Approved by the Board on November 14, 2019District Manager: Amber Kauffman Berthoud, CO 80513 P 970.532.2096 F 970.532-3734

2020 ADOPTED BUDGETApproved by the Board on November 14, 2019

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2020 LITTLE THOMPSON WATER DISTRICT BUDGET

TABLE OF CONTENTS Officials ........................................................................ 2 Budget Transmittal Letter ............................................ 3 Budget Summary ......................................................... 7 Year End Reserve Analysis ......................................... 8

Revenue Analysis ........................................................ 9 Expense Analysis ........................................................ 10 Capital Projects – District ............................................ 11 Capital Projects – Joint ................................................ 12 Rate and Fee Schedules

Rate Schedule .................................................. 13 Tap Fee Schedule ............................................ 14 Installation Fees ................................................ 14 Other Capital Fees ............................................ 14 Water Dedication Tables .................................. 15 Additional Fee Schedule ................................... 16

Background Information

Long Term Debt Schedule ................................ 17 Budget Detail .................................................... 18

Additional Information

Organization Chart ............................................ 21 District Boundary Map ...................................... 22 Five Year Financial Forecast Graph ................. 23 Year End Capital Project Reserve Graph ......... 23 Five Year Financial Forecast ............................ 24 Budget Resolutions ........................................... 25

Directors: William Szmyd, President Steven Brandenburg Larry Brandt Paul Bukowski Kathy Gallivan-Crist Ed Martens Emily McMurtrey

District Manager: Amber Kauffman

835 E Highways 56 Berthoud, CO 80513

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OFFICIALS

BOARD OF DIRECTORS

WILLIAM SZMYD, PRESIDENT

PAUL BUKOWSKI, VICE PRESIDENT

STEVEN BRANDENBURG, TREASURER

LARRY BRANDT, DIRECTOR

KATHY GALLIVAN-CRIST, DIRECTOR

ED MARTENS, DIRECTOR

EMILY McMURTREY, DIRECTOR

DISTRICT MANAGEMENT

AMBER KAUFFMAN, DISTRICT MANAGER and SECRETARY TO THE BOARD OF DIRECTORS

JUDY G. DAHL, BUSINESS MANAGER

BRAD EATON, DISTRICT ENGINEER

KEN LAMBRECHT, OPERATIONS MANAGER




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Executive Summary The Board of Directors approved the Little Thompson Water District Manager’s recommended 2020 Budget on November 14, 2019. The focus of this budget is to ensure the long-term financial health of the District by:

• Funding the required ongoing maintenance of our infrastructure to ensure long term reliability, • Constructing capital infrastructure and replacing aging systems, • Emphasizing planning for our future, and • Building reserves for future capital projects.

The recommended budget is based on:

• The Base Fee will be adjusted by 4.8% and adjusted 3% for new tap growth, • Water rates will increase 2.4% for all customers, standard taps adjusted for growth by 3% and

Urban taps by 5%, • Bulk water sales estimated based on historical data, • Sale of 270 taps (12 standard and 258 urban) – 10 Cash in Lieu (2 Standard and 8 Urban), • Wages - merit increase of 3.1%, • No change in employee benefits; 2.52% increase in medical premiums, dental and vision

premiums remain the same, • We are fully staffed at this time, • Operating Expenses decreased by 12% because of payoff of 2014 UMB Loan in 2019, • Capital and non-operating costs increased by 21%, • No change to treatment costs, $0.14 per 1,000 gallons and $70,000 per month for fixed

operating costs. • Operating and Non-Operating costs were added for St. Vrain Authority of $30,000 and $240,000

respectively. The recommended budget projections as of December 31, 2020:

• Legally Restricted Reserves fully funded, in accordance with the approved Reserve Policy, • Board Designated Reserves fully funded, and • The Loan rate covenant requirement is met.

2020 Proposed Budget Summary Working Capital – Beginning of Year $13,141,900 Operating Revenue $9,274,220 Operating Expenses $8,501,037 Non-Operating Revenue $3,505,940 Non-Operating Expenses $9,272,900 Net Gain (From Reserves) $(4,993,991) Working Capital – End of Year $8,147,909




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Background

Statutory Authority: The Little Thompson Water District is a quasi-municipal corporation and a political subdivision of the State of Colorado. The District was created pursuant to state law for the purpose of providing water facilities and services for the inhabitants of the District. The order and decree creating the District was entered in 1961.

The rights, powers, privileges, authorities, functions and duties of the District are established by the laws of the State of Colorado, particularly Title 32, Article I, C.R.S, which provides the District the power to enter into contracts and agreements; to sue and be sued; to fix and from time to time increase or decrease fees, rates, tolls or charges for services, programs or facilities furnished by or available from the District, and to pledge such revenue for the payment of any indebtedness of the District; to acquire, dispose of and encumber real and personal property, and any interest therein; including leases and easements; and to have the management, control and supervision of all the business affairs of the District, including the construction, installation, operations and maintenance of the Districts improvements therein. Subject to statutory procedures, the Board may order the inclusion or exclusion of real property to or from the District, as the case may be, thereby modifying the District boundaries.

Our Customers: Our customers include residences, farms, commercial enterprises and municipalities. The District encompasses approximately 300 square miles located in Boulder, Larimer and Weld Counties, currently serving about 9,000 taps. The District sells water to the North Carter Lake Water District, Longs Peak Water District, as well as portions of Berthoud and Loveland pursuant to Interconnect Agreements with said entities. The District also provides water service to the residents of the Town of Mead and has an Intergovernmental Agreement with the Town of Johnstown.

Our Mission: The mission of Little Thompson is to provide our customers safe, reliable, and aesthetically pleasing water for domestic and fire protection purposes at a reasonable and fair price.

Our Water: The District’s raw water comes primarily from Carter Lake. The water treatment facility is the Carter Lake Filter Plant, jointly owned by Little Thompson Water District and Central Weld County Water District. The filter plant receives water from Carter Lake, a part of Northern Colorado Water Conservancy District’s Colorado-Big Thompson Project (C-BT). The water is collected in Western Slope reservoirs and transported through the Alva B. Adams Tunnel to Mary’s Lake, Lake Estes, Pinewood Reservoir, and Flatiron Reservoir and finally pumped to Carter Lake. The Little Thompson Water District strives to consistently meet or exceed state and federal water quality standards.

Governance: The District is governed by a seven-member Board of Directors. The members are electors of the District as defined by state law and are elected to alternating four-year terms of office at successive biennial elections. Directors may receive up to a maximum of $2,400 per year as compensation for service to the District, payable not to exceed $100 per meeting attended. The Board Members are also reimbursed for their travel and miscellaneous expenses. The Board of Directors are responsible for the overall management and administration of the District. However, the day-to-day operations of the District are conducted by a 33-member staff headed by the District Manager.




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Basis of Budgeting and Accounting

Budget Process: Little Thompson Water District staff produced this budget document for the calendar year January 1, 2020 to December 31, 2020. To provide an effective foundation for development of the 2020 budget, District Management coordinated budget preparation meetings with staff to review the District’s overall financial condition, revenue projections and expense estimates. In addition, District staff coordinated with the Carter Lake Filter Plant and Central Weld County Water District to align budgets on jointly owned facilities.

Enterprise Fund: The District operates as an Enterprise Fund and uses the accrual basis of accounting. Revenues are recognized when they become measurable and available as net current assets. “Measurable” means that the amount of the transaction can be determined and “available” means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Non-current receivables are not recognized until they become current receivables. Revenues from water sales are subject to accrual. Plant Investment fees and other fees are not accrued because generally they are not measurable until received. Expenses are recorded when the related fund liability is incurred except for:

• Memberships, insurance, and other services which extend over more than one accounting period are accounted for as expenditures for the period of acquisition,

• Principal and interest on general long-term debt is recognized when due, and • Accumulated unpaid vacation that is not expected to be paid within the next year is posted as a

long-term debt.

Rates and Charges: The District relies strictly on water sales to generate operating revenue. We do not assess a mill levy; therefore, we do not collect property tax revenue. Revenue from water sales is generated from a base fee to cover our fixed costs plus an increasing block rate structure based on the amount of water used by each customer. The base rate and the water tiers will not change. The wholesale rates for Longs Peak are increasing based on a cost of service study prepared in 2018. A copy of our rates schedule is included in this document.

Non-Operating Revenue from the sale of taps covers the cost of infrastructure already constructed and for future system expansion. It is the goal of the District to respond to growth in a manner that is fair and least burdensome to existing tap holders. The plant investment fee for a 5/8-inch Urban tap is $7000 and cash-in-lieu of raw water is $23,880 and 5/8-inch Standard tap is $11,000 and the cash-in-lieu of raw water is $47,600.

Cost Management: The 2020 Budget forecast is based on historical information and assumptions concerning future events and circumstances. One key factor that can significantly affect these assumptions is the weather, which directly impacts revenue from water sales. It is important to note that some assumptions may not materialize, as well as unforeseen events and circumstances may occur subsequent to the date of this report. Actual revenue and expenses are tracked closely and staff will respond to deviations from Budget in accordance with the Cost Management Policy adopted by the Board.

Employee Compensation: Paying a competitive wage is vital to recruiting and retaining a responsive and competent work force. Based on the 2019 pay and benefit information from Mountain States Employers Council, we are increasing our pay structure by 2.2% in 2020 and budgeting for a 3.10% pool for merit pay adjustments.




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In order to ensure we are utilizing our resources in a prudent fashion and providing for the professional growth and development, we provide continuing education and training seminars for our employees. To ensure fairness for composition for training and education reimbursements we have a created education and training guideline. The District recognizes that productivity, value and health of an employee centers on the need to provide for oneself and the family. We acknowledge this value through the use of flexible work schedules, competitive benefits, and paid time off.

Financial Planning: In order to prudently manage the financial resources of the District, we continually update our long-range financial plan. As an adjunct to this document, the staff prepares a five-year financial plan. The accuracy of such a forecast is dependent largely on good capital facility planning. In 2018 a Raw Water Master Plan was completed and presented to the Board. An update of the District’s Facility Master Plan will be completed in 2020.

Summary

The financial resources in the budget reflect community needs/priorities/policies as established by the Board. Staff has attempted to:

• Create a balanced and responsible budget by approving operational expenses that do not exceed current available resources,

• Maintain the existing level of quality services available to the public, • Strengthen the resources necessary to safeguard effective and responsive services, • Maintain integrity of the District’s financial position, • Maintain proper reserve funds, and • Provide appropriate funding for infrastructure, maintenance, capital improvements, and equipment

replacement.

The staff looks forward to the next calendar year and will update the Board of Directors on the progress made throughout the year through the continued preparation of the monthly financial summary and report. Amber Kauffman, Judy G. Dahl, District Manager & Secretary to the Board Business Manager




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2020 ADOPTED BUDGET SUMMARY

2018 Audited Actual

2019 Projected Actual

2019 Amended Budget

2020 Adopted Budget

Working Capital BEGINNING of Year 7,663,487$ 15,242,093$ 15,242,093$ 13,141,900$

Operating RevenueWater Revenue 8,984,813 8,652,385 9,165,747 9,197,170Other Revenue 1,211,896 111,624 119,762 77,050

Total Operating Revenue 10,196,709$ 8,764,008$ 9,285,509$ 9,274,220$

Operating ExpensesCLFP Expenses 1,067,971 1,129,646 1,153,779 1,153,861St. Vrain Authority - - - 30,000Distribution Expenses 1,295,269 756,080 855,100 869,800 General & Admin Expenses 639,245 617,674 629,360 627,720 Engineering Expenses 112,186 53,247 301,544 139,590 Water Assessments 602,438 514,084 683,939 718,330 Dry Creek & Joint Operations 46,687 6,574 51,000 43,000 Employee Costs 2,757,803 3,535,808 3,483,111 3,582,738 Debt Service (Int + Principal) 2,520,127 3,711,620 3,711,620 1,336,211

Total Operating Expenses 9,041,727$ 10,324,733$ 10,869,453$ 8,501,251$

Operating Gain(Loss) 1,154,982$ (1,560,724)$ (1,583,944)$ 772,969$

Non Operating RevenuePlant Investment Fees 1,691,500 1,824,000 1,950,000 1,938,000 Cash In Lieu of Water Rights 812,000 652,000 762,240 286,240 Tap Installation Revenue 157,675 156,750 138,000 180,000 Capital Investment Fees 16,200 5,400 48,000 - Native Water Dedication Fee - 53,330 - 100,000 Interest on Investments 206,214 303,691 150,000 324,000 Other Fees 126,380 55,900 59,100 58,200 Miscellaneous Revenue 12,071 30,128 9,500 9,500 Gain(Loss) Sale of an Asset (8,682) 21,897 - 10,000 Windy Gap Firming 485,000 538,889 540,000 600,000 PRPA Windy Gap Water Rights 6,131,400 5,236,000 5,240,000 - Flood Related Assistance 107,999 - - -

Total Non Operating Revenue 9,737,756$ 8,877,984$ 8,896,840$ 3,505,940$

Non Operating ExpensesCapital Projects - District 1,858,698 1,142,444 821,000 2,947,000 Vehicles/Equipment/Office Expansion 430,559 1,177,725 1,109,501 234,700 Plant & Equipment - Joint 212,636 485,581 556,000 4,693,500 St. Vrain Authority Treatment Plant - - - 240,000 Water Right Purchases 591,500 1,072,815 1,237,240 286,240 PRPA Water Windy Gap Water Rights 5,000,000 5,000,000 Water Rights Adjudication - - 120,000 271,460 Windy Gap Firming 485,000 538,889 540,000 600,000

Total Non Operating Expenses 3,578,393$ 9,417,453$ 9,383,741$ 9,272,900$

Non Operating Net Gain(Loss) 6,159,363$ (539,469)$ (486,901)$ (5,766,960)$

Net Gain(Loss) 7,314,346$ (2,100,193)$ (2,070,845)$ (4,993,991)$

Working Capital END of Year 15,242,093$ 13,141,900$ 13,171,248$ 8,147,909$

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YEAR END RESERVE ANALYSIS The legally required reserves are funded in compliance with the approved Reserve Policy. All Board Designated Reserves will be funded at: Debt Service 100%; Water Resources 100%; Cash Flow Fund 100%; and Vehicle Replacement Fund 100%. We estimate the 2020 Year End Reserve for the Capital Projects Fund to be $5,388,461with total Reserves funded at $8,147,909.

Legally RestrictedActual

12/31/2018Projected Actual

12/31/2019

Amended Budgeted

12/31/2019

Proposed Budget

12/31/2020

Reserve Requirements 10% of Outstanding Debt 1,328,466$ 889,927$ 889,927$ 656,134$

Subtotal Legally Restricted 1,328,466$ 889,927$ 889,927$ 656,134$

Legally Restricted Reserves 656,134$

Board Designated

Debt Service Payment Fund 630,032$ 927,905$ 927,905$ 334,053$

Meter Change Out Reserve Fund 861,000$ -$

Water Resources Fund 1,018,058$ 1,026,999$ 1,058,750$ 755,539$

Cash Flow Fund 1,019,671$ 876,401$ 892,168$ 927,422$

Vehicle Replacement Fund 351,600$ 116,400$ 159,000$ 86,300$

Subtotal Board Designated 3,019,361$ 3,808,705$ 3,037,823$ 2,103,314$

Captial Projects Fund 10,894,266$ 8,443,268$ 9,243,498$ 5,388,461$

Total Reserves 15,242,093$ 13,141,900$ 13,171,248$ 8,147,909$

Legally Restricted Reserves, $656,134 , 8%

Debt Service Payment Fund, $334,053 , 4%

Water Resources Fund, $755,539 , 9%

Cash Flow Fund (Rainy Day), $927,422 , 12%

Vehicle Replacement Fund, $86,300 , 1%

Capital Projects Fund, $5,388,461 , 66%

YEAR END RESERVES BALANCES 2020 BUDGETED

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REVENUE ANALYSIS

Overall compared to the 2019 Budget, operating revenue will remain the same due to more conservative budgeting. The rates are increasing by 4.8% for the Base Fee and 2.4% for the Tier Revenue. Non-operating revenue decreased by 8.7% due to reduced Cash in Lieu Water Rights.

Operating Revenue Water Revenue – Consumption: 2.4% increase is planned for 2020. We have projected growth

of 3% for standard taps and 5% for urban taps. Revenue is projected to be $172,378 more than budgeted in 2019.

Water Revenue – Base Fee 4.8% increase is planned for 2020. The base fee is $143,513 more than budgeted in 2019 to account for growth and rate increase. The base fee is used to cover a portion of our fixed costs.

Water Revenue – Wholesale: Wholesale water has decrease by $219,934 mainly due to less water being sold to Longs Peak and Town of Berthoud,

Bulk Water Revenue – decreased by $60,000 Miscellaneous Revenue includes Water Rental Revenue, Customer Service Fees,

Miscellaneous Income, Construction Water Income and Engineering Fees. We are projecting a decrease in revenue by $12,600.

Water Revenue - Consumption$5,685,455 45%

Water Revenue - Base Fee$2,890,424 23%

Wholesale Water$299,291 2%

Other Income - Operating$49,050 0%

Bulk Water/Water Rental Revenue $322,000 3%

Windy Gap Passthrough$28,000 0%

Plant Investment Fees$1,938,000 15%

Cash in Lieu $286,240 2%Tap Installation Revenue$180,000 1%

Native Water Dedication$100,000 1%

Other Income - Non Operating$401,700 3%

Windy Gap Firming Revenue $600,000 5%

Little Thompson Water District 2020 Proposed Revenue by Type

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Non-Operating Revenue - Decreased by 4.1% Interest on Investments is based on an average 2.25% rate of return. Plant Investment Fees are projected on the sale of 270 5/8-inch taps (258 Urban at $7,000 and

12 Standard at $11,000). Cash in Lieu of Water Rights is based on the sale of 10 5/8-inch taps with no water rights (2 at a

rate of $47,600 and 8 at a rate of $23,880).

Tap Installation revenue is used to cover the cost of new meter and meter pit installations. The revenue of $600,000 is for Windy Gap Firming pass-through costs, which is offset by a

Windy Gap Firming expense account.

EXPENSE ANALYSIS

Overall compared to the 2019 Budget, operating expenses remains the same. Budgeted non-operating expenses increased by 21% mainly due to an increase in capital projects planned in 2020.

General & Admin Expenses$627,720 4%

Distribution Expenses$869,800 5%

Engineering Expenses$139,590 1%

Fi l ter Plant Operations$1,153,647 7%

Dry Creek & Joint Operations $43,000 0%

Employee Costs$3,582,738 20%

Debt Service$1,336,211 8%

Water Assessments /Rentals$718,330 4%

Capital Projects -Dis trict $2,947,000

17%

Vehicles & Equipment$234,700 1%

Windy Gap Firming$600,000 3%

Capital Projects & Equipment -Joint $4,693,500 27%

Water Right Purchases$557,700 3%

Little Thompson Water District 2020 Expenses by Category

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Operating Expenses

Carter Lake Filter Plant Operations budget remains the same as the 2019 budget.

Distribution Expenses increased by 1.72%, to account for more preventative maintenance costs.

General and Administration Expenses remains the same as the 2019 budget.

Engineering Expenses decreased by 54%, due to the reclass of Water Rights Adjudication to non-operating expenses.

Water Assessments from Northern Colorado Water Conservancy District and Ditch rights have increased by 5%.

Joint Operations decreased by 15.7%, due to fewer maintenance cost at Dry Creek.

Employee Costs: The overall Employee costs increased by 2.9%.

Debt Service decreased by 47% due to payoff 2014 UMB Loan in 2019.

We are also including Windy Gap Debt Service with and offset to revenue for the pass-through charges to the Brookfield Project.

Non-Operating Expenses

Capital Projects & Equipment – District 2020 Budget

County Road Improvements 200,000 Service Connection Expense 147,000 Taft/CR 17 Improvements 185,000 West 1st Street Water Line 770,000 Campion Water Line Design 160,000 WCR 54/WCR17 300,000 Dry Creek Feasibility 125,000 Beason Meter Upgrade Project 900,000 Auto Purchases 200,000 Office Equipment and Field Equipment 34,700 Water Rights 286,240 Windy Gap Firming 600,000 Water Rights Adjudication 271,460 St. Vrain Water Authority 240,000 Telemetry 115,000 Non-Potable System Study 45,000 Total Capital Expenses $4,579,400

Taft/County Road 17 Improvements – Final segment of waterline replacement work to be

completed in conjunction with County road improvements. West 1st Street – Construction plans were completed this year (2019) and construction is now

budgeted for 2020 for two segments; Cove Drive to George Rist Ditch, and County Road 23H to Colt Drive.

Weld County Road 54 and Weld County Road 17 – Weld County Public Works (WCPW) is requiring our waterlines to be relocated for a road widening/intersection project.

Beacon Meter Upgrade – Replacing the majority of meters with Beacon technology. Campion Line Replacement – Planning the replacement of our transmission line that was

constructed in the 60’s and has consistent leaks. 2020 costs start the engineering and planning of the replacement.

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Dry Creek Reservoir Master Planning – Continuation of reservoir evaluations including

treatment, potential environmental impacts and groundwater studies. Supervisory Control and Data Acquisition (SCADA)/Telemetry System Upgrades –

Replacement and upgrades to aging equipment and software, along with implementation of new systems.

County Road Improvements – For the currently unknown road projects that impact our waterlines.

Small Line Improvement Projects – For upgrades to waterlines and associated facilities that are determined to be problematic to the overall operation of select parts of the system.

St. Vrain Water Authority (SVWA) Subscription Fees – Financial participation in the newly formed district leading to the construction of a water treatment facility in the Firestone area that can be utilized by LTWD.

New Service Connection Expense – Capital cost budget item is offset by a portion of tap fees paid by others.

Global Positioning System (GPS) Equipment – Ongoing budget item for equipment repairs and upgrades.

Vehicles & Equipment – Ongoing budget item for replacement of aging vehicles and misc. equipment.

Capital Projects & Equipment – Joint 2020 Budget

CLFP Upgrades 300,000

Vehicles & Equipment 25,000

Pretreatment Design 373,500

7 MG Water Tank Construction 3,950,000

Pilot Pretreatment Plant 45,000

Total Capital Expenses $4,693,500

Joint Projects; costs related to Carter Lake Filter Plant. These costs represent Little Thompson Water District’s share of the project costs.

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Tap Size Base Fee Gallons Used Rate per 1,000 Gallons0-6,000 $2.50

5/8” Urban $28.15 6,001-15,000 $3.14>15,000 $4.250-6,000 $2.50

5/8” Standard $28.15 6,001-25,000 $3.1425,001-50,000 $3.70

>50,000 $4.250-9,000 $2.50

3/4” Standard $30.50 9,000-45,000 $3.1445,000-90,000 $3.70

>90,000 $4.250-6,000 $2.50

5/8” Non Res $28.15 6,000-30,000 $3.1430,000-60,000 $3.70

>60,000 $4.250-9,000 $2.50

3/4” Non Res $30.50 9,000-45,000 $3.1445,000-90,000 $3.46

>90,000 $3.790-15,000 $2.50

1” Non Res $38.93 15,000-75,000 $3.1475,000-150,000 $3.46

>150,000 $3.790-30,000 $2.50

1.5” Non Res $73.24 30,000-150,000 $3.14150,000-300,000 $3.46

>300,000 $3.790-48,000 $2.50

2” Non Res $88.69 48,000-240,000 $3.14240,000-480,000 $3.46

>480,000 $3.790-105,000 $2.50

3” Non Res $164.54 105,000-525,000 $3.14525,000-1,050,000 $3.46

>1,050,000 $3.790-189,000 $2.50

4” Non Res $240.45 189,000-945,000 $3.14945,000-1,890,000 $3.46

>1,890,000 $3.79

Vacant Lot Base Fee = $8.75 per month

LITTLE THOMPSON WATER DISTRICTRules and Regulations

Section 1502.1 Schedule B – Water Rate Schedule2020 Water Rate Structure – Updated November 14, 2019

*The Urban Residential Tap rate allows for 114,000 gallons usage per year. Usage overage results in a surcharge of $8.00 per thousand gallons.

Effective January 1, 2020

North Carter Lake Johnstown Loveland

CR Rd 23 Foster Ridge Core Town I-25

Wholesale Rate $1.19 $1.56 $1.56 $1.28 $1.89 $1.39 $1.15

Rules and RegulationsSection 1502.1 Schedule B – Water Rate Schedule

2019 Wholesale Rate Structure – Updated November 14, 2019

Longs Peak Water District Berthoud

Effective January 1, 2020

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Rules and Regulations Section 1501.1 Schedule A – Tap Fees

Cash-in-Lieu changes approved at Rate Hearing on November 14, 2019 – Effective January 1, 2020

Residential Taps

(1) If the service line and meter pit have already been installed by the developer, the installation fee is reduced to $450.

(2) If the water rights dedication has been made by the developer, the water rights dedication has been satisfied and there is no cash-in-lieu of water rights required. Not all lots are eligible to pay cash-in-lieu of dedicating water rights. See Schedule D for more information.

Non-Residential Taps – Plant Investment Fee

Meter Size PIF 5/8” Multi-family/Inside Use $3,500/Unit

5/8” Urban $7,000 5/8" $11,000 3/4" $16,500 1" $27,500

1 1/2" $55,000 2" $88,000

Non-Residential Taps- Installation Fee

Meter Size District Supplied

Materials Developer Supplied

Materials 5/8” Multi-family/Inside Use N/A N/A

5/8” Urban $3,000 $450 5/8" $3,000 $450 3/4" $3,500 $600 1" $4,000 $1,000

1 1/2" Developer must install $1,825 2" Developer must install $2,920

Non-Residential Taps - Water Dedication See Schedule D

Other Capital Fees Fire Hydrant $2,000 each Residential Fire Sprinkler, 1-inch $1,000

Non-Residential Fire Sprinkler up to 6-inch $2,500

Meter Size

Plant Investment

Fee (PIF)

Installation

Fee

Cash-in-Lieu of Water Rights

Current Rate

Total Cost of Tap

5/8” Urban

$7,000

$3,000

$23,880

$33,880

5/8" Standard

$11,000

$3,000

$47,600

$61,600

5/8” Multi- family/Inside Use

$3,500/Unit

N/A

N/A

N/A

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Rules and Regulations

Section 1506.4 Schedule D – Water Dedication Amended and Approved by the Board of Directors on September 15, 2017

Residential Taps

5/8-Inch

Urban Tap 5/8-Inch

Regular Tap

5/8-Inch Multi-family/ Inside Use

Water Right LTWD Credit Acre-Feet per

Share Shares per tap Shares per tap Shares per tap

Acre Feet 0.35 0.70 0.23

C-BT 0.5 0.70 1.40 0.46

Home Supply1 3.5 0.10 0.20 0.07

Handy1 2.5 0.14 0.28 0.09 Cash-in-Lieu of Water2 - $23,880 $47,600 N/A

Notes: 1There is an additional water court contribution fee of $1,000 per acre-feet to cover the costs of taking the water rights through the water court change of use process. 2Individual lot customers may be allowed to pay cash-in-lieu of dedicating water rights per Section 1506.6 of the District’s Rules and Regulations.

Non-Residential Taps Minimum Water Dedication

Tap Size

5/8-inch Multi-family/ Inside Use

5/8-inch Urban

5/8-inch ¾-inch 1-inch 1½-inch 2-inch > 2-inch

Acre Feet 0.23 0.35 0.70 1.10 1.80 3.50 5.60 Based on water use

C-BT Shares per tap 0.46 0.70 1.40 2.20 3.60 7.00 11.20 “ “

Home Supply Shares per tap 0.07 0.10 0.20 0.31 0.51 1.00 1.60 “ “

Handy Shares per tap 0.09 0.14 0.28 0.44 0.72 1.40 2.24 “ “

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Rules and Regulations Section 1502.2 Schedule C – Miscellaneous Fees

Changes approved at Rate Hearing on November 14, 2019 – Effective January 1, 2020

Transfer Fee $ 25.00 Disconnect/Turn-on Fee $ 50.00 Disconnect/Turn-on Fee After Hours $ 25.00 Disconnect Letter Fee $ 5.00 Final Read Fee $ 25.00 Fire Sprinkler Annual Fee $ 50.00 Dormant Tap Annual Fee $ 60.00 Return Check/ACH Fee $ 25.00/$10.00 Water Theft Violation Fee $ 1,000.00 Past Due Penalty for Balances Over $15.00 1% of unpaid Balance Fire Hydrant Rental: Backflow Device Deposit $ 1,000.00 Meter Deposit $ 1,000.00 Trip Charge $ 50.00 Water (per 1,000 gals) $ 10.00 Equipment Rental Per Day (each device) $ 10.00 Fire Sprinkler Line (Commercial up to 6”) $ 2,500.00 Fire Sprinkler Tap (Residential Meter) $ 1,000.00 Fire Hydrant (no materials or labor) $ 2,000.00 Inspection Fee (after 5pm/Holiday/Weekends) $ 100.00/per hour *Residential/Non-Residential Commitment Letters: 1 – 4 taps $ 100.00/per tap 5 – 80 taps $ 500.00 Over 80 taps (plus engineering fees) $ 500.00 *Accessory Dwelling Commitment Letter $ 100.00 Project Inspection & Test $ 300.00 Plus, per lot $ 100.00 Cross Connection Non-Compliance Fee $ 50.00 Native Water Dedications Fee $ 1,800.00/per acre-feet Handy Water Dedication Fee $ 7,500.00/per share

*Commitment Letters are good for two years.

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LONG TERM DEBT SCHEDULE Due to the payoff of the 2014 UMB Loan 2019 our Debt Service will average about $1million annually until 2026. The debt Service Schedule does not include possible financing in 2022 of $15,000,000 for Pretreatment. If no additional debt is issued our final payment in 2027 will be $800,000. Debt Service is funded partially by the base fee component of the rates. The remainder is funded by water rate revenue and non-operating revenue. Year Ending Dec 31, Principal Interest Total

2020 1,147,414 188,797 1,336,211

2021 1,181,564 156,791 1,338,355

2022 876,618 123,737 1,000,355 2023 897,142 103,212 1,000,354

2024 918,462 82,813 1,001,275

2025 939,721 60,709 1,000,430

2026 961,722 38,707 1,000,429

2027 786,112 15,579 801,691 Total $7,691,206 $770,345 8,479,100

$0

$250,000

$500,000

$750,000

$1,000,000

$1,250,000

$1,500,000

Annu

al D

ebt P

aym

ent

DEBT SERVICE BY YEAR

2017 BB&T Loan 2017 Signautre Finance 2011 Bond

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2020 Budget Detail

OPERATING REVENUE 2018 Audited Actual


2019 Amended Budget

2020 Adopted Budget

Base Fee 2,675,481$ 2,745,937$ 2,746,911$ 2,890,424$ Water Revenue - Tiers Total 5,387,586 5,307,739 5,519,611 5,685,455 Water Revenue - Tier I 1,089,335 1,059,919 1,159,642 1,197,514 Water Revenue - Tier II 1,728,266 1,677,258 1,783,015 1,791,136 Water Revenue - Tier III 1,058,014 1,012,715 1,049,259 1,059,934 Water Revenue - Tier IV 1,511,970 1,557,847 1,527,695 1,636,871 Wholesale Water 352,275 240,399 519,225 299,291 Water Rental Revenue 12,123 46,081 20,000 22,000 Other Revenue 1,154,660 47,430 61,650 49,050 Bulk Water 569,471 312,230 360,000 300,000 Windy Gap 45,113 64,194 58,112 28,000 Total Revenue 10,196,709$ 8,764,008$ 9,285,509$ 9,274,220$

OPERATING EXPENSES

Carter Lake Filter Plant Ops 2018 Audited Actual


2019 Amended Budget

2020 Adopted Budget

Filter Plant Operating Expense 1,067,971$ 1,129,646$ 1,153,779$ 1,153,861$

Total Carter Lake Filter Plant Ops 1,067,971$ 1,129,646$ 1,153,779$ 1,153,861$

St. Vrain Authority 2018 Audited Actual


2019 Amended Budget

2020 Adopted Budget

St. Vrain Authority Start Up Cost -$ -$ -$ 30,000$

Total St Vrain Authority -$ -$ -$ 30,000$

Distribution Expenses 2018 Audited Actual


2019 Amended Budget

2020 Adopted Budget

O & M - Miscellaneous 56,497$ 24,145$ 28,000$ 31,000$ Meter Mtn & Repairs 120,725 106,657 108,000 137,000Tap Relocations/Small Line Abandonment 54,394 1,570 14,000 5,000 System Maintenance & Repairs 624,754 360,094 388,400 370,000 Facility Maintenance & Repairs 91,634 87,950 118,900 103,500 SWSP Operating Cost 159,526 12,615 12,000 12,000 Vehicle Expense 106,092 85,393 81,900 103,800 Cathodic Protection 575 196 1,000 1,000 Cross Connection/Backflow 3,675 0 12,900 12,900 Water Quality Monitoring 24,578 18,588 30,600 33,600 Operations Utilities Expense 52,820 58,873 59,400 60,000 Total Distribution Expenses 1,295,269$ 756,079$ 855,100$ 869,800$

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2020 BUDGET DETAIL CONT’D

General & Admin Expenses 2018 Audited Actual


2019 Amended Budget

2020 Adopted Budget

Office Supplies & Expense 68,244$ 60,884$ 59,760$ 64,380$ Communication Expense 40,794 44,792 41,400 43,800Memberships & Subscriptions 11,567 12,645 12,650 16,375Computer Expense 125,074 87,274 91,000 55,500Service Contracts 137,398 157,143 134,400 163,315Education & Training 37,491 32,644 46,200 56,300Elections/Hearing/Public Notices 5,194 3,929 5,100 10,100Uniforms 15,688 18,200 18,200 18,200Building & Grounds 56,861 46,239 69,650 38,550Professional Fees (Legal & Audit) 31,148 34,157 40,250 40,750Inclusions & Public Relations 9,385 9,227 9,800 11,400Insurance Expense 79,209 89,334 78,000 91,750Safety Expense 18,703 18,637 20,450 14,800Farm Expense 2,490 2,570 2,500 2,500Total G & A Expenses 639,245$ 617,674$ 629,360$ 627,720$

Engineering Expenses 2018 Audited Actual


2019 Amended Budget

2020 Adopted Budget

Eng./CAD/Prof Expenses 97,929$ 24,860$ 201,704$ 100,000$ Mapping Updates 1,848 1,635 0 - Engineering Dept Exp 1,563 3,795 6,840 6,840 Soil Amendments 2,000 5,067 50,000 12,500Landscaping Incentives 500 1,499 25,000 6,250Water Conservation 8,347 16,391 18,000 14,000

Total Engineering Expenses 112,186$ 53,247$ 301,544$ 139,590$

Water Assessments /Rentals 2018 Audited Actual


2019 Amended Budget

2020 Adopted Budget

Water Assessments 595,315$ 507,985$ 680,339$ 714,730$ Purchased Water 7,123 6,098 3,600 3,600 Total Water Assessments 602,438$ 514,084$ 683,939$ 718,330$

Dry Creek & Joint Operations 2018 Audited Actual


2019 Amended Budget

2020 Adopted Budget

Dry Creek/Joint Operating Expense 46,687$ 6,574$ 51,000$ 43,000$

Total CLFP & Joint Facilities 46,687$ 6,574$ 51,000$ 43,000$

Employee Costs 2018 Audited Actual


2019 Amended Budget

2020 Adopted Budget

Distribution Employee Costs 1,217,939$ 1,511,106$ 1,525,960$ 1,623,164$ Administration Employee Costs 759,893 1,001,230 843,570 850,786 Engineering Employee Costs 771,466$ 1,010,124$ 1,097,756$ 1,092,964$ Board of Directors Costs 8,504 13,348 15,825 15,825

Total Employee Costs 2,757,803$ 3,535,808$ 3,483,111$ 3,582,738$

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2020 BUDGET DETAIL CONT’D

Debt Service 2018 Audited Actual


2019 Amended Budget

2020 Adopted Budget

Bonds/Loans Principal 2,205,375$ 3,447,873$ 3,447,873$ 1,147,414$ Bonds/Loans Interest 314,752 263,747 263,747 188,797Total Debt Service 2,520,127$ 3,711,620$ 3,711,620$ 1,336,211$

Total Operating Expenses 9,041,727$ 10,324,732$ 10,869,453$ 8,501,251$

Operating Gain/Loss 1,154,982$ (1,560,723)$ (1,583,944)$ 772,969$

NON OPERATING REVENUE 2018 Audited Actual


2019 Amended Budget

2020 Adopted Budget

Plant Investment Fees 1,691,500$ 1,824,000$ 1,950,000$ 1,938,000$ Cash in Lieu of Water Rights 812,000 652,000 762,240 286,240Tap Installation Revenue 157,675 156,750 138,000 180,000Capital Investments Fees 16,200 5,400 48,000 0Native Water Dedication Fee 0 53,330 0 100,000Interest on Investments 206,214 303,691 150,000 324,000 Other Fees 126,380 55,900 59,100 58,200Miscellaneous Revenue 12,071 30,128 9,500 9,500 Gain(Loss) Sale of an Asset (8,682) 21,897 - 10,000 Windy Gap Firming 485,000 538,889 540,000 600,000PRPA Windy Gap Water 6,131,400 5,236,000 5,240,000 - Flood Related Assistance 107,999 0 - - Total Non Operating Revenue 9,737,756$ 8,877,984$ 8,896,840$ 3,505,940$

Non Operatings & Capital Costs 2018 Audited Actual


2019 Amended Budget

2020 Adopted Budget

Capital Projects - District 1,858,698$ 1,142,444$ 821,000$ 2,947,000$ Vehicles & Equipment 430,559 1,177,725 1,109,501 234,700 Capital Projects & Equipment - Joint 212,636 485,581 556,000 4,693,500 St.Vrain Authority Treatment Plant - - - 240,000 Water Right Purchases 591,500 1,072,815 1,237,240 286,240 PRPA Windy Gap Water 5,000,000 5,000,000 - Water Rights Adjudication - - 120,000 271,460 Windy Gap Firming 485,000 538,889 540,000 600,000

Total Non Operating Expenses 3,578,393$ 9,417,453$ 9,383,741$ 9,272,900$

Non Operating Gain(Loss) $ 6,159,363 $ (539,469) $ (486,901) $ (5,766,960)

Net Gain(Loss) 7,314,346$ (2,100,192)$ (2,070,845)$ (4,993,991)$

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Board of Directors Legal Counsel Starr & Westbrook

District Manager Amber Kauffman

TAPHOLDERS

Construction Inspectors Todd Cooper Ryan Epperly Garey Suits

Crew Leader Const. Services Travis Payfer

Utility Locators Roberta Dunn Scott Rowell Rhett Scott

Accounting Tech/ PR Specialist Kathleen Blair

Operations Manager Ken Lambrecht

Meter Reader Kinsey Clay

Crew Leader Ops Services Dave Shumpert (ORC)

Crew Leader Dist. Services Sacha Duross

Water System Workers Ryan Lemming Todd McGinnis Steve Schaeffer Chris Varn

FINANCIAL SERVICES & UTILITY BILLING

CUSTOMER SERVICE

(ORC) Operator in Responsible Charge

Updated January 2020

Crew Leader Meter & Facilities Services Troy Nygren

Customer Service Lead Holly Suess

Customer Service Reps Mary Harbitz Sarah Holderfield

Water Maintenance Workers Kris Behrens Clayton Orback

Crew Leader Valve Exercising Alan Cordova

Civil Engineer I Jake Hebert

Water Resources Tech Amanda Hoff

District Accountant Angela Diekhoff

Water Systems Workers Tom Hopkins

Water Resources Manager Nancy Koch

Senior GIS Specialist Joe Robinson

District Engineer Brad Eaton

Auditor Anton Collins Mitchell LLP

Business Manager Judy Dahl

Administrative Assistant Judy O’Malley

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FIVE YEAR FINANCIAL FORECAST

$-

$2,000,000

$4,000,000

$6,000,000

$8,000,000

$10,000,000

$12,000,000

2020 2021 2022 2023 2024

Projected Year End Reserves

Capital Reserve Fund Vehicle Replacement Fund Water Resources Fund

Debt Service Fund Cash Flow Fund Legally Restricted

Pretreatment Raw W

ater Infrastructure $15,000,000

Plant Expansion $12,000,000

Plant Expansion $12,000,000

$0

$2,000,000

$4,000,000

$6,000,000

$8,000,000

$10,000,000

$12,000,000

$14,000,000

$16,000,000

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

Long Range Capital Projects, Funding & Reserve Forecast

Financing Pretreatment & Plant Expansion Annual Capital Expense Capital Reserve

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FIVE YEAR SUMMARY BUDGET

5 YEAR SUMMARY 2019 2020 2021 2022 2023 2024

15,242,093$ 13,141,900$ 8,148,124$ 5,011,321$ 9,725,215$ 4,739,725$

Water Sales 8,652,384$ 9,197,170$ 9,604,180$ 10,030,833$ 10,478,120$ 10,947,085$ Miscellaneous Revenue 111,624$ 77,050$ 77,435$ 77,822$ 78,212$ 78,603$

Total Operating Revenues 8,764,008$ 9,274,220$ 9,681,615$ 10,108,655$ 10,556,332$ 11,025,688$

O&M expenses 6,613,113$ 7,164,825$ 7,350,292$ 7,524,110$ 7,731,308$ 7,891,963$ Debt Service 3,711,620$ 1,336,211$ 1,338,430$ 1,000,430$ 1,000,675$ 1,000,430$ Debt Service - 2022 Funding 750,000$ 750,000$ 750,000$

Total Operating Expenses 10,324,733$ 8,501,036$ 8,688,722$ 9,274,540$ 9,481,983$ 9,642,393$

Operating Net Gain(Loss) (1,560,724)$ 773,184$ 992,893$ 834,115$ 1,074,349$ 1,383,294$

Plant Investment Fees 1,824,000$ 1,938,000$ 1,978,000$ 2,096,000$ 2,225,000$ 2,365,000$ Cash-In-Lieu of Water 652,000$ 286,240$ 405,480$ 524,720$ 643,960$ 763,200$ Capital Investment Fees 5,400$ -$ 50,000$ 50,000$ 50,000$ 50,000$ Windy Gap Firming 538,889$ 600,000$ 600,000$ 600,000$ 600,000$ 600,000$ PRPA Windy Gap Water Rights 5,236,000$ -$ -$ -$ -$ -$ Interest income 303,691$ 324,000$ 150,000$ 150,000$ 150,000$ 150,000$ Tap Installation Revenue 156,750$ 180,000$ 138,000$ 138,000$ 138,000$ 138,000$ Miscellaneous Revenue 107,925$ 77,700$ 78,089$ 78,479$ 78,871$ 79,266$ Native Water Dedication Fee 53,330$ 100,000$ 100,000$ 102,000$ 104,040$ 106,121$ Financing Pretreatment 15,000,000$

Total Non Operating Revenue 8,877,985$ 3,505,940$ 3,499,569$ 18,739,199$ 3,989,871$ 4,251,586$

Capital Expenses - District 2,320,169$ 3,376,700$ 5,275,285$ 6,841,700$ 2,605,750$ 3,157,750$ Water Resources Expenses 6,611,704$ 1,202,700$ 405,480$ 524,720$ 643,960$ 763,200$ Capital Expenses - Joint 485,581$ 4,693,500$ 1,948,500$ 7,493,000$ 6,800,000$ 300,000$

Total Non Operating Expenses 9,417,454$ 9,272,900$ 7,629,265$ 14,859,420$ 10,049,710$ 4,220,950$

Non Operating Gain(Loss) (539,469)$ (5,766,960)$ (4,129,697)$ 3,879,779$ (6,059,839)$ 30,636$

Total Net Gain (Loss) (2,100,193)$ (4,993,776)$ (3,136,803)$ 4,713,894$ (4,985,490)$ 1,413,931$

13,141,900$ 8,148,124$ 5,011,321$ 9,725,215$ 4,739,725$ 6,153,656$

2019 2020 2021 2022 2023 2024

Reserves - Legally Restricted 889,927$ 656,134$ 537,978$ 1,450,316$ 1,360,602$ 1,268,762$

Reserves - Board DesignatedDebt Service Fund 927,905$ 334,053$ 334,608$ 250,108$ 250,169$ 250,108$ Water Resources Fund 1,026,999$ 755,539$ 755,539$ 755,539$ 755,539$ 755,539$ Cash Flow Fund 876,401$ 927,422$ 968,161$ 1,010,866$ 1,055,633$ 1,102,569$ Meter Change Out Reserve Fund 861,000$ Vehicle Replacement Fund 116,400$ 86,300$ 90,000$ 86,000$ 49,500$ 80,500$ Capital Reserve Fund 8,443,268$ 5,388,676$ 2,325,035$ 6,172,387$ 1,268,282$ 2,696,178$

Subtotal Board Designated Reserves 12,251,973$ 7,491,990$ 4,473,343$ 8,274,899$ 3,379,123$ 4,884,893$

Total Reserve Funds 13,141,900$ 8,148,124$ 5,011,321$ 9,725,215$ 4,739,725$ 6,153,656$

NON OPERATING EXPENSES

5 YEAR RESERVES

Working Capital END of Year

Working Capital BEGINNING of Year

OPERATING REVENUE

OPERATING EXPENSES

NON OPERATING REVENUE

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LITTLE THOMPSON WATER DISTRICT

LARIMER, WELD & BOULDER COUNTIES, COLORADO RESOLUTION No. 2019-15 TO ADOPT 2020 BUDGET

(Pursuant to §29-1-108, C.R.S.)

A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES FOR EACH FUND AND ADOPTING A BUDGET FOR THE LITTLE THOMPSON WATER DISTRICT, COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY 2020 AND ENDING ON THE LAST DAY OF DECEMBER 2020. WHEREAS, the Board of Directors of Little Thompson Water District has appointed Amber Kauffman, Secretary, to prepare and submit a proposed budget to said governing body at the proper time; and WHEREAS, Amber Kauffman, Secretary, has submitted a proposed budget to this governing body on October 10, 2019 for its consideration, and; WHEREAS, upon due and proper notice, published or posted in accordance with the law, said proposed budget was open for inspection by the public at a designated place, a public hearing was held on November 14, 2019, and interested taxpayers were given the opportunity to file or register any objections to said proposed budget, and; WHEREAS, the 2020 Budget was approved by the Board of Directors on November 14, 2019, and: WHEREAS, whatever increases may have been made in the expenditures, like increases were added to the revenues or planned to be expended from reserves/fund balances so that the budget remains in balance, as required by law. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE LITTLE THOMPSON WATER DISTRICT, COLORADO: Section 1. That the budget was submitted, amended, and summarized by fund, hereby is approved and adopted as the budget of the Little Thompson Water District for the year stated above. Section 2. That the budget hereby approved and adopted shall be signed by the Secretary and President of Little Thompson Water District and made a part of the public records of the District.

ADOPTED, this 14th day of November, A.D., 2019 Attest: _________________________ _____________________________ Amber Kauffman,

Secretary William R Szmyd, President

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LITTLE THOMPSON WATER DISTRICT LARIMER, WELD & BOULDER COUNTIES, COLORADO

RESOLUTION NO 2019-16 TO APPROPRIATE SUMS OF MONEY

(Pursuant to §29-1-108, C.R.S.)

A RESOLUTION APPROPRIATING SUMS OF MONEY TO THE VARIOUS FUNDS AND SPENDING AGENCIES IN THE AMOUNT AND FOR THE PURPOSE AS SET FORTH BELOW, FOR THE LITTLE THOMPSON WATER DISTRICT, COLORADO, FOR THE 2020 BUDGET YEAR. WHEREAS, the Board of Directors has adopted the annual budget in accordance with the Local Government Budget Law, on November 14, 2019 and; WHEREAS, the Board of Directors has made provision therein for revenues in an amount equal to or greater than the total proposed expenditures as set forth in said budget, and; WHEREAS, it is not only required by law, but also necessary to appropriate the revenues and reserves or fund balances provided in the budget to and for the purposes described below, thereby establishing a limitation on expenditures for the operations of the Little Thompson Water District. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE LITTLE THOMPSON WATER DISTRICT, COLORADO: Section 1. That the following sums are hereby appropriated from the revenue of each fund, to each fund, for purposes stated: GENERAL FUND:

Operation Expenses $7,164,826 Debt Service $1,336,211 Capital Outlay $9,272,900

TOTAL GENERAL FUND $17,773,937

ADOPTED THIS 14th of November, A.D. 2019. Attest: _________________________ _____________________________ Amber Kauffman, Secretary William R Szmyd, President

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LARIMER, WELD & BOULDER COUNTIES, COLORADO RESOLUTION NO 2019-17 TO SET MILL LEVIES

(Pursuant to §39-5-128, C.R.S. AND 39-1-111, C.R.S.)

A RESOLUTION LEVYING PROPERTY TAXES, TO HELP DEFRAY THE COSTS OF GOVERNMENT FOR THE LITTLE THOMPSON WATER DISTRICT, COLORADO, FOR THE 2020 BUDGET YEAR. WHEREAS, the Board of Directors of the Little Thompson Water District has adopted the annual budget in accordance with the Local Government Budget Law, on 14th day of November 2019 and; WHEREAS, the amount of money necessary to balance the budget for general operating purposes from property tax revenue is $0.00, and; WHEREAS, the Little Thompson Water District finds that it is required to temporarily lower the general operating mill levy to render a refund for $0.00, and; WHEREAS, the amount of money necessary to balance the budget for capital expenditure purposes from property tax revenue approved by voters or at public hearing is $0.00, and; WHEREAS, the amount of money necessary to balance the budget for voter approved bonds and interest is $0.00, and; WHEREAS, the 2019 valuation for assessment for the Little Thompson Water District as certified by Boulder, Larimer, and Weld County Assessors is:

Boulder County: $5,670,753 Larimer County: $672,833,584

Weld County: $918,970,527 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE LITTLE THOMPSON WATER DISTRICT, COLORADO: Section 1. That for the purpose of meeting all general operating expenses of the Little Thompson Water District during the 2020 budget year, there is hereby levied a tax of -0- mills upon each dollar of the total valuation for assessment of all taxable property within the Little Thompson Water District for the year 2020. Section 2. That for the purpose of rendering a refund to its constituents during budget year 2020, there is hereby levied a temporary tax credit/mill levy reduction of -0- mills upon each dollar of the total valuation for assessment of all taxable property within the Little Thompson Water District for the year 2020. Section 3. That for the purpose of meeting all capital expenditures of the Little Thompson Water District during the 2020 budget year, there is hereby levied a tax of -0- mills upon each dollar of the total valuation for assessment of all taxable property within the Little Thompson Water District for the year 2020. Section 4. That for the purpose of meeting all payments for bonds and interest of the Little Thompson Water District during the 2020 budget year, there is hereby levied a tax of -0- mills upon each dollar of the total valuation for assessment of all taxable property within the District for the year 2020. Section 5. That the Secretary is hereby authorized and directed to immediately certify to the County Commissioners of Boulder, Larimer and Weld Counties, Colorado, the mill levies for the Little Thompson Water District as hereinabove determined and set, or be authorized and directed to certify to the County Commissioners of Boulder, Larimer and Weld Counties, Colorado, the mill levies for the Little Thompson Water District as hereinabove determined and set, but as recalculated as needed upon receipt of the final (December) certification of valuation from the county assessors in order to comply with any applicable revenue and other budgetary limits.

ADOPTED this 14th of November, of A.D. 2019. Attest: _________________________ _____________________________

Amber Kauffman, Secretary William R Szmyd, President

Documents

Approved by the Board on November 14, 2019District Manager: Amber Kauffman Berthoud, CO 80513 P 970.532.2096 F 970.532-3734