ActionScript: How to Import XML data as a variable (not as an Event)

Question

Hi. I am attempting to import some simple XML data into Flash ActionScript 3.0. I can easily do this as an import that is posted to the stage, but I want to save it as a global variable instead. Here is the XML file that I am pulling from:

<utilitySavings>
<nameof  file="academicWaterSavings">
    <waterValue>100</waterValue>
    <elecValue>200</elecValue>
</nameof>
<nameof  file="dormWaterSavings">
    <waterValue>300</waterValue>
    <elecValue>400</elecValue>
</nameof>
<nameof  file="greekWaterSavings">
    <waterValue>500</waterValue>
    <elecValue>600</elecValue>
</nameof>
<nameof  file="totalWaterSavings">
    <waterValue>1500</waterValue>
    <elecValue>1600</elecValue>
</nameof>

...and here is the actionscript:

    var req:URLRequest = new URLRequest("data.xml");
var loader:URLLoader = new URLLoader();
var utilitySavings:XML;

function xmlLoaded(event:Event):void
{
    utilitySavings = new XML(loader.data);
    academicWater.text = utilitySavings.nameof[0].waterValue;
    academicElec.text = utilitySavings.nameof[0].elecValue;
    var dormWater:String = utilitySavings.nameof[1].waterValue;
    trace (dormWater);
}

loader.addEventListener(Event.COMPLETE, xmlLoaded);
loader.load(req);
trace(academicWater.text);

Notice the 'trace (dormWater)' I want to trace this outside of the function so it is accessible in later in my script. I can trace within the function, but this does me no good. I also am able to get the dynamic text to show up on the stage but, likewise, this does me little good.

I appreciate any help or insights.