Flatiron Reservoir is 47 acres of water surrounded by 200 acres of public land. It is located northwest of Carter Lake at an elevation of 5,470 feet and is part of the Colorado-Big Thompson Project operated by the Bureau of Reclamation and the Northern Colorado Water Conservancy District. The purpose of this water project is to divert water from the west slope to the east slope for drinking water, irrigation, and hydropower generation. Reclamation is solely responsible for power generation. The agencies jointly manage water levels for irrigation, municipal, and industry use.