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Home My Public Portal AboutExhibit MSD 94D- CIRP Financing Plan FY11-FY14 Variance Analysis 2011 2012 2013 2014 1 92977300 11909900 10025400 35190400 92977300 2 0 52020000 185000000 215000000 452020000 3 37000000 39999300 35000000 35000000 146999300 4 0 0 0 0 0 5 4650000 19738000 20077000 24717000 69182000 6 454800 474500 1494900 516300 2940500 7 2785200 2170100 1224600 1616800 7796700 8 137867300 126311800 252821900 312040500 771915800 9 122398000 110437000 202639000 234844000 670318000 10 1265000 2000000 2000000 2000000 7265000 11 552200 988300 2817500 3237500 7595500 12 1742200 2861100 10175000 11825000 26603300 13 125957400 116286400 217631500 251906500 711781800 14 11909900 10025400 35190400 60134000 60134000 2011 2012 2013 2014 1 97297933.049999997 44977067.050000012 62749808.200000018 174521667.20000005 97297933.049999997 2 0 58354835.150000006 260097262 159937121 478389218.14999998 3 37000000 39769300 0 52000000 128769300 4 0 0 0 0 0 5 45827221 24947466 25496964 32106014 128377665 6 16635 5795 0 955600 978030 7 2878998 1534915 1245970 2167803 7827686 8 183020787.05000001 169589378.20000002 349590004.20000005 421688205.20000005 841639832.19999993 9 137714720 102817402 160868625 177153378 578554125 10 0 0 0 0 0 11 329000 525105 2130403 1933355 4917863 12 0 3497063 12069309 9548268 25114640 13 138043720 106839570 175068337 188635001 608586628 14 44977067.050000012 62749808.200000018 174521667.20000005 233053204.20000005 233053204.19999993 0 0 0 2011 2012 2013 2014 1 4320633.049999997 33067167.050000012 52724408.200000018 139331267.20000005 4320633.049999997 2 0 6334835.150000006 75097262 -55062879 26369218.150000006 3 0 -230000 -35000000 17000000 -18230000 4 0 0 0 0 0 5 41177221 5209466 5419964 7389014 59195665 6 -438165 -468705 -1494900 439300 -1962470 7 93798 -635185 21370 551003 30986 8 45153487.049999997 43277578.200000018 96768104.200000018 109647705.20000005 69724032.200000003 9 15316720 -7619598 -41770375 -57690622 -91763875 10 -1265000 -2000000 -2000000 -2000000 -7265000 11 -223200 -463195 -687097 -1304145 -2677637 12 -1742200 635963 1894309 -2276732 -1488660 13 12086320 -9446830 -42563163 -63271499 -103195172 14 33067167.049999997 52724408.200000018 139331267.20000002 172919204.20000005 172919204.19999999 1 2 3 4 5 6 7 8 9 10 11 12 13 14 CIRP Financing Plan FY11-FY14 Variance Analysis Table 3-9 Wastewater Capital Improvement Program Financing 2010/2011 Rate Change Proceedings Fiscal Year Ending June 30, 2011-2014 Line No. Description 4-Year Total $ Source of Funds Beginning of Year Balance Revenue Bond Proceeds State Revolving Loan Proceeds Commercial Paper Cash Financing of Construction Grants & Contributions (a) Interest Income (b) Total Funds Available Application of Funds Major Capital Improvements Improvement Fund Projects Issuance Costs (c) Revenue Bond Reserve Funds (d) Total Application of Funds End of Year Fund Balance (a) Includes anticipated contribution form the City of Arnold to reserve capacity in the Lower Meramec River Wastewater Treatment Plant. (b) Interest Income is estimated at 1% of the average of the beginning and end of year balances. (c) Issuance Costs are estimated at 1.40% of the issue amount for Reserve Bonds, 0.65% of the issue amount for SRF Loans, and $25,000 per issue for commercial paper. (d) The required balance in the Revenue Bond Reserve Fund is determined to be the maximum principal and interest payment on senior debt. Actual Results Grants & Contributions Interest Income Issuance Costs Revenue Bond Reserve Funds Variance Variance Analysis Explanation Actual balances were higher mostly as a result of more cash financing of construction and lower project spending. Lower project spending was the result of favorable bid pricing. Over this 4-year period, revenue bond proceeds exceeded projections. The District took advantage of historically low financing rates. In FY13, the State of Missouri rated projects submitted by other entities as higher priority projects than those submitted by MSD. As a result, MSD was not offered any SRF funding in that year. Savings in other areas allowed The District to transfer more cash into the Sanitary Replacement Fund for CIRP. City of Arnold contributions were not accounted for in the fund balances reported in this table as they were in the 2011 Rate Change Proposal. 1% Interest rates projected by the previous Rate Change Proposal were not achieved. For purposes of this analysis, expenditures net of liquidations and other adjustments as reported in the District's Fund Financial Statements have been used. As a result, the numbers reported for Major Capital Improvements will differ from those reported in the answer to Question 1, which was based solely on new appropriations. The numbers from the 2011 Rate Change Proposal were also based on new appropriations. However, the District now recognizes that approach was too simplistic. It does not account for all activity that affects fund balance. It is for this reason, that in the 2015 Rate Change Proposal liquidations were factored into the CIRP projections. No Improvement Fund projects were undertaken. Issuance costs were estimated at 1.4%, but the District was able to reduce this cost to approximately 1%. Revenue bond proceeds exceeded projections due to premiums, not anticipated in the 2011 Rate Model, on those bond issues. Reserves are not required on the proceeds generated by the premiums, only on the par amount of the bonds. The par amount of bonds issued was less than planned, resulting in lower reserve requirements. Exhibit MSD 94D