The meeting was called to order by Mike Deck at 4:02 PM. Those in attendance were board members (Mark Johns, Rick Moeller, Bob Farmer and Bob Champ), Mary Wagner (Bookkeeper) and Water System Operators Frank Hauke and Dick Winters. No members of the public were present.

The minutes of the October 20, 2003 minutes were passed out by Mike Deck and discussed. Bob Farmer made the motion that we approve the minutes of the October 20, 2003 meeting. Mark Johns seconded the motion, which passed unanimously.

The minutes of the November 3, 2003 minutes were also passed out by Mike Deck and discussed. Mark Johns made the motion that we approve the minutes of the November 3, 2003 meeting. Bob Farmer seconded the motion, which passed unanimously.

The balance sheet, profit and loss by fund, profit and loss ytd comparison and P&L budget vs. actual (Operating) were discussed. No items were noted to be significantly different than our budget predictions.

Line item 282 - Reserves was discussed with respect to where it should be placed in both the budget and the balance sheet. It was thought that this line item could be moved up into Revenues and Mary will do this with respect to the 2004 Budget.

Frank e-mailed the following report to the board and presented it at the meeting.

Frank also noted that the system did go down once. The problem was identified as a loss of 2 phases shutting down the pumps but this was not noticed by the transfer switch (senses the 3^rd phase) so the generator was not activated. This problem will be looked into by Frank and Dick to see if this can be remedied. It was also thought that the external light could be hooked up so that it would act as a signal when the generator is on. The loss of phase problem was traced to the transformer connection and this was repaired by Xcel Energy.

Budget

Mark Johns made the motion that we open the budget hearing. The motion was seconded by Bob Farmer and unanimously approved. Mike had the proof of publication from the Daily Camera (10/28/03) and noted that the meeting notice was posted in the district. It was noted that the budget can be viewed on the internet at our website. Mark Johns then made the motion that we close the budget hearing. The motion was seconded by Bob Farmer and unanimously approved.

Mike handed out copies of the budget, budget messages and resolutions. The budget was briefly discussed with respect to moving the Transfer from Reserves as previously discussed. Mary will do this in the 2004 budget. Pumpstation Improvements were discussed and it was noted that these will have to be done sometime in the near future. Mike went through the resolutions and elucidated the various aspects of the resolutions.

Rick Moeller made the motion to approve the resolution to certify the mill levy at 22.45 mills for the year 2004. Mark Johns seconded the motion, which was unanimously approved.

Rick Moeller made the motion to pass the resolution to appropriate sums of money for the Water Enterprise Fund and the Debt Service Fund for the year 2004. Mark Johns seconded the motion, which was unanimously approved.

Rick Moeller made the motion that we adopt the budget for the Water Enterprise Fund and the Debt Service Fund for 2004. Mark Johns seconded the motion, which was unanimously approved.

Rick Moeller made the motion that we adopt the budget message for the Water Enterprise Fund and the Debt Service Fund for 2004. Mark Johns seconded the motion, which was unanimously approved.

The resolutions were signed by the President and Secretary and they will be sent to the Division of Local Governments and the County Assessor.

Water Storage:

The surveyor drawings of the easements were faxed to Mike from Terry Kenyon (Engineering). These easements were discussed and it was noted that we would have to get a temporary construction easement on the Steinhauer property. This will necessitate that we obtain a description of this easement via another surveying. Mike will check with Dick Lyons (legal) whether we need an appraisal for this temporary easement. The additional survey will cost about $350. Bob Champ made the motion that we authorize Mark Johns to engage Terry Kenyon for the purpose of obtaining the description of the Steinhauer Easement. Bob Farmer seconded the motion, which passed unanimously.

Mike will contact the Steinhauers with respect to our intent and he will also discuss this with Dick Lyons to obtain a declaration of intent.

Mark Johns noted that he had engaged an appraiser for the Deck Property (Mr. McCarty from Loveland).

A motion was made to adjourn by Bob Farmer, seconded by Mark Johns and unanimously approved. The meeting was adjourned at 5:40 PM.

The above is respectfully submitted by the secretary…Bob Champ, November 18, 2003.