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<br />Table 3 is a summary ofthe financial aspects of the project. The revised CWCB loan of$2,81l,689, <br />which includes the 1 % loan service fee, would have an annual payment of $1 78,860 (including the 10% <br />reserve requirement) at the loan terms of 4.0% for 30 years. The current approved loan amount of <br />$2,054,189 has an annual payment of$130,673 (including the 10% reserve requirement). <br /> <br />Total Project Cost $4,059,500 <br />Number of Taps Issued 268 <br />CWCB Loan Amount (30 years) $2,811,689 <br />CWCB Loan Payment (includes 10% reserve) $178,860 <br />Current Monthly Water Rate (Incl. base rate, system fee, and aver. use) $58 <br />Future Monthly Water Rate $58 <br /> <br />Table 3. Financial Summary <br /> <br />All existing District loans will be paid off by an increase in the property tax mill levy. The levy was <br />raised to 10.5 in 2004, and it is anticipated that it will be raised to 23.4 in the future. <br /> <br />Creditworthiness: The District has two outstanding long-term debts: (1) a general obligation bond <br />issued in 1998 for $500,000, with an outstanding balance of $250,000 through 2015, with an annual <br />payment of approximately $33,000, and (2) a 2004 and 2006 CWR&PDA loan, having a combined <br />outstanding balance of $821,992, with a combined annual payment of $61,245. <br /> <br />Table 4 shows the Financial Ratios for the District and indicates an overall strong to average ability to <br />cover the CWCB and DWRF loans with the increased property tax. <br /> <br />Table 4. Financial Ratios <br /> <br />Financial Ratio Current With Amended <br /> Project Project <br /> (2007) (2008+) <br />Operating Ratio (revenue/expense) <br />weak: less than 100% 93% 124% <br />average: 100% - 120% strong: greater than 120% (weak) strong) <br />Debt Service Coverage Ratio <br />(revenues-expenses)/debt service 136% 135% <br />weak: less than 100% ( strong) (strong) <br />average: 100% - 125% strong: greater than 125% <br />Cash Reserves to Current Expense <br />weak: less than 50% 21% 160% <br />average: 50% - 100% strong: greater than 100% (average) ( strong) <br />Debt per Tap (268 taps) <br />weak: greater than $5000 $12,340 $14,490 <br />average: $2500 - $5000 strong: less than $2500 (weak) (weak) <br />Monthly Water Bill <br />average: $30 $62 $58 <br />weak: greater than $60 (average) (average) <br /> <br />5 <br />Flood Protection. Water Project Planning and Financing. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />