00 4.00 8,956.62
1950 12.00 1.80 6.66 4.63 8,735.28
1951 12.00 2.62 4.58 6,457.13
1952 12.00 3.20 3.75 5,077.05
1953 14.40 4.51 3.21 4,366.54
1954 18.60 3.40 5.47 2,860.71
1955 18.00 3.20 5.62 4.53 1,950.61
1956 16.00 3.40 4.71 1,564.16
1957 9.00 6.50 1.39 116.10
1958 15.00 6.00 2.50
1959 14.50 5.80 2.50
1960 14.50 5.30 2.73 2.77
1961 14.50 6.00 2.42
1962 14.50 7.00 2.07
1963 14.50 5.50 2.64
1964 15.00 5.30 2.83
1965 16.00 5.00 3.20 2.63 96.66
1966 16.50 5.00 3.30 172.51
1967 17.00 4.50 3.50 216.81
1968 20.00 6.30 3.17 120.81
1969 20.00 5.50 3.64 1,164.37
1970 20.00 7.00 2.86 3.29 273.78
1971 20.00 8.00 2.50
1972 21.00 5.00 4.20 2,667.00
1973 21.00 6.00 3.50 2,877.00
1974 22.00 7.00
1975 26.00 7.00 3.71 3.33
1976 35.00 6.00 5.83 5,262.00
1977 45.00 4.80 9.38 8,267.00
1978 45.00 6.35 7.08 8,161.00
1979 45.00 6.70 6.71 13,852.00
1980 55.00 4.7 11.70 7.88 21,917.00
1981 80.00 6.75 11.85 12,057.00
Total Interest Paid $1,266,548.00
Principal indebtedness 1936 - $610,000.00
Total principal indebtedness paid off December 6, 1956 11
HILL AND HILL Attorneys At Law A Professional Corporation Fort Collins, Colorado 80522
December 30, 1981
As part of our representation, Alden V. Hill attends the twelve regular monthly meetings of the Board of Directors, and attends special meetings as requested. As of the date of this report, over 356 hours were spent on North Poudre business.
An agreement was made with Hydroelectric Constructors, Inc., to explore the possibility of electric power at the following locations:
Halligan Reservoir and Park Creek, which includes the North Poudre Canal drop inlet above Park Creek. First impressions are that the odds are against these projects producing enough money to make them worthwhile. However, if money could be made for North Poudre it would help on the high cost of operating expenses.
The spillway site for Fossil Creek Reservoir had to be acquired because of the demands of the State Engineer for a larger spillway based on probably maximum storm. The spillway site will be north of Harris Marine in Section 15, Township 6 North, Range 68 West in Larimer County. An appraisal for this property was obtained and the added expenses of condemnation were avoided when an agreement was reached with the landowners to purchase the property.
We helped during the year exploring sources of financing for reservoir rehabilitation. President Reagan's cut-back of federal expenditures has made federal financing very unlikely at the present. If federal loans become available, past experience indicates as much as five years or more would go by before the money is available. One possible source of current financing was through the Colorado Water Conservation Board. We worked with the Directors and Bruns Engineering of Longmont to put together a very detailed loan application form to request funding for Fossil Creek rehabilitation. The availability of similar information from the Park Creek loan file made it possible to meet very demanding loan procedures, and get the loan application considered at the Colorado Water Conservation Board December Meeting held in Denver. A favorable decision was made by the Colorado Water Conservation Board recommending fundjng to the Legislature for one-half of the estimated rehabilitation costs at 5%
interest for 40 years. However, the State Legislature must give its ap- proval and the North Poudre Stockholders will have to decide if they can
shoulder the loan cost for this reservoir, in addition to maintenance and rehabilitation expenses necessary for other reservoirs in this system.
We have all noticed the recent fad of bumper stickers showing a background of the mountains and with such captions as "NATIVE";
"RESTLESS NATIVE"; and "WHO CARES". Colorado has become quite a melting pot and as we have more and more people with no farm or ranch background, and a tendency to litigate over everything, regular problems occur in protecting company rights-of-way and reservoir boundary lines from the growth problems occurring in this area. Pending developments around reservoirs are plans we have seen for homesites around Reservoir No. 10 and Hinckley Reservoir. We spent time trying to protect company rights and at the same time recognize that development will occur.
We continue to spend time dealing with problems of lost stock certificates and advising with regard to the proper papers required to complete changes of stock ownership. All stockholders should be sure they know where their stock certificates are located. If a certificate is lost, normally a corporate surety bond will be required or three years written notice under a Colorado law must be given the company before a new certificate(s) can be issued.
Time was spent looking at the possibility and problems as to whether an effort should be made to enlarge Halligan Reservoir. If this could be accomplished, benefits to North Poudre stockholders should be substantial, but the costs to explore this and accomplish an enlargement at present seem overwhelming.
We have prepared different agreements when reservoir improve- ments have been made. There is no end to utilities that are crossing North Poudre property. The most recent are crossings to be made by Platte River Power Authority power lines. We either prepare or review the easement forms to avoid problems with the operation of North Poudre' s faci I ities.
From time to time we have appeared in Water Court to protest filings that may adversely affect North Poudre's water rights. We presently have pending an application to recognize all the run-off water which is captured by the Fossil Creek Inlet Ditch.
Some time has also been spent on the possibility that the Town of Wellington might be interested in constructing a filter plant near Reservoir No. 3. However, the Town is also exploring service from East Larimer County Water District.
13
As the year ended, we have been working on a summary of all North Poudre Water Decrees to have this information readily available for the Directors, the Manager and stockholders of the Company. This would contain more information than is available from the information used by the River Commissioner. It would be very helpful if the State requires a registration of all water rights and this is being proposed.
We appreciate the opportunity to represent the North Poudre Irrigation Company.
HILL AND HILL, P.C.
Attorneys At Law
160 West Mountain Avenue Fort Collins, Co. 80521
Alden T. Hill Alden V. Hill Charles S. Unfug
J
effrey L. Dykes~) )
')
)•'
November 18, 1981 Board of Directors
North Poudre Irrigation Company Wellington, Colorado
We have examined the balance sheet of the North Poudre Irrigation Company as of October 31, 1981 and the related statements of operations and changes in financial position for the ten months then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.
In our opinion, the accompanying financial statements present fairly the financial position of the North Poudre Irrigation Company as of October 31, 1981 and the results of its operations and changes in financial position for the ten months then ended, in conformity with generally accepted accounting principles applied on a consistent basis.
Respectfully submitted,
Brock, Watkins and Schommer Certified Pub I ic Accountants
MEMBERS OF THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
15
NORTH POUDRE IRRIGATION COMPANY Wellington, Colorado
Balance Sheet
October Jl lSBl
Current Assets Cash in the Bank Certificate of Deposit Assessments Receivable Accrued Interest Receivable Notes Receivable (Note 2)
Total Current Assets Property Assets (Note 1)
Land
ASSETS
Priorities, Water Rights and Easements Ditches and Reservoirs
Buildings and Improvements Radio and Office Equipment Machinery and Equipment Transportation Equipment
Less: Accumulated Depreciation Total Property
Assets
Other Assets
Stock of Other Companies (Note 1) Notes Receivable (Note 2)
Total Other Assets
Tota I Assets
50,598 140,000 38,111 1,684 894
155,172 672,935 4,369,971 17,016 30,901 146,005 44,658 5,436,658
(1 595 030)
17,941 12,699
231,287
3,841,628
30,640
4,103,655 The accompanying notes are an integral part of these financial statements.
Exhibit A 16
LIABILITIES Current Liabilities
Current Portion of Long-Term Debt (Note 3) Trade Accounts Payable
Accounts Payable - Water Purchase Accrued Interest
Accrued Payroll Taxes Accrued Wages
Total Current Liabilities Long-Term Debt (Note 3)
Notes Payable Total Liabilities
44,990 42,906 60,000 4,224 254 7,345
STOCKHOLDER'S EQUITY Paid in Capital
Common Stock, $50 Per Value, 10,000 Shares Authori..i:ed, 10,000 Shares Issued,
9,979 Sh1.mts Outstanding Additional Paid In Capital
Total Paid In Capital Retained Earnings
Beginning Balance
Revenues in Excess of Expenditures for the Period (Exhibit 8)
Ending Balance
Total Paid in Capital end Retained Earnings Less: Treasury Shares, 21 Shares at Cost
Total Stockhold~rs' Equity Total Liabilities end
Stockholders' Equity
Exhibit A 17
500,000 3,450
2,371,396 232,077
159,719
837,686 997,405
503,450
2,603,473 3,106,923 (773) 3,106,150
4,103,555
NORTH POUDRE IRRIGATION CO.
NORTH POUDRE IRRIGATION COMPANY Wellington, Colorado
Statement of Operations
For the Ten Months Ended October 31, 1981 Operating Revenue
Assessments
Leases - Boating, Pasture, Etc. (Note 5) Stock Transfer Fees
Easements and Miscellaneous Grable Lateral Reimbursement
Total Operating Revenue
Operating Expense
Repairs and Maintenance - Buildings Repairs and Maintenance - Ditches and
Reservoirs (Note 4)
Repairs and Maintenance - Equipment Machine Hire
Gas and Oil Weed Control
Water Purchased and Assessments (Note 6) Engineering Fees (Note 4)
Salaries and Wages Payroll Taxes Ditch Riders Expense Insurance
Off ice and Other Expense Vehicle and Other Taxes Directors Fees and Expense Utilities and Telephone Mileage
Legel Fees Accounting Fees Employee Benefits Depreciation
798,836 26,360 4,720 9,368 400
9, 1.25 194,324 18,586 464 18,463 5,957 67,442 62,496 144,479 10,593 10,056 10,938 8,394 1,420 5,472 6,132 4,664 16,524 2,850 4,723 50,666
839,674
Total Operating Expense Income From Operations
653,758 185,916 (Continued next page)
NORTH POUDRE IRRIGATION COMPANY Wellington, Colorado
Statement of Operations
For The Ten Months Ended October 31, 1981
Other Income
Gain from Sale of Treasury Shares Interest Income
Royalty Income (Oil and Gas) Total Other Income
Other Expense Interest
8,463 15,764 33,991
Excess Revenues Over Expenditures (Exhibit A)
58,218
(12,057) 232,077
The accompanying notes are an integral part of these financial statements.
Exhibit B
19
NORTH POUDRE IRRIGATION COMPANY Wellington, Colorado
Statement of Changes in Financial Position For The Ten
Months Endad Octohtc 31, 1981
FINANCIAL RESOURCES WERE PROVIDED BY Excess of Revenues Over Expenditures
Add - Expense Not requiring Outlay of Working Capital in the Current Period
Depreciation
Resources Provided by Operations Book Value of Treasury Shares Sold
Total Financial Resources Provided FINANCIAL RESOURCES WERE APPLIED TO
Purchase of Additional Property Assets Net Decrease - Long Term Debt Net Increase - Other Assets
Net Increase in Working Capital - Below Total Financial Resources Applied
232,077
50,666
35,141 45,833 2,699 199,107
Statement of Changes in Components of Working Capital
Cash
Assessments Receivable Accrued Interest Receivable Notes Receivable
Current Portion of Long Term Debt Accounts Payable
Prepaid Assessments Accrued Expense
Net Increase in Working Capital
Increase (Decrease) 167,976 22,477 1,684 894 5,299 (17,734) 14,000 4,601 199,107
282,743 37 282,780
282,780
The accompanying notes are an integral part of these financial statements.
Exhibit C
20
NORTH POUDRE IRRlGATlON
COMPANY Wellington, Coloradofyotes
to Financial Statements October 31, 1981 Note 1 - Significant Accounting Policies:Property Assets - Property assets are recorded at cost.
Depreciation is being taken by the straight-line method over the following useful lives:
Item
Ditches and Reservoirs Buildings and Improvements Radio and Office Equipment Machinery and Equipment Transportation Equipment
Life 100 years 20 years 10 years 10 years 4- 5 years Investments - Stock in other companies is recorded at cost.
Income Taxes - The company is incorporated under the laws of the State of Colorado as a tax exempt corporation; therefore, no provision for income taxes has been made.
Accounting Period - During 1981 the company applied for and was granted a change in accounting year from December 31 to October 31.
The statements presented are for the ten month period ended October 31, 1981 and are therefore not comparable to prior period statements.
Note 2 - Note Receivable Detail:
Source
Savage, 12% interest, interest due annually May 1, principal due in full
5/1/87.
Antrobus, 10% interest, due in annual payments of $894 plus accrued interest.
Total
21
Current
894 894
Long-Term
10,000 2,699 12,699
-
Notes- To Fi:umc,al Statements (continued) Note 3 -N~f:_~aya~!e Detail'.
- - -
Source Current long-Term
U. S. Department of Interior, 3.25%
interest on excess acres, principal caiculated annually, due in annual payments of $19,900 plus interest until paid in full. Collateralized by company property.
First Naticnal Bank of Fort Col!ir.s, 19.00% interest, due 11 /9/81. Unco!- later&li:.r.ad.
First National Bank of Fort Collins, 5.5% intere:;t, due in annual paymants of $4,723 th"cush 6/1 /83. Col!ateral- ized by Cat loader.
First National Bank of Fort Collins, 6. 75% interest, due in annual payments of $5,049 thrnugh 6/1 /83. Ccllateraii.zed by two 1979 IHC trucks
First National Bank of rort Collins, 8.0% imerast, du~ :n annual payments of $1 i ,824 tr1r0ugh 6/1 /86. Colletaral~
ized by
a
Case excavatorErwin E. N1els~m, 8% mtarast, due in annual payments
ot
$6,080 plus interest through 7 / 1 /84. Col!ateralized oy r.ompany land.Imogene Stephenson, 8% interest, Ji.lo in anmm! :)e•/mem:s of $2,434 through 6/21 /83. Coi!ai·eraiized by company land.
Total
19,900
100
4,243
4,670
7,911
6,080
2,086 44,990
775,635
4,476
4,670
38,492
12,160
2,253 837,686
Notes To Financial Statements (continued)
Note 4 - Major Project Detail
The following am~unt~ are a break ~own by the project, of major main- tenance and engineering costs during the period ended October 31
1981. '
Fossil Creek Reservoir No. 5 Reservoir Hinckley Reservoir
Total
Note 5 -Lease Income
14,436 139,821 39,213 193,470
Lease income is derived from the lease of reservoirs and land to various organizations for recreational and agricultural uses. All leases are for one year with the exception of two pasture leases, with an annual value of $600, that are for 5 years.
Note 6 - Water Allotment Agreement
The company entered into an agreement December 5, 1945 with the Northern Colorado Water Conservancy District for the annual pur- chase of 40,000 acre feet of water, or any such portion that may be delivered, at $1.50 per unit. Payment is due May 1 of every year and is secured by an inevocable levy of assessment on the capital stock of the company. Payments shall continue until the delivery system is paid for and thereafter for operating and maintenance charges.
23
Left to Right: Harlan Seaworth, Steve Goodwin, Manuel Pineda, (kneeling), Phil Schnorr, Robert Stieben, Al Ackerman and Ben Dumler (kneeling).
Fossil Creek Reservoir Outlet Ditch - Looking East.
North Poudre Irrigation Company #5 Reservoir Filter material being hauled in.
North Poudre Irrigation Company #5 Reservoir Harvey Robbs on 450
J .
D. Loader25
North Poudre Irrigation Company Reservoir #5 Fine rock, filter material applied on face of dam.
North Poudre Irrigation Company #5 Reservoir Looking East - Riprap in place.
North Poudre Irrigation Company #5 Reservoir Looking North over outlet gate.
Hinkley Dam, looking from South West corner.
27
