Ute Stampede Inc. is blaming wet and cool weather during last year's July Stampede for its loss of $2,059.

The association took in $67,044 during the annual three-day stampede last year but spent $69,103. "It rained all three nights of the stampede," said Leo O. Osborne, secretary-treasurer. Osborne said the association should have broken even because expenses were not much above normal. "The weather did it."Ticket sales and royalties are the biggest source of income, said Osborne. Tickets brought in $59,414 and royalties from the City of Fun Carnival added another $3,900. Food-concession royalties added $2,165.

The association made $737 interest on savings and checking accounts, $350 advertising income, $282 sales of caps, and $194 from miscellaneous items, according to the report at the annual Ute Stampede Association's finance and election meeting.

The largest expense was the Flying "U" Rodeo Co., which was paid $28,167 for providing stock, clowns, an announcer and for producing the show. Prize money of $12,000 was the second-largest expense.

The association's net worth as of Jan. 21, 1988, was $12,103.

Ike Lunt was re-elected president and Ted Jones was re-elected as vice president with Osborne, secretary-treasurer, Ches Williams, Maurice Tolley, Russ Jackson and Bob Garrett as directors.