HomeMy Public PortalAboutExhibit MSD 94K - CIRP Financing Plan FY15-FY16 Variance Analysis
2015
2016
2015
2016
2015
2016
1
60134000
50835800
60134000
233053202
91440861
233053202
172919202
40605061
172919202
2
180000000
175000000
355000000
0
171526268
171526268
-180000000
-3473732
-183473732
3
35000000
35000000
70000000
50000000
30000000
80000000
15000000
-5000000
10000000
4
0
0
0
0
0
0
0
0
0
5
26208000
42200000
68408000
40000000
40000000
80000000
13792000
-2200000
11592000
5.0999999999999996
0
0
0
11986382
12465837
24452219
11986382
12465837
24452219
6
538600
561900
1100500
502407
524621
1027028
-36193
-37279
-73472
7
1531700
1358900
2890600
860000
810000
1670000
-671700
-548900
-1220600
8
303412300
304956600
557533100
336401991
346767587
591728717
32989691
41810987
34195617
9
237929000
260257000
498186000
244561131
237635101
482196232
6632131
-22621899
-15989768
10
2000000
2000000
4000000
0
-2000000
-2000000
-4000000
11
2747500
2677500
5425000
400000
1695000
2095000
-2347500
-982500
-3330000
12
9900000
9625000
19525000
8728350
8728350
-9900000
-896650
-10796650
13
252576500
274559500
527136000
244961131
248058451
493019582
-7615369
-26501049
-34116418
14
50835800
30397100
30397100
91440860
98709136
98709135
40605060
68312036
68312035
CIRP Financing Plan FY15-FY16 Variance Analysis
Table 3-9
Wastewater Capital Improvement Program Financing
2010/2011 Rate Change Proceedings
2015 Rate Change Proceedings
Variance
Analysis
Fiscal Year Ending June 30,
Line No.
Description
2-Year Total
$
Source of Funds
Beginning of Year Balance
Actual balances were higher mostly as a result of more cash financing of construction, unspent bond proceeds from FY14, and lower project spending. Lower project spending was the result
of favorable bid pricing.
Revenue Bond Proceeds
Unspent bond proceeds from FY14 eliminated the need to issue Senior Revenue Bonds in FY15.
State Revolving Loan Proceeds
The State made more State Revolving Loan funds available to the District than anticipated at the time of the last Rate Change Proposal.
Commercial Paper
Cash Financing of Construction
Savings related to Debt Service expenses made more money available for cash financing of construction.
Capitalized Internal Labor
In the 2011 Rate Change Proposal, the impact of capitalized internal labor was not included as a source of funds. However, it is essentially another form of PAYGO (or Cash Financing
of Construction.)
Grants & Contributions (a)
Interest Income (b)
Interest Rate assumptions in the 2011 Rate Change Proposal were 1%, but due to the current rate environment assumptions for the current Rate Change Proposal are 0.5%.
Total Funds Available
Application of Funds
Major Capital Improvements
See response to question 2.
Improvement Fund Projects
Improvement Fund Projects were consolidated with other Major Capital Improvements in the current Rate Change Proposal.
Issuance Costs (c)
Revenue Bond Reserve Funds (d)
Total Application of Funds
End of Year Fund Balance
Notes below pertain to 2011 Rate Change Proposal.
(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.
Exhibit MSD 94K