Directors: Bill Szmyd, President Michael T. Cook, PE ...It was moved by Director Bukowski, seconded...

Regular Board Meeting Agenda April 11, 2019 - 5:00 P.M.

1. Call to Order - Pledge of Allegiance

2. Roll Call:

3. Agenda Review:3.1. Motion for an Executive Session: Personnel Matters – Pursuant to §24-6-402(4)(f), C.R.S

4. Public Comment on Non-Agenda Items:

5. Consent Items:5.1. Minutes of the March 14, 2019 Regular Board Meeting .............. Page 4 5.2. Minutes of the March 25, 2019 Special Board Meeting ............... Page 10 5.3. Minutes of the March 28, 2019 Special Board Meeting ............... Page 12 5.4. Tap List 639 .................................................................................. Page 14 5.5. March 2019 Disbursements Report .............................................. Page 15 5.6. March 2019 Financial Report ....................................................... Page 19

6. Discussion Items:6.1. 2018 Audited Financial Statement Presentation .................... Page 25 6.2. Carter Lake Filter Plant 6.3. Public Hearing: Action Item: Motion to Approve

Resolution No. 2019-5, Inclusions ............................................... Page 72 6.4. Motion to Approve Resolution No’s 2019-6, 7, 8 ........................ Page 76 6.5. District Manager Search Committee Update

7. Staff Reports7.1. District Manager’s Report ............................................................ Page 80 7.2. District Engineer’s Report ............................................................ Page 83 7.3. Water Resources Manager’s Report ............................................. Page 85 7.4. Operations Manager’s Report and Water Quality Update ............ Page 88

8. Director Reports:

9. Executive Sessions:Personnel Matters – Pursuant to §24-6-402(4)(f), C.R.S.

10. Adjournment.

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

District Manager: Michael T. Cook, PE

835 E Highway 56 Berthoud, CO 80513

P: 970-532-2096 F: 970-532-3734 www.LTWD.org

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http://www.ltwd.org/

Big Picture Future Capital Projects: Campion line replacement program. Alps Line replacement / upgrade. Additional CLFP storage tank. Additional Treatment Capacity. Raw water infrastructure needs.

2018 strategic plan, priority summary:1. Second use water.2. Dry Creek expand/treatment/

hydro/recreation...3. Mead / Longs Peak service area.4. Limited Water Resources5. Technology - Beacon Meters.6. Age/type of infrastructure.7. Heavy competition for water.8. Windy Gap water opportunities.9. Good financial Condition.10. Reliability of system.

The next few on the list:1. Boom and bust planning.2. More Storage.3. Longer term Financial planning.4. Dependence on CBT (Colorado River)5. Appropriate Staffing levels.

"Serving our customers with safe, reliable and good tasting water at a fair price"

UPDATED 1/28/2019

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mtcookTypewritten Text2019

Agenda Item Summary Little Thompson Water District

Date: April 11, 2019

Item #: 5.1

Staff: Michael T. Cook, District Manager

Subject: Approval of the minutes of the March 14, 2019 Regular Board Meeting

Staff Recommendation: Staff recommends approval.

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MINUTES OF THE REGULAR MEETING OF THE BOARD OF DIRECTORS

OF LITTLE THOMPSON WATER DISTRICT

The Board of Directors of Little Thompson Water District (LTWD) met in regular session on Thursday, March 14, 2019 at the District office. Attendance was as follows:

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

Present Present Present Present Not Present Present Present

Staff in Attendance: Mike Cook, District Manager Judy Dahl, Business Manager Nancy Koch, Water Resources Manager Ken Lambrecht, Operations Manager Judy O’Malley, Recording Secretary

Other Attendees: Michael E. Nelson, PE of AECOM

CALL TO ORDER

President Szmyd called the meeting to order at 5:03 p.m. followed by recitation of the Pledge of Allegiance.

ROLL CALL

President Szmyd noted that a communication from Director Gallivan-Crist had been overlooked before the February 21, 2019 meeting regarding a need to be excused. It was moved by Director Martens, seconded by Director Bukowski, to excuse the absence of Director Gallivan-Crist from the February 21, 2019 Regular Meeting. Motion carried unanimously.

Roll call was taken. It was noted Director Gallivan-Crist had an unexcused absence. All other Directors were present.

AGENDA REVIEW

It was moved by Director Bukowski, seconded by Director Brandt, for Agenda Item 3.1 Executive Session at the end of the meeting pursuant to §24-6-402(4)(e), C.R.S. Strategy for Negotiations. Motion carried unanimously.

It was moved by Director McMurtrey, seconded by Director Martens, for Agenda Item 3.2 Executive Session at the end of the meeting pursuant to §24-6-402(4)(f), C.R.S. Personnel Matters – District Manager search. Motion carried unanimously.

PUBLIC COMMENTS ON NON-AGENDA ITEMS

There were no public comments.

CONSENT AGENDA

It was moved by Director Brandenburg, seconded by Director McMurtrey, to approve the Consent Agenda including:

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• Minutes of the February 21, 2019 Regular Board Meeting,• Tap List 638,• February 2019 Disbursements in the amount $1,151,031.90:

o Operating Account: $907,317.02: ACH Manual Check Numbers 1881 to 1929 – $846,115.73, Check Numbers 9114 to 9148 – $61,201.29,

o Payroll Account: (Two Bi-weekly payroll periods in February) for $243,714.88: ACH Transmittal Vouchers – O-1579 to O-1594 – $129,931.21, ACH Direct Deposit Numbers N-8581 to N-8649 – $113,783.67,

• February 2019 Financial Report.Motion carried unanimously.

DISCUSSION ITEMS

Carter Lake Filter Plant (CLFP): The March 13, 2019 Carter Lake Filter Plant Board Meeting was cancelled. Director Bukowski will contact CLFP Manager Whittet to request the rescheduled date.

District Manager Cook noted there was a discussion item for the Board of Directors on the CLFP Board Packet regarding the financial capital budget.

Presentation on the Feasibility Study for the Enlargement of the Dry Creek Dam: Mr. Nelson, PE gave a presentation regarding the findings of the study. The study was completed to determine water storage solutions. The following items were discussed:

• Three conceptual alternatives.• Permitting requirements.• Estimated cost.• Evaluation of alternatives.• Possible risks.• Recommendations.

District Manager Cook suggested the next steps would be to make a few edits then send to Central Weld County Water District (CWCWD) for review.

Amendment to the Joint Facilities Ownership and Operating Agreements to Include a New 7M.G. Tank: Addendum 6 outlining the addition of the proposed 7M.G. tank at CLFP was discussed. The addendum had previously been reviewed by District Counsel Westbrook. It was moved by Director Martens, seconded by Director Brandenburg, to approve Addendum 6 to the Joint Facilities Ownership and Operating Agreement. Motion carried unanimously.

Consideration of Participation in the Formation of the St. Vrain Water Authority: A draft of an Intergovernmental Agreement (IGA) for the formation of the St. Vrain Water Authority was discussed. Topics included:

• Expected cost of participation in the formation of the authority.• Expected cost of future participation in the treatment capacity of the authority.• The number of board seats LTWD will receive.• The District’s need to participate in a water authority project in the area.• Construction is expected to start in two years.• Suggested edits to some of the wording in the IGA.

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It was moved by Director Martens, seconded by Director Brandt, to allow District Manager Cook to move forward with the Town of Firestone on the contract. Motion carried unanimously.

Public Hearing: Action Item: Motion to Approve Resolution No. 2019-4, Inclusion: It was moved by Director Brandt, seconded by Director McMurtrey, to approve Resolution 2019-4, Inclusion (Philip H. McKee and Kimberly S. McKee, and Loveland Fire Rescue Authority). Motion carried unanimously.

District Manager Search Committee Update: Director McMurtrey advised the Board she and Director Brandt have made progress reviewing the candidate applications for the District Manager position. They do not believe it will be necessary to pursue additional means of locating qualified candidates, nor do they believe it will be necessary to extend the job posting ads. The Search Committee ranked the candidates based on a point scale of desired qualifications.

Rules of Public Notice for publishing the names of finalists were discussed.

Proposed Amended and Restated Windy Gap Firming Project Agreement with Brookfield: The Windy Gap Firming Project Agreement with Brookfield has been updated to include the expected current cost and schedule for construction of the project. Mr. Westbrook is currently reviewing the proposed establishment document. The following points were discussed:

• Amendment of contract to reflect the new costs and financial details.• Formatting edits to the agreement were suggested.

It was moved by Director Brandenburg, seconded by Director McMurtrey, to allow District Manager Cook to make the suggested edits and move forward with the amendment following district counsel review. Motion carried unanimously.

Proposal for LTWD to Manage the Design of the 24” Line from WCR 38 to Barefoot Lakes: A proposed agreement with Brookfield for design of the required 24" line from WCR 38 to Barefoot Lakes was discussed. District staff believes it will be more efficient for the project to be managed internally. An engineer will be sought, through a Request for Proposal (RFP) process, to design the water line. The District will also coordinate with the Colorado Department of Transportation (CDOT) on the alignment and several easements. The final design will be requested in a format ready to submit for construction bidding. Brookfield Residential, developers of Barefoot Lakes, will be responsible for all of the expenses incurred including District staff time spent on the project.

Mr. Westbrook has reviewed the proposed document and requested the document be titled Addendum Letter rather than Agreement. Other minor edits were suggested by the Board.

It was moved by Director Bukowski, seconded by Director Brandt, to allow District Manager Cook to enter into the agreement after the suggested edits. Motion carried unanimously.

Consideration of a Memorandum of Understanding (MoU) at Hwy 402 and I-25 for an Interconnect for Johnstown: The relocation of the District’s waterline at the intersection of Highway 402 and I-25 requires the waterline to be installed along a property owned by J-25 Land Holdings, LLC. CDOT proposed the waterline cross a roundabout. The District believes it would be difficult to manage traffic in the event of a waterline break. The District suggested the waterline be extended across a property owned by J-25 and annexed by the Town of Johnstown. The District already owns an easement along the eastern edge of this property but does not have a waterline or other infrastructure in this easement. The District made an offer to the development group to vacate the existing easement while encumbering a smaller easement on the property. The developer has agreed to this arrangement if we also provide an opportunity for an emergency interconnect with

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Johnstown; relieving the developer of constructing an additional waterline for Johnstown. The interconnect would benefit the developer, Johnstown and the District by providing an emergency connection fully constructed and paid for by the developer. Currently, the MoU is between the developer and the District but will be followed up with an addendum to the IGA between the District and Johnstown. The approval of the MoU assists in CDOT’s relocation of the District’s waterline along Highway 402 in a timely fashion.

It was moved by Director Martens, seconded by Director Bukowski, to approve the requested consideration for the developer. Motion carried unanimously.

STAFF REPORTS

District Manager’s Report: District Manager Cook reported on the following: • Advised the Board of the upcoming Northern Colorado Water Conservancy District (NCWCD)

Spring Water User’s Meeting.• Advised the Board the District receives notifications of appreciation from customers throughout

the year. Recently a customer visited the office to thank district employee Roberta Dunn for herresponse to a service order at his property.

District Engineer’s Report: In the absence of District Engineer Kauffman, District Manager Cook reported on the following:

• District Engineer Kauffman was in Washington, DC as the Colorado representative of theAmerican Society of Civil Engineers (ASCE).

• The District sent the final payment of the Taft Avenue project to the bonding company of the projectcontractor.

• CDOT plans to start work on Sector 5, the section of I-25 between SH 56 and SH 66, necessitatingthe relocation and replacement of the District’s and CWCWD’s jointly owned 42” waterline at theSH 66 and I-25 interchange.

• CDOT’s design of the 42” waterline relocation and steps the District took to obtain new pipe forthe project.

• Options for re-use of the existing 42” pipe.

Water Resources Manager’s Report: District Water Resources Manager Koch reported on the following: • Monthly and Water Year to date water use at expected levels.• The report graph shows the amount of water in Dry Creek Reservoir outlining what percentage is

drought protection and what is Windy Gap water.• 200-acre feet of Windy Gap water to be moved into storage; the net amount of District water totals

remains the same.• It was suggested the Board consider how much Windy Gap water the District orders as Windy Gap

water can only be used at the Barefoot Lakes development.• Water Resources Manager Koch has been making progress on two Change of Use cases in Water

Court.• Snowpack in the Colorado River Basin at 133% of average. If the weather warms up too quickly

the melting snowpack will runoff rather than be absorbed into the soil.• April 18th, 2019 from 9 am to 2 pm there will be a Board Work Session to discuss Water

Conservation.

Operations Manager’s Report and Water Quality Update: Operations Manager Lambrecht reported on the following:

• Locate requests have remained low, expected to increase soon.• The district has received the building permit for the Modular Office Project.

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• All Beacon Master Meter upgrades have been installed; the District continues to read the mastermeters manually to verify accuracy.

• Beacon Meter supplier has suggested meter reporting issues may be caused by the District usingmetal meter pit lids.

• Operation’s staff have discovered the meters go into sleep mode when there is no activity to recordfor 30 days.

• The District has received 12 units of the new transmitters; for the District to be part of the pilotstudy the manufacturer has to complete the installation.

DIRECTOR REPORTS

There were no director reports.

At 7:18 p.m. President Szmyd called for a 10-minute break.

The Board went into Executive Session at 7:25 p.m. and returned at 8:24 p.m.

There being no further business, it was moved by Director Martens to adjourn the meeting. Motion carried unanimously.

Respectfully submitted,

Michael T. Cook

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Item #: 5.2


Subject: Approval of the minutes of the March 25, 2019 Special Board Meeting


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MINUTES OF THE SPECIAL MEETING OF THE BOARD OF DIRECTORS


The Board of Directors of Little Thompson Water District (LTWD) met in special session on Monday, March 25, 2019 at the District office for the purpose of having an Executive Session pursuant to §24-6-402(4)(f), C.R.S., To discuss personnel matters. Attendance was as follows:

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

Present Present Present Attended via phone Present Present Present

Staff in Attendance: Mike Cook, District Manager Judy O’Malley, Recording Secretary

CALL TO ORDER

President Szmyd called the meeting to order at 11:58 a.m. followed by recitation of the Pledge of Allegiance.

ROLL CALL

Roll call was taken. All Directors were present.

AGENDA REVIEW

It was moved by Director Brandt, seconded by Director McMurtrey, for an Executive Session pursuant to §24-6-402(4)(f), C.R.S. Personnel Matters – District Manager Candidate Review. Motion carried unanimously.



DISCUSSION ITEMS

District Manager Cook and Ms. O’Malley were excused from the meeting.

The Board went into Executive Session at 12:08 pm. The Board returned from Executive Session at 12:26 pm.

It was moved by Director Gallivan-Crist, seconded by Director Brandenburg, to select District Engineer Amber Kauffman as the candidate for District Manager. Motion carried unanimously.

There being no further business, it was moved by Director Martens to adjourn the meeting at 12:30 p.m. Motion carried unanimously.


Michael T. Cook

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Item #: 5.3


Subject: Approval of the minutes of the March 28, 2019 Special Board Meeting


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MINUTES OF THE SPECIAL MEETING OF THE BOARD OF DIRECTORS


The Board of Directors of Little Thompson Water District (LTWD) met in special session on Monday, March 28, 2019 at Adams Bank and Trust, 1201 Lake Ave, Berthoud, CO 80513 for the purpose of having an Executive Session pursuant to §24-6-402(4)(f), C.R.S., to discuss personnel matters. Attendance was as follows:

Board of Directors: Bill Szmyd, President, Acting Secretary Steven Brandenburg Larry Brandt Paul Bukowski Kathy Gallivan-Crist Ed Martens Emily McMurtrey

Present Present Present Excused Absence PresentAttended via Phone Present

Staff in Attendance:

CALL TO ORDER

President Szmyd called the meeting to order at 3:05 p.m.

ROLL CALL

Roll call was taken. It was moved by Director McMurtrey, seconded by Director Gallivn-Crist, to excuse Director Bukowski. Motion carried unanimously. All other directors were present.

AGENDA REVIEW

It was moved by Director Martens, seconded by Director Brandt, for an Executive Session pursuant to §24-6-402(4)(f), C.R.S. Personnel Matters. Motion carried unanimously.



DISCUSSION ITEMS

The Board went into Executive Session at 3:12 pm. The Board returned from Executive Session at 4:26 pm.

There being no further business, it was moved by Director Brandenburg, seconded by Director Gallivan-Crist, to adjourn the meeting at 4:27 p.m. Motion carried unanimously.


Michael T. Cook

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Item: 5.4

Staff: Michael T. Cook, Holly Suess, Judy O’Malley

Subject: Tap List Number 639

Staff Recommendation: Staff recommends approval of Tap List number 639

TAP LIST 639 ~ NEW AND AMENDED CONTRACTS

Tap Commitments Balance Taps with Water Rights Satisfied /Water Dedications 110 Dormant Taps 7

Total Other Tap Commitments 117

TAP # NAME 5/8” URBAN

5/8” STANDARD

OTHER WATER RIGHTS

CIL

8571 KB Home X .35 AF 8572 KB Home X .35 AF 8573 KB Home X .35 AF 8574 Richmond American Homes X .35 AF 8575 Kendra & Matthew Blattner X .7 AF 8576 Barefoot Residential LLC X .35 AF 8577 Richmond American Homes X .35 AF 8578 Loveland Fire Rescue Authority 1” 1.1 AF 8579 Lennar Colorado X .35 AF 8580 Lennar Colorado X .35 AF 8581 Lennar Colorado X .35 AF 8582 Twin Pines Investment X .35 AF 8583 King Family Construction LLC X .7 AF

MARCH 2019 TOTALS 10 2 1 3.50 AF 2.5 AF YEAR-TO-DATE 2019 TOTALS 41 5 1 15.05 AF 3.9 AF TAPS BUDGETED 2019 200 50

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Item Number: 5.5

Staff: Judy Dahl and Angela Diekhoff

Subject:

March 2019 Disbursements

Request approval of the March 2019 Cash Disbursements in the amount of $1,114,707.40.

Operating Account: $862,376.67

ACH Manual Check Numbers 1930 to 1973 – $721,551.67 Check Numbers 9149 to 9197– $140,825.00

Payroll Account: $252,330.73 (Two bi-weekly payroll periods in March)

ACH Transmittal Vouchers 1595 to 1610 – $134,702.04 ACH Direct Deposit Numbers 8650 to 8718 – $117,628.69

Staff Recommendation:

Staff recommends approval.

Discussion:

All expenses are for normal operating costs, with the exception of $106,665 for Capital Costs – District and $108,652 for Capital Costs – Joint.

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Employee Related Expenses 252,330.73$ Water Rights - CBT 320,165.00$ Capital Projects-Joint 108,652.36$ Capital Projects-District 106,665.80$ Assessment Fees 100,162.50$ Filter Plant Ops Expense 97,293.33$ Inventory 27,195.97$ Adams Credit Card- Bldg & Grnds-$42; Conf/Educ-$1734;Office Exp-$16092; Plotter-$6008 23,875.32$ Computer Expense 14,193.63$ System Repairs & Maintenance 10,165.04$ Operations - Utilities 8,145.67$

Engr/CAD/Prof Expenses 6,793.50$ Vehicle Expense 5,143.64$ Office Expense 4,481.69$ Operations and Maintenance 3,818.77$ Service Contracts 3,569.64$ Uniforms 2,839.20$ Communications Expense 2,818.41$ Insurance-Worker Compensation 2,469.00$ Legal - General Counsel 2,172.00$ Water Conservation 2,125.00$ Safety Expenses 1,613.05$ Bldg & Grnds Expense 1,516.39$ Dry Creek Reservoir Expense 1,347.50$ Landscaping/Soil Rebates 1,250.00$ Locate Expense 1,197.06$ Fire Hyd Meter Deposit Refunds 1,096.00$ Water Quality Expense 562.50$ Firestone Surcharge Fee 471.18$ Purchased Water Expenses 209.78$ Customer Refunds 198.74$ Insurance-Property & Casualty 169.00$ Total 1,114,707.40$

Little Thompson Water DistrictCash Disbursements Summary

Check Issue Dates: 03/01/2019-03/31/2019

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Check No Date Payee Description Amount

Operations1967 3/22/2019 Nicholas and Joyce Jenks Water Rights - CBT 320,165.00$ 1939 3/13/2019 Carter Lake Filter Plant Membrane Replacement 99,040.69$ 1943 3/13/2019 Carter Lake Filter Plant Filter Plant Ops Expense 97,293.33$ 1972 3/28/2019 Northern Co Water Cons Dist Assessment Fees 84,752.87$ 9153 3/14/2019 Excavation & Construction Specialist Inc Taft-County Road 17 83,596.17$ 1933 3/4/2019 Adams Bank MasterCard Engineering Dept Exp 23,875.32$ 1960 3/11/2019 Stratus Information Systems (ITX) Computer Expense 12,126.00$ 1959 3/11/2019 Dana Kepner Company Inc Inventory 11,238.31$ 1962 3/19/2019 National Meter & Automation Meter Mtn and Repair 10,241.30$ 9185 3/29/2019 Handy Ditch Company Assessment Fees 9,775.50$ 1942 3/6/2019 Foothills Civil Design LLC WCR 34/WCR 13 8,812.50$ 1958 3/11/2019 Carter Lake Filter Plant Permanent Orthophosphate Sys 8,161.60$ 9161 3/14/2019 Larimer County Building Department Office Expansion 7,287.59$ 1930 3/29/2019 Poudre Valley REA Operations - Utilities 6,564.83$ 1954 3/8/2019 Core & Main LP Inventory 5,716.36$ 9184 3/29/2019 Gopher Excavation Inc System Repairs & Maintenance 5,575.00$ 1961 3/13/2019 White Sands Water Engineers Inc. Engr/CAD/Prof Expenses 4,505.00$ 9160 3/14/2019 J-U-B Engineers Inc West 1st St 4,320.00$ 1971 3/28/2019 Southwest Direct Inc Office Expense 3,688.98$ 1964 3/20/2019 Wright Express Fleet Services Vehicle Expense 3,481.17$ 9174 3/29/2019 Ag Equipment Inc. System Repairs & Maintenance 3,000.00$ 1963 3/20/2019 PINNACOL Insurance-Worker Compensation 2,469.00$ 1957 3/13/2019 Carlson Hammond & Paddock Engr/CAD/Prof Expenses 2,288.50$ 9173 3/29/2019 Adobe Systems Incorporated Service Contracts 2,242.68$ 9194 3/29/2019 Starr & Westbrook PC Legal - General Counsel 2,172.00$ 9192 3/29/2019 Resource Central Water Conservation 2,125.00$ 9187 3/29/2019 Jax Outdoor Gear Uniforms - Engineering 2,096.38$ 9170 3/14/2019 Supply Irrigating Ditch Co Assessment Fees 1,964.13$ 1953 3/8/2019 Stratus Information Systems (ITX) Computer Expense 1,840.00$ 1952 3/8/2019 Ferguson Waterworks #1116 System Repairs & Maintenance 1,590.04$ 9181 3/29/2019 Dry Creek Lateral Ditch Co. Assessment Fees 1,500.00$ 1951 3/8/2019 Carter Lake Filter Plant North Plant Wall and HVAC 1,450.07$ 1941 3/6/2019 Arvada Pump Company Dry Creek Reservoir Expense 1,347.50$ 1932 3/18/2019 XCEL Energy Operations - Utilities 1,332.48$ 9195 3/29/2019 Technolink of the Rockies Service Contracts 1,326.96$ 9188 3/29/2019 Kenney Lee Architecture Group Inc Office Expansion 1,322.50$ 1940 3/6/2019 UNCC Locate Expense 1,197.06$ 9183 3/29/2019 Foothills Fire Extinguisher Service Safety Expenses 1,088.00$ 1973 3/21/2019 AT&T Mobility Communications Expense 1,049.61$ 1950 3/8/2019 Home Depot Credit Services PRV Routine Repairs 1,040.31$ 1948 3/28/2019 Verizon Wireless Communications Expense 984.06$ 1949 3/8/2019 POLLARD WATER Operations and Maintenance 858.21$ 9156 3/14/2019 HEI CIVIL Fire Hyd Meter Deposits 850.00$ 9180 3/29/2019 CRAWFORD, ROGER & BARBARA Landscaping Incentives 750.00$ 1956 3/11/2019 Cintas Corporation #737 Bldg & Grnds Expense 722.18$ 9171 3/14/2019 T & T OK Tire Vehicle Expense 717.20$ 9179 3/29/2019 CPS Distributors Inc. Operations and Maintenance 689.66$ 9169 3/14/2019 S & S Sanitation Bldg & Grnds Expense 687.53$ 9189 3/29/2019 Mac Equipment Inc Operations and Maintenance 647.79$ 1938 3/6/2019 Timber Line Electric & Control Beacon Meter Upgrade Project 627.04$ 9158 3/14/2019 Intermill Land Surveying Inc Engineering Dept Exp 600.00$ 1945 3/22/2019 COMCAST Communications Expense 566.35$ 9176 3/29/2019 City of Longmont Water Quality Expense 562.50$ 9186 3/29/2019 ISABELLE, BRIAN OR ALLYSON Soil Amendment Rebates 500.00$ 9159 3/14/2019 Jax Outdoor Gear Uniforms - Distribution 491.93$ 9172 3/14/2019 Town of Firestone Firestone Surcharge Fee 471.18$ 9175 3/29/2019 Boulder & Larimer Cty Irrig & Ditch Co. Assessment Fees 420.00$ 9178 3/29/2019 Cote's Vehicle Expense 404.36$ 9177 3/29/2019 Consolidated Christian-Connors Lateral Assessment Fees 350.00$ 1968 3/25/2019 Sam's Club Office Expense 338.00$ 9191 3/29/2019 PR Diamond Products Inc Operations and Maintenance 305.00$ 9155 3/14/2019 Heavy Duty Truck Repair Vehicle Expense 303.16$

Little Thompson Water DistrictCash Disbursements Detail


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Check No Date Payee Description Amount

Little Thompson Water DistrictCash Disbursements Detail


1936 3/6/2019 Northern Co Water Cons Dist Assessment Fees 300.00$ 1937 3/6/2019 Northern Co Water Cons Dist Assessment Fees 300.00$ 9165 3/14/2019 Northern Co Water Cons Dist Assessment Fees 300.00$ 9166 3/14/2019 Northern Co Water Cons Dist Assessment Fees 300.00$ 1935 3/6/2019 Safety Services Safety Expenses 275.00$ 1947 3/8/2019 John Deere Financial Uniforms - Distribution 250.89$ 1934 3/22/2019 United Power Inc Operations - Utilities 248.36$ 9157 3/14/2019 INSITEUFORM- Fire Hyd Meter Deposits 246.00$ 9150 3/14/2019 Berthoud Ace Hardware Computer Expense 227.63$ 9168 3/14/2019 PMM Advertising Elections, Hearings & Public 224.50$ 1944 3/7/2019 CenturyLink Communications Expense 218.39$ 1970 3/28/2019 Frontier Business Products Office Expense 202.61$ 9164 3/14/2019 Mobile Lab Safety Expenses 201.00$ 9197 3/29/2019 Welch Lateral Ditch Company Assessment Fees 200.00$ 9193 3/29/2019 Rocky Mtn Quick Lube Vehicle Expense 189.75$ 9154 3/14/2019 HCC Surety Group Insurance-Property & Casualty 169.00$ 1955 3/11/2019 Central Weld County Water District Purchased Water Expenses 146.98$ 9151 3/14/2019 CLEVELAND, AARON Customer Refund Overpayments 133.74$ 9190 3/29/2019 MFCP Inc. PRV Routine Repairs 124.92$ 1965 3/21/2019 Town of Berthoud Bldg & Grnds Expense 106.68$ 9163 3/14/2019 Larimer County Engineering Dept. Permit Expense 100.00$ 9182 3/29/2019 Fastenal Company Operations and Maintenance 91.19$ 9167 3/14/2019 PK BERTHOUD - MARK SCHELL Customer Refund Overpayments 65.00$ 1931 3/25/2019 City of Loveland Water & Power Purchased Water Expenses 62.80$ 9149 3/14/2019 Airgas USA LLC Safety Expenses 49.05$ 1946 3/8/2019 Napa Auto Parts Operations and Maintenance 48.91$ 9152 3/14/2019 Cote's Vehicle Expense 48.00$ 1969 3/26/2019 UPS Office Expense 14.60$ 9162 3/14/2019 Larimer County Clerk & Recorder Inclusions/Easements/Liens 13.00$ 1966 3/22/2019 Tractor Supply Credit Plan Operations and Maintenance 12.78$ 9196 3/29/2019 UPS Office Expense -$

Total Operations 862,376.67$

Payroll

Check No Check Date Payee Description Amount

1595 3/7/2019 CCOERA 401 401 Contribution Pay Period: 3/3/2019 9,816.48$

1596 3/7/2019 CCOERA 457 457 Contributions Pay Period: 3/3/2019 8,029.82$

1597 3/7/2019 CDOR CO Withholding Tax Pay Period: 3/3/2019 3,652.00$

1598 3/7/2019 COLONIAL LIFE INSURANCE Voluntary Life Pay Period: 3/3/2019 253.29$

1599 3/7/2019 EFTPS FICA/FWH Tax Deposit Pay Period: 3/3/2019 24,437.74$

1600 3/7/2019 FAMILY SUPPORT REGISTRY Child Support Pay Period: 3/3/2019 223.99$

1601 3/7/2019 TASC FSA FLEX DEPENDENT CARE Pay Period: 3/3/2019 299.99$

1602 3/7/2019 TASC HSA HEALTH SAVINGS Pay Period: 3/3/2019 3,619.76$



1605 3/21/2019 CDOR CO Withholding Tax Pay Period: 3/17/2019 3,182.00$

1606 3/21/2019 CEBT Employee Insurance Pay Period: 3/17/2019 39,792.25$

1607 3/21/2019 EFTPS FICA/FWH Tax Deposit Pay Period: 3/17/2019 21,064.68$

1608 3/21/2019 FAMILY SUPPORT REGISTRY Child Support Pay Period: 3/17/2019 223.99$

1609 3/21/2019 TASC FSA FLEX DEPENDENT CARE Pay Period: 3/17/2019 299.99$

1610 3/21/2019 TASC HSA HEALTH SAVINGS Pay Period: 3/17/2019 2,619.76$

8650-8680 3/7/2019 Direct Deposit Pay Period ending 3/3/2019 60,022.97$

8681 3/7/2019 Gallivan, Kathleen M Two Board Meetings 220.66$

8682 3/7/2019 Bukowski, Paul H Two Board Meetings 281.19$

8683 3/7/2019 Szmyd, William R Three Board Meetings 311.13$

8684 3/7/2019 Martens, Edward M Three Board Meetings 313.33$

8685 3/7/2019 Brandt, Larry R Three Board Meetings 310.45$

8686 3/7/2019 Brandenburg, Steven T Two Board Meetings 201.86$

8687 3/7/2019 McMurtrey, Emily J Three Board Meetings 304.93$

8688-8718 3/21/2019 Direct Deposit Pay Period ending 3/17/2019 55,662.17$

Total Payroll 252,330.73$

Total Cash Disbursements 1,114,707.40$

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Item Number: 5.6

Staff: Judy Dahl

Subject: Discussion of the Financial Reports.

Staff Recommendation: Staff recommends acceptance of the March Financial Reports.

Discussion:

OPERATING FUND:

Operating Revenue – We have collected $1,365,004 which is $136,977 less than budgeted.

Operating Costs – We have spent $2,127,952 which is $220,473 less than budgeted.

Operating Gain (Loss) – We have an operating loss of $762,949 which is $83,495 less than budgeted.

NON-OPERATING FUND:

Non-Operating Revenue – We have collected $6,561,370 which is $5,200,330 more than budgeted. We have received $5,236,000 for the PRPA Water Sale.

Capital Costs – District – We have spent $5,964,482 which is $3,758,921 more than budgeted. The $5,200,000 for the PRPA Water Rights Purchase.

Detail of the year to date District Capital Project Expenses:

Capital Project Expense Actual YTD

Annual Budget

Arkin’s Tank $0 $95,000 Beacon Meter Upgrade Project $1,315 $3,050,000 Campion Water Line Replacement $0 $110,000 County Road Improvements $0 $150,000 Dry Creek Feasibility $0 $85,000 Service Connection Expense $20,062 $138,000 Small Line Abandonment $0 $72,000 Taft & County Rd 17 $23,238 $170,000 WCR 34/WCR13 $13,705 $400,000 WCR 54/WCR17 $0 $200,000 West First Street $4,320 $641,000 Vehicle Replacement Program $7,005 $267,517 Furniture & Equipment $18,785 $45,200 Miscellaneous Equipment $0 $24,000 Operations Equipment $477 $105,784 Office Expansion $16,521 $150,000 Water Rights – CBT $320,165 $762,240 PRPA Windy Gap Water Shares $5,000,000 $0 Water Rights – Windy Gap $538,889 $540,000 Water Rights Adjudication $0 $300,000 Total Capital Projects – District $5,964,482 $7,305,741

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Capital Expenses - Joint: We have spent $176,688 which is $70,813 more than budgeted.

Detail of the year-to-date Joint Capital Project Expenses:

Non-Operating Gain (Loss) – We have a net non-operating gain of $418,977 which is $1,369,373 more than budgeted.

CHANGE IN WORKING CAPITAL:

Year-To-Date Change in Working Capital

Actual Budget Actual Above

(Below) Budget

Operating Gain (Loss) $(762,949) $(846,444) $83,495

Non-Operating Fund Gain (Loss) $420,200 $(999,226) $1,370,596

Total Gain (Loss) $(342,749) $(1,845,670) $1,454,091

Capital Project Expense Actual YTD

Annual Budget

CLFP Non-Budgeted Capital $0 $0 CLFP Membrane Replacement $155,132 $353,500 CLFP Permanent Orthophosphate System $18,328 $0 CLFP North Plant Wall and HVAC $2,020 $0 Vehicles & Equipment – Joint $1,208 $17,500 Total CLFP Capital Project Expense $176,688 $371,000

Little Thompson Water District received a premium discount of $3,667.00

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$2,000,000

$2,500,000

$3,000,000

$3,500,000

$4,000,000

$4,500,000

$5,000,000

$5,500,000

$6,000,000

$6,500,000

$7,000,000

$7,500,000

$8,000,000

$8,500,000

$9,000,000

$9,500,000

$10,000,000

$10,500,000

$11,000,000

$11,500,000

$12,000,000

$12,500,000

$13,000,000

$13,500,000

$14,000,000

$14,500,000

$15,000,000

$15,500,000

$16,000,000

LITTLE THOMPSON WATER DISTRICT2019 WORKING CAPITAL GRAPHICAL COMPARISON

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-

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

9,000,000

10,000,000

11,000,000

2019 OPERATING REVENUE & EXPENSE CUMULATIVE

BUDGETED REVENUE BUDGETED EXPENSE ACTUAL REVENUE ACTUAL EXPENSE

-

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

9,000,000

2019 NON OPERATING REVENUE & EXPENSE CUMULATIVE

BUDGETED REVENUE BUDGETED EXPENSE ACTUAL REVENUE ACTUAL EXPENSE

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Current Current Month 2019 2019 YTD 2019Month Month Comp YTD YTD Comp AdoptedActual Budget Bud/Act Actual Budget Bud/Act Budget

OPERATING REVENUEWater Revenue - Base Fee 225,698 228,260 (2,562) 673,465 683,834 (10,369) 2,746,912 Water Revenue - Tier I 73,308 77,186 (3,878) 223,771 238,344 (14,573) 1,159,642 Water Revenue - Tier II 33,943 38,657 (4,714) 110,941 122,589 (11,648) 1,783,016 Water Revenue - Tier III 16,253 16,555 (302) 49,898 51,140 (1,242) 1,049,259 Water Revenue - Tier IV 68,749 69,691 (942) 230,461 216,723 13,738 1,527,695 Wholesale Water Revenue 42,334 30,355 11,979 41,368 91,376 (50,008) 519,224 Water Rental Revenue - - - - - - 20,000 Bulk Water Revenue 16,372 27,500 (11,128) 23,844 82,500 (58,656) 360,000 Other Revenue 4,232 5,200 (968) 11,256 15,475 (4,219) 61,650 Windy Gap Firming Passthrough - - - - - - 58,112 0 - - - - - - -

Total Operating Revenue 480,889 493,404 (12,515) 1,365,004 1,501,981 (136,977) 9,285,510

OPERATING EXPENSESDistribution System 32,710 72,325 (39,615) 126,586 238,675 (112,089) 855,100 Engineering 8,481 13,537 (5,056) 13,865 53,611 (39,746) 226,544 General & Admin 47,773 58,780 (11,007) 183,383 179,440 3,943 704,360 Employee costs 420,913 412,640 8,273 926,723 982,115 (55,392) 3,483,111 Water Treatment 98,418 83,592 14,826 281,523 251,687 29,836 1,153,779 Joint Operations (2,823) - (2,823) (11,038) 51,000 (62,038) 51,000 Assessments 31,574 15,525 16,049 606,909 591,897 15,012 683,939 Debt Service - - - - - - 2,521,620

Total Operating Costs 637,047 656,399 (19,352) 2,127,952 2,348,425 (220,473) 9,679,453

Operating Gain(Loss) (156,158) (162,995) 6,837 (762,949) (846,444) 83,495 (393,943)

NON OPERATING REVENUETap Fees - Current Year 108,500 162,500 (54,000) 358,500 487,500 (129,000) 1,950,000 Cash In Lieu Water Rights 170,000 63,520 106,480 247,000 190,560 56,440 762,240 Tap Installation Revenue 11,500 11,500 - 34,900 34,500 400 138,000 Interest Income 20,283 12,500 7,783 64,644 37,500 27,144 150,000 Gain(Loss) Sales of Assets - - - - - - - Other Fees 24,111 9,950 14,161 32,607 22,150 10,457 115,600 Native Water Dedication - - - 48,830 - PRPA Windy Gap Water Shares - - - 5,236,000 - 5,236,000 - Windy Gap Firming Project - - - 538,889 540,000 (1,111) 540,000

Total Non Op Revenue 334,394 259,970 74,424 6,561,370 1,312,210 5,200,330 3,656,840

NON OPERATING EXPENSESCapital Projects - District 37,371 617,500 (580,129) 62,640 932,500 (869,860) 5,111,000 Vehicles and Equipment 16,631 394,017 (377,386) 42,788 492,501 (449,713) 592,501 Water Rights Purchase 320,165 63,520 256,645 320,165 190,560 129,605 762,240 PRPA Windy Gap Shares - - - 5,000,000 - 5,000,000 - Windy Gap Firming Project - - - 538,889 540,000 (1,111) 540,000 Water Rights Adjudication - 25,000 (25,000) - 50,000 (50,000) 300,000

Total Capital District 374,167 1,100,037 (725,870) 5,964,482 2,205,561 3,758,921 7,305,741

Capital Projects - Joint 110,744 - 110,744 176,688 105,875 70,813 371,000

Non Operating Gain(Loss) (150,516) (840,067) 689,551 420,200 (999,226) 1,370,596 (4,019,901)

Net Gain(Loss) (306,675) (1,003,062) 696,387 (342,749) (1,845,670) 1,454,091 (4,413,844)

LITTLE THOMPSON WATER DISTRICTINCOME AND EXPENSE SUMMARY

FOR MONTH ENDING March 31, 2019

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Prior YTD ActualMonth 2019 2018

CURRENT ASSETSBoard Designated Reserves 12,456,323$ 12,295,008$ 12,569,436$ Legally Restricted Reserves 936,126$ 936,126$ 1,161,964$ Cash In Lieu of Water Rights 1,587,694$ 1,437,529$ 1,510,694$

Total Cash & Cash Equivalents 14,980,142$ 14,668,662$ 15,242,094$

ACCOUNTS RECEIVABLEA/R - Water Revenue 518,371$ 496,061$ 541,644$ A/R - Miscellaneous 13,763$ 130,188$ 26,193$ Tap Receivable 16,856$ Grant Receivable 15,000$ 15,000$ Accrued Interest Receivable 22,560$ 11,563$ Reimbursable Expenses 5,418$ (65)$ 15,000$

Total Accounts Receivable 575,111$ 652,747$ 599,693$

OTHER ASSETSInventory 219,227$ 227,884$ 229,918$ Prepaid Expenses 22,905$ 4,025$ 22,905$ Debt Issuance Costs (10,306)$ (10,306)$ (10,306)$

Total Other Assets 231,826$ 221,602$ 242,517$

CAPITAL ASSETSCLFP Plant Investment 3,625,039$ 3,625,039$ 3,611,985$ CLFP Equity Joint Venture 7,432,221$ 7,432,221$ 7,432,221$ Dry Creek Reservoir 6,508,922$ 6,508,922$ 6,508,922$ Distribution System 65,216,514$ 65,216,514$ 65,216,514$ Easement Rights 454,124$ 454,124$ 454,124$ District Land 1,052,341$ 1,052,341$ 1,052,341$ District Property 9,563,924$ 9,563,924$ 9,563,924$ Auto/Office/Ops Equipment 2,063,371$ 2,063,371$ 2,087,017$ Construction in Progress 3,564,691$ 3,564,691$ 3,564,691$ Accumulated Depreciation (30,127,059)$ (30,127,059)$ (30,127,060)$ Water Rights 65,846,631$ 65,846,631$ 65,846,631$

Total Capital Assets 135,200,719$ 135,200,719$ 135,211,310$

TOTAL ASSETS 150,987,799$ 150,743,731$ 151,295,614$

CURRENT LIABILITIESAccounts Payable 278,326$ 172,997$ 739,231$ P/R, Taxes, Benefits Payable 277,189$ 445,124$ 286,570$ Bond/Loan Interest Payable 21,978$ 21,978$ 21,978$ Current Portion Long Term Debt 2,257,811$ 2,257,811$ -$

Total Current Liabilities 2,835,303$ 2,897,909$ 1,047,779$

LONG TERM LIABILITIESBond/Loan Principal 8,898,756$ 8,898,756$ 11,156,567$ Bond Deferred Loss (Premium/Discount) (127,659)$ (127,659)$ (127,660)$

Total Long Term Liabilities 8,771,097$ 8,771,097$ 11,028,907$

TOTAL LIABILITIES 11,606,400$ 11,669,006$ 12,076,686$

NET ASSETSNet Assets 139,417,473$ 139,417,473$ 128,150,304$ Net Gain(Loss) (36,074)$ (342,749)$ 11,068,624$

Total Net Assets 139,381,399$ 139,074,725$ 139,218,928$

TOTAL LIABILITIES & NET ASSETS 150,987,799$ 150,743,731$ 151,295,614$

LITTLE THOMPSON WATER DISTRICTBALANCE SHEETMarch 31, 2019

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Item Number: 6.1

Staff: Randy Watkins and Judy Dahl

Subject:

Acceptance of the 2018 Audited Financial Statements and Supplementary Information

Staff Recommendation:

Staff recommends acceptance of the 2018 Audited Financial Statements.

Discussion:

The 2018 Year-End Audit Report is included with the Board packet.

The 2018 audit field work was completed on February 14, 2019. The Management Discussion and Analysis was completed by staff March 31, 2019.

In conjunction with the audit of the financial statements, there were no items which were considered to be material weakness or no deficiencies in internal control.

There were no changes or revisions recommended by the audit.

Randy Watkins from Anton Collins Mitchell will be at the meeting to present the audit report and to answer Board questions.

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Little Thompson Water District

Financial Statements and Supplementary Information For the Years Ended December 31, 2018 and 2017

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Contents

Independent Auditor’s Report 1 - 2

Management’s Discussion and Analysis 3 - 8

Basic Financial Statements

Statements of Net Position 9 - 10

Statements of Revenues, Expenses and Changes in Net Position 11

Statements of Cash Flows 12 – 13

Notes to Financial Statements 14 – 27

Supplementary Information

Schedule of Revenues and Expenditures – Budget and Actual (Budgetary Basis) 28 - 31

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Independent Auditor’s Report Board of Directors Little Thompson Water District Berthoud, Colorado We have audited the accompanying financial statements of the Little Thompson Water District (the “District”) as of and for the years ended December 31, 2018 and 2017, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Little Thompson Water District as of December 31, 2018 and 2017, and the changes in its financial position and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

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Other Matters

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis on pages 3 through 8 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with evidence sufficient to express an opinion or provide any assurance.

Other Information

Our audit was conducted for the purpose of forming an opinion on the financial statements that collectively comprise the District’s basic financial statements. The Schedule of Revenues and Expenditures - Budget and Actual (Budgetary Basis) on pages 28 through 31 is presented for purposes of additional analysis and is not a required part of the basic financial statements.

The Schedule of Revenues and Expenditures - Budget and Actual (Budgetary Basis) is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the Schedule of Revenues and Expenditures - Budget and Actual (Budgetary Basis) is fairly stated in all material respects in relation to the financial statements as a whole.

Greeley, Colorado April 11, 2019 DR

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Little Thompson Water District Management’s Discussion and Analysis

For the Years Ended December 31, 2018 and 2017

Introduction

The discussion and analysis is a narrative and analysis of the financial condition and operating results of Little Thompson Water District (the “District”). The water system is owned and operated by the District and it provides treated water services to properties located in Larimer, Weld, and Boulder Counties.

Management’s Discussion and Analysis (“MD&A”) is intended to provide the reader and user of our financial statements with:

an understanding of the financial issues of the District, an overview of the District’s financial activities, an explanation of the changes in the District’s financial position, an explanatory analysis of the variation of the annual, approved budget, and an assessment of any future financial or operating issues of the District.

The MD&A is intended to focus on the 2018 activities, resulting changes, and currently known facts and conditions, it should be read in conjunction with the District’s basic financial statements.

Financial Highlights 2018 compared to 2017

Total operating revenues were $9,213,217, an increase of $267,821. Total operating expenses were $8,320,261, an increase of $957,085. Total debt service principal and interest were $2,520,128 a decrease of $9,299,843. Total non-operating revenues and cash capital contributions were $10,721,248, a decrease of

$4,221,283. Total capital expenses, including water right purchases were $3,578,392, a decrease of $6,312,458. The total revenues on a budgetary basis exceeded the expenses on a budgetary basis by $7,314,348. Principal paid on long term debt was $2,205,375. Long-term debt decreased to $11,156,566 Net capital assets were $131,575,680, an increase of $4,677,791.

Overview of the Financial Statements

The financial statements included in this annual report are those of a political subdivision of the State of Colorado, governed by Colorado Revised Statutes Title 32 Special District engaged only in a business-type activity. As an enterprise fund, the District’s basic financial statements are comprised of two components: 1) the financial statements and 2) notes to financial statements used to explain in more detail some of theinformation in the financial statements.

Required Financial Statements

The District’s financial statements report information using accounting methods that conform with U.S. generally accepted accounting principles and similar to those used by the private sector. These statements provide both long term and short term information about the District’s overall financial status. The audited financial statements and related notes are shown on pages 9 to 27.

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Statements of Net Position - reports the District’s current financial resources (short-term spendable resources) with capital assets and long-term obligations. The statements provide information about the nature and the amounts of investments (assets) and the obligations owed to the District (liabilities). It provides the basis for evaluating the capital structure of the District and assessing the liquidity and financial flexibility of the District. However, other non-financial factors should be considered, such as changes in economic conditions and the effects of new or changed governmental legislation.

Statements of Revenues, Expenses and Changes in Net Position - reports the District’s operating and non-operating revenues and expenses. Operating expenses include all operational costs of the District including depreciation and impairment loss. Non-operating expenses include the net loss from joint venture and debt interest expense.

Statements of Cash Flows - reports the District’s cash flows from operating activities, investing, capital and non-capital activities.

Notes to Financial Statements - provide additional, required disclosures about the District, including its accounting policies and practices, its financial positions and operating activities, and other required information. The information included in the notes is essential to a full understanding of the information contained in the financial statements.

Other Supplementary Information

Schedule of Revenues and Expenditures - Budget and Actual (Budgetary Basis) - provides information comparing the budgeted revenue and expenditure activities with the actual revenue and expenditure activities. There was an amendment to the originally adopted 2018 budget. Though this schedule is not required as part of the audited financial statements, it is added for review as other supplementary information.

Condensed Comparative of Financial Information

The following tables of condensed comparative financial information offer summaries of the financial information contained in the District’s financial statements.

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Condensed Comparative of Financial Information Statements of Net Position

2018 2017 2016Assets

Current Assets $14,059,827 $7,273,959 $9,709,844Restricted Assets 2,034,753 1,382,445 1,581,895 Capital Assets, net 131,575,680 126,897,889 109,573,773 Other Assets 3,625,039 3,611,985 3,731,907

Total Assets 151,295,299 139,166,278 124,597,419 Deferred Outflows of Resources

Unamortized Deferred Loss on Bond Refunding 127,659 185,564 133,381

Liabilities

Current Liabilities 2,868,275 2,730,844 2,471,338Long-Term Liabilities 9,137,207 11,392,403 13,486,764

Total Liabilities 12,005,482 14,123,247 15,958,102 Net Position

Net Investment in Capital Assets 120,536,467 113,702,940 94,321,630 Restricted:

Bond and Loan Reserve Unrestricted

2,034,753 16,846,256

1,382,445 10,143,210

1,581,895 12,869,173

Total Net Position $ 139,417,476 $ 125,228,595 $108,772,698

Condensed Comparative of Financial Information Statements of Revenues, Expenses and Changes in Net Position

2018 2017 2016

Operating Revenues $9,213,217 $8,945,396 $8,321,380

Less: Operating Expenses (6,521,597) (5,713,627) (5,630,376)

Less: Depreciation (1,798,664) (1,649,549) (1,570,803)

Operating Income 892,956 1,582,220 1,120,201

Non-Operating Revenues (Expenses) 1,162,616 (438,913) (378,364)

Contributed Capital 12,133,309 15,312,590 17,443,357

Change in Net Position 14,188,881 16,455,897 18,185,194

Net Position Beginning of Year 125,228,595 108,772,698 90,587,504

Net Position, End of Year $139,417,476 $ 125,228,595 $ 108,772,698

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Condensed Comparative of Financial Information Statements of Cash Flows

2018 2017 2016

Cash from Operating Activities $ 2,638,404 $3,275,104 $2,684,699

Cash from Non-Capital Financing Activities 1,312,116 215,861 93,309

Cash from Capital and Related Financing Activities 3,350,268 (6,237,548) (1,600,020)

Cash from Investing Activities (9,040,612) 253,779 234,804

Net Change in Cash and Cash Equivalents (1,739,824) (2,492,804) 1,412,792

Cash and Cash Equivalents at Beginning of Year 6,352,647 8,845,451 7,432,659

Cash and Cash Equivalents at End of Year $4,612,823 $6,352,647 $8,845,451

Analysis of Financial Position and Operating Results

Tap sales and water rights were $9,211,600 or 2% more than budget and up $2,981,825 from 2017.

Assets increased by $12,129,021 in 2018, due to more system upgrades, water right purchases, contributed capital and the contribution of water rights.

Debt decreased by $2,205,375 due to decrease in principal on the 2011 and the 2014 Water Revenue Bonds, and the 2017 A&B Loans Payable.

Operating revenue was $9,213,217 or 16% under budget due to less water sales than projected.

Mineral Lease Revenue was $1,102,853 due to the sale of one of our mineral leases.

Earnings on investments increased by $151,885 because of an increase in the earnings rate. DRAF

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Schedule of Revenues and Expenditures Budget Budget to Actual (Budgetary Basis)

Year Ended December 31, 2018

Revenues Final

Budget Actual Variance 2017

Operating $10,993,858 $9,213,217 $(1,780,641) $8,945,396 Non-Operating 283,600 1,509,648 1,226,048 270,190 Debt Proceeds - - - 9,233,977 Tap Fee/Water Rights 9,030,950 9,211,600 180,650 6,229,775

Total Revenues $20,308,408 $19,934,465 $ (373,943) $24,679,338

Distribution 990,180 1,295,270 (305,090) 1,157,714 Administration 692,263 641,742 50,521 623,773 Engineering 225,355 109,687 115,668 62,084 Employee Costs 2,732,216 2,757,801 (25,585) 2,395,754 CLFP & Joint Costs 1,063,787 1,114,659 (50,872) 942,713 Water Assessments 747,304 602,438 144,866 531,589 Debt Service 2,558,334 2,520,128 38,206 11,819,971 Capital Improvements 4,554,425 3,578,392 976,033 9,890,850

Total Expenses $13,563,864 $12,620,117 $943,747 $27,424,448

Excess (deficiency) $6,744,544 $ 7,314,348 $569,804 $(2,745,110)

Total revenue was less than budgeted by $373,943.

Total expenditures, including capital expenses, were less than budgeted by $943,747.

Additional explanations to follow: Distribution costs increased by $137,556; primarily due to increased system repairs and maintenance. Administration and general expense increased by $17,969 due to additional contract service costs. Engineering expenses increased by $47,603 due to more focus on water consulting and more mapping

related expenses. Employee costs increased by $362,047 because of change in key positions and the additions of 3

positions in the organization. Carter Lake Filter Plant and Dry Creek Reservoir joint operations increased by $171,946 because of

an increase in water treatment and a rate increase. The District’s debt was $11,156,566 and $13,361,941 in 2018 and 2017, respectively. The decrease

was due to the retirement of $2,205,375 of principal on this debt. Further debt information isavailable in the notes (see pages 23-26).

Total capital expenditures were $976,033 less than budgeted and $6,312,458 less than in 2017 mainlydue to fewer capital projects and more water right purchases.

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Major additions in 2018:

We sold taps and PRPA water rights for a total of $9,211,600 in revenue. The District acquired by purchase 19 units of C-BT Water for $524,300 and 5 units of Windy Gap Water

for $467,000. We sold a gas mineral right for $1,100,000. We received $157,675 for Tap Installation Revenue and we expended $105,243 on new service

connections. The District shared in the cost of upgrades to Carter Lake North and South Filter Plants for a cost of

$116,930. We spent $328,992 Vehicle replacements and Equipment purchases and we disposed of $105,493 in

Vehicles and Equipment. We added $2,709,123 in distribution system upgrades through district capital projects as well as

developer contributed capital projects and we added $1,854,390 in construction in progress.

Contracts and Agreements

The District is party to several contracts and cooperative agreements concerning the transfer and sale of water and providing emergency assistance as requested. The District has agreements with the cities of Loveland, Johnstown, Berthoud, and Greeley, and the Central Weld County, Fort Collins/Loveland, Long’s Peak, and North Carter Lake Water Districts.

Economic and Other Factors

Overall, retail water revenues increased in 2018 because of growth in the District and warmer summer resulting in more outdoor water usage. Our tap sales decreased slightly however they were more than budgeted. District management utilizes a forecasting program to develop rates and fees that will ensure the District remains a financially sound entity. There was a small amount of growth throughout the District and in Larimer, Weld, and Boulder counties in 2018. Operating expenses have increased because of a conscious decision to be proactive with more repairs and maintenance of our system. More operating expenses were allocated to system maintenance, general administration and employee costs.

The annual rate and extent of future growth and development within the District will be materially affected by management, zoning and land use procedures and policies established by Larimer, Weld, and Boulder Counties. Each of these governmental entities control growth in the areas under their governments and the policies and procedures are outside the control or influence of the District.

Financial Contact

The District’s financial statements are designed to present users (customers, citizens, creditors) with a general overview of the District’s finances and to demonstrate the District’s accountability. If you have any questions about the report or need additional financial information please contact the District Business Manager, Little Thompson Water District, 835 E. Hwy. 56, Berthoud, CO 80513 or at (970)532-2096.

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December 31, 2018 2017

AssetsCurrent assets

Cash and cash equivalents 4,612,823$ 6,352,647$ Investments 8,594,518 -Receivables 599,663 673,044 Prepaid items 22,905 18,330 Inventories 229,918 229,938

Total current assets 14,059,827 7,273,959

Non-current assetsRestricted assets

Cash and cash equivalents 2,034,753 1,382,445

Capital assetsDistribution system 65,216,513 62,507,390 Carter Lake Filter Plant improvements 9,563,923 9,446,993 Dry Creek reservoir dam 7,432,221 7,432,221 Buildings and improvements 692,950 692,950 Vehicles and equipment 1,905,891 1,682,392 Intangible assets 157,481 157,481

Total depreciable assets 84,968,979 81,919,427

Less: accumulated depreciation (30,127,058) (28,410,241) Total depreciable assets, net 54,841,921 53,509,186

Land, easements and reservoir 7,322,437 7,322,437 Water rights 65,846,631 64,248,631 Construction in progress 3,564,691 1,817,635

Total capital assets, net 131,575,680 126,897,889

Other assetsInvestment in joint venture 3,625,039 3,611,985

Total non-current assets 137,235,472 131,892,319

Total assets 151,295,299 139,166,278

Deferred outflows of resourcesUnamortized deferred loss on refunding 127,659 185,564

Total deferred outflows of resources 127,659 185,564 (Continued).


Statements of Net Position

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December 31, 2018 2017

Liabilities Current liabilities

Current portion of bonds and notes payable 2,257,811 2,205,375 Accounts payable 548,709 450,340 Accrued wages payable 39,777 48,845 Accrued interest expense 21,978 26,284

Total current liabilities 2,868,275 2,730,844

Non-current liabilitiesAccrued compensated absences 228,146 217,265 Bonds and notes payable, net of current portion 8,909,061 11,175,138

Total non-current liabilities 9,137,207 11,392,403

Total liabilities 12,005,482 14,123,247

Net positionNet investment in capital assets 120,536,467 113,702,940 Restricted:

Debt service and loan reserves 2,034,753 1,382,445 Unrestricted 16,846,256 10,143,210

Total net position 139,417,476$ 125,228,595$ The accompanying notes are an integral part of the financial statements.

(Continued)Statements of Net Position


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For the Years Ended December 31, 2018 2017

Operating revenuesWater sales - treated 9,142,487$ 8,596,087$ Service and other revenue 70,730 349,309

Total operating revenues 9,213,217 8,945,396

Operating expensesDistribution 1,295,270 1,157,714 Administration and general 641,742 623,773 Engineering 109,687 62,084 Employee costs 2,757,801 2,395,754 Carter Lake Filter Plant and Dry Creek Reservoir

operating expenses 1,114,659 942,713 Water assessments and rentals 602,438 531,589 Depreciation 1,798,664 1,649,549

Total operating expenses 8,320,261 7,363,176

Operating income 892,956 1,582,220

Nonoperating revenues (expenses)Grant revenue 107,999 - Earnings on investments 206,214 54,329 Loss on sale of capital assets (8,682) - Mineral lease revenue 1,102,853 177,235 Miscellaneous 101,264 38,626 Equity in net income (loss) from joint venture 13,054 (119,921) Interest expense (360,086) (496,577) Debt issuance costs - (92,605)

Total nonoperating revenues (expenses) 1,162,616 (438,913)

Net income before contributions 2,055,572 1,143,307

Capital contributions 12,133,309 15,312,590

Change in net position 14,188,881 16,455,897

Net position at beginning of year 125,228,595 108,772,698

Net position at end of year 139,417,476$ 125,228,595$ The accompanying notes are an integral part of the financial statements.


Statements of Revenues, Expenses and Changes in Net Position

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Cash flows from operating activities:Cash received from customers 9,286,598$ 8,933,407$ Cash paid to suppliers (3,890,393) (3,279,165) Cash paid to employees (2,757,801) (2,379,138)

Net cash flows from operating activities 2,638,404 3,275,104

Cash flows from noncapital financing activities:Mineral lease revenue 1,102,853 177,235 Other non-operating revenues 101,264 38,626 Federal and state grant revenue 107,999 -

Net cash flows from noncapital financing activities 1,312,116 215,861

Cash flows from capital and related financing activities:Contributed capital 9,211,600 6,229,775 Acquisition and construction of capital assets (3,356,168) (9,770,189) Proceeds from disposition of capital assets 14,964 - Proceeds from long-term debt - 9,233,977 Principal paid on long-term debt (2,205,375) (11,228,490) Interest paid (314,753) (610,016) Debt issuance costs - (92,605)

Net cash flows from capital and related financing activities 3,350,268 (6,237,548)

Cash flows from investing activities:Earnings on investments 206,214 54,329 Purchase of investments (8,594,518) - Net change in cash and cash equivalents

restricted for debt service and loan reserves (652,308) 199,450

Net cash flows from investing activities (9,040,612) 253,779

Net change in cash, cash equivalents, and investments (1,739,824) (2,492,804)

Cash, cash equivalents and investments at beginning of year 6,352,647 8,845,451

Cash, cash equivalents and investments at end of year 4,612,823$ 6,352,647$ (Continued).


Statements of Cash Flows

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Reconciliation of operating income to net cash flows from operating activities:Operating income 892,956$ 1,582,220$ Adjustments to reconcile operating income to

net cash flows from operating activities:Depreciation 1,798,664 1,649,549 Changes in operating assets and liabilities:

Receivables 73,381 (11,989) Prepaid items (4,575) 4,826 Inventories 20 (49,756) Accounts payable (123,855) 83,638 Accrued wages payable (9,068) 6,244 Accrued compensated absences 10,881 10,372

Net cash flows from operating activities 2,638,404$ 3,275,104$

Noncash investing, capital and financing activities:Net income (loss) from joint venture 13,054$ (119,921)$ Capital assets acquired with contributed capital 2,921,709$ 9,082,815$ Capital assets acquired with accounts payable 222,224$ 120,661$ Amortization of bond premiums 8,266$ 10,498$ Amortization of deferred loss on refunding (57,905)$ (58,958)$

The accompanying notes are an integral part of the financial statements.

Little Thompson Water DistrictStatements of Cash Flows

(Continued)

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Little Thompson Water District Notes to Financial Statements December 31, 2018 and 2017

1. Summary of Significant Accounting Policies

Form of Organization

The Little Thompson Water District (the “District”) is organized under the provisions of Section 32-1-305 (6) of the Colorado Revised Statutes (“CRS”). It is a quasi-municipal corporation and a political subdivision of the State of Colorado with all powers thereof which includes the power to levy taxes against property within the District.

The financial statements of the District have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) as applied to government units. The Governmental Accounting Standards Board (“GASB”) is the accepted standard-setting body for establishing governmental accounting and financial principles. The more significant of the District’s accounting policies are described below.

Reporting Entity

As defined by GAAP established by the GASB, the financial reporting entity consists of the primary government, as well as component units, which are legally separate organizations for which elected officials of the primary government are financially accountable. Financial accountability is defined as:

1) Appointment of a voting majority of the component unit’s board, and either, a) the ability to imposeits will by the primary government, or b) the possibility that the component unit will provide afinancial benefit to or impose a financial burden on the primary government; or

2) Fiscal dependency on the primary government.

Based on the above criteria, there are no other organizations that would be considered component units of the District.


The District is a special-purpose government engaged only in business-type activities. As such, enterprise fund financial statements are presented.

Basis of Accounting

Proprietary funds, which include enterprise funds, are accounted for on a flow of economic resources measurement focus using the accrual basis of accounting. Therefore, all assets, deferred outflows of resources, liabilities, and deferred inflows of resources associated with the operation of this fund are included in the statement of net position. Revenues and expenses are recorded in the accounting period in which they are earned or incurred, and they become measurable. Net position is segregated into net investment in capital assets, restricted for debt service and loan reserves, and unrestricted net position. Proprietary fund-type operating statements present increases (e.g., revenues) and decrease (e.g., expenses) in total net position. Proprietary funds are used to account for activities similar to those found in the private sector, where the determination of net income is necessary or useful to sound financial administration.

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Budgets and Budgetary Accounting

An annual budget and appropriation resolution is adopted by the Board of Directors (the “Board”) in accordance with state statutes. The budget is prepared on a basis consistent with GAAP except that capital asset additions and principal payments are budgeted as expenditures and debt proceeds are budgeted as revenues.

The budget process timeline is as follows:

1. On or about October 15, the District staff submits to the Board a proposed operating budget for thefiscal year commencing the following January 1. The operating budget includes proposedexpenditures and the means of financing them.

2. Public hearings are conducted at regular Board meetings to obtain taxpayer comments.

3. Prior to December 15, the budget is legally adopted by the Board.

4. Unused appropriations lapse at the end of each year.

The following is a summary of the original budget, total revisions, and revised budget for fiscal year 2018:

Cash and Cash Equivalents

The District considers all highly liquid investments with original maturities of three months or less which are available for operating expenditures to be cash equivalents. Short term investments, consisting of funds invested in a local government investment pool (Note 2) are considered to be cash equivalents and are measured at net asset value, which approximates fair value.

Investments

Investments, consisting of certificates of deposit with original maturities of greater than three months are measured at fair value in accordance with GASB Statement No. 72, Fair Value Measurement and Application.

Allowance for Doubtful Accounts

The District’s receivables are due from commercial and residential customers within the District service area. The District’s policy for collections is limited to the right to discontinue service and to place liens on property. The District has determined that no allowance is necessary at December 31, 2018 or 2017, based on historical collection experience, and the ability to place liens on property.

Original Total RevisedBudget Revisions Budget

Enterprise fund expenses 12,891,864$ 672,000$ 13,563,864$

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Revenue Recognition

Revenues are recognized when earned. Metered water accounts are read and billed three times a month on 30 day cycles. Unbilled water charges are accrued for the period from the last meter reading through year-end and are included in receivables. Unbilled accounts receivable, included in receivables, amounted to $135,263 and $152,436, at December 31, 2018 and 2017, in the accompanying statements of net position, respectively.

Inventories

Inventories, consisting primarily of operating supplies for water meter repair and installation, have been valued at cost, using the average cost method of accounting.

Capital Assets

Capital assets are defined by the District as assets with an initial, individual cost of more than $5,000 and an estimated useful life in excess of one year. Such assets are valued at historical cost or estimated historical cost if actual historical cost is not available. Donated capital assets are valued at their estimated fair value on the date donated. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend the asset’s life are expensed. The District’s intangible assets are software which is being amortized over its estimated useful life as shown below.

Depreciation of capital assets is charged as an expense against operations. Depreciation has been provided over the estimated useful lives using the straight-line method. The estimated useful lives are as follows:

Description Estimated Lives

Water rights N/ALand, easements, and Dry Creek Reservoir N/AConstruction in progress N/ADistribution system 10 - 50 yearsCarter Lake Filter Plant improvements 20 - 50 yearsDry Creek Reservoir Dam 100 yearsBuildings and improvements 20 - 50 yearsVehicles and equipment 3 - 20 yearsIntangible assets - software 10 yearsDR

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Joint Venture

The District is a participant with Central Weld County Water District (“CWCWD”), in a joint venture to operate Carter Lake Filter Plant (the “Plant”), the filter plant from which the District and CWCWD purchase 100% of their water. The Plant is governed by a six-member board of directors composed of three appointees from the District and three from CWCWD. The District and CWCWD are each charged for their respective share of the water purchased from the Plant, and may be assessed for capital improvements made at the Plant on a periodic basis. Beginning in 2008, the District and CWCWD revised the joint venture agreement in order to change the way that major improvements to the Plant are funded. Major capital improvements to the Plant are no longer funded by the Plant, with assessments issued to each district; but rather, they are funded by the individual districts independently, and included in each of the district’s capital assets. As such, the depreciation expense for these assets has also been reflected in the financial statements of the District and CWCWD. The District’s net investment and its share of the operating results of the District are reported in the accompanying statements of net position, and revenues, expenses and changes in net position. The District’s equity interest in the Plant was $3,625,039 and $3,611,985 at December 31, 2018 and 2017, respectively. Complete financial statements for the Plant may be obtained from the Plant’s administrative office at 7100 W. County Road 8-E, Berthoud, Colorado 80521.

Debt Issuance Costs

Debt issuance costs are recognized as an expense during the period of issuance.

Debt Related Deferrals

Premiums and discounts and losses on refunding are deferred and amortized to interest expense over the life of the debt using the effective interest method. The net premiums and discounts are presented as an adjustment to the face amount of the debt. Deferred losses on refunding are reflected as a deferred outflow of resources in the accompanying statements of net position.

Accrued Compensated Absences Payable

Obligations associated with the District’s vacation policy are recorded as a liability and expense when earned to the extent that such benefits vest to the employee. The amount of the accrued and unpaid balance due under this policy is considered a long-term liability.

Contributions in Aid of Construction

Contributions of cash, transmission lines and water rights to the District by developers, customers or by agreements with others are treated as capital contributions on the District’s statement of revenues, expenses and changes in net position.

Net Position

Net position is classified in the following categories:

Net Investment in Capital Assets - This category groups all capital assets into one component of net position. Accumulated depreciation of these assets and related debt balances reduce this category.

Restricted Net Position – This category presents external restrictions imposed by creditors, grantors, contributors or laws or regulations of other governments and restriction imposed by law through constitutional provisions or enabling legislation.

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Unrestricted Net Position - This category represents the net position of the District which is not restricted for any project or other purpose. A deficit will require future funding.

When both restricted and unrestricted resources are available for use, it is the District’s policy to use restricted resources first, then unrestricted resources as they are needed.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, deferred outflows of resources, liabilities, and deferred inflows of resources and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Reclassifications

Certain amounts in the 2017 financial statements have been reclassified for comparative purposes to conform to the current year financial statement presentation. These reclassifications had no effect on previously reported net position or change in net position.

2. Cash and Investments

Deposits

Colorado state statutes govern the entity’s deposits of cash. For deposits in excess of federally insured limits, CRS require the depository institution to maintain collateral on deposit with an official custodian (as authorized by the State Banking Board). The Colorado Public Deposit Protection Act (“PDPA”) requires state regulators to certify eligible depositories for public deposit. PDPA requires the eligible depositories with public deposits in excess of the federal insurance levels to create a single institutional collateral pool of obligations of the State of Colorado or local Colorado governments and obligations secured by first lien mortgages on real property located in the State. The pool is to be maintained by another institution or held in trust for all uninsured public deposits as a group. The market value of the assets in the pool must be at least 102% of the uninsured deposits. At December 31, 2018 and 2017, the District had deposits with a financial institution with a carrying amount of $3,668,019 and $5,908,904, respectively. The bank balances with the financial institution were $3,705,436 and $5,888,096, respectively. Of these amounts, $250,000 and $250,000 was covered by federal depository insurance. The remaining balances of $3,455,436 and $5,638,096, respectively, were collateralized with securities held by the financial institutions’ agents but not in the District’s name.

At December 31, 2018 and 2017, the District had cash and cash equivalents balances as follows (includes restricted cash):

2018 2017

Cash on hand 400$ 400$ Bank deposits 3,668,019 5,908,904 Local government investment pool 2,979,157 1,825,788

Total 6,647,576$ 7,735,092$

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Little Thompson Water District Notes to Financ

Directors: Bill Szmyd, President Michael T. Cook, PE ...It was moved by Director Bukowski, seconded...

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Transcript of Directors: Bill Szmyd, President Michael T. Cook, PE ...It was moved by Director Bukowski, seconded...