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.1 . <br />L~ T'orte Are~W~~rAuthorit <br />y <br />PHONE (7 1 3) 471 -5020 • P. O. Box 1 t 1 5 • La PORTE. TExns 77572- 1 i 1 5 <br />May 7, 1992 <br />Randy Galbreath, Chief <br />Audit Section <br />Texas Water Development Fund <br />P.O. Box 13231 Capital Station <br />1700 N. Congress Avenue <br />Austin, Texas 78711-3231 <br />Dear Randy: <br />Enclosed are the Final Accounting Reports for the two La Porte Area Water <br />Authority projects. <br />The Phase I project, which is the Water Purification Plant Project, shows a <br />surplus of $237,912. Included in the expense amount is the accrual of a <br />"catch-up" payment to the City of Houston for the Southeast Plant Project <br />through March 31, 1992. The uses portion of this project shows an amount for <br />initial funding of the Reserve Fund of $63,366. This amount was set aside in <br />accordance with Section 7.04 of the Bond Resolution. <br />The Phase II project, which is the Surface Water Supply Transmission <br />Facilities Project, shows a surplus of $457,206. The Bond Resolution for this <br />project did not require initial funding of the Reserve Fund. <br />In summary, while the Purification Project is substantially complete, we <br />expect further costs and would like to utilize the remaining funds to complete <br />the project. Even though the Transmission Lines Project is complete, we would <br />like to retain the remaining funds for future projects of a similar nature. <br />Any potential project would be submitted to the Texas Water Development Fund <br />for their approval. <br />If you have any questions, please do not hesitate to call. <br />Sincerely, <br />~~ <br />J Litch field, CPA <br />Director of Finance <br />xc: /Authority Board of Directors <br />Robert T. Herrera, General Manager <br />Steve Gillett, Director of Public Works <br />