25c - Laserfiche WebLink

Home Browse Search

The District can reduce their annual operating assessments given the amount of carryover fun ds that have accrued since 2006 and the reduction in legal and engineering fees anticipated in 2009 and in fut ure years. The finan cial ratios presented in Table 4 below are based on the proposed 2009 annual assessment of $46.58 and assuming the Loan is approved. Table 4 . Financial Ratios Financial Rati o Without With project the project Future Year ( 2008) 2009+ 144% 178 % Operating Ratio (revenues/expenses) (strong ) (strong) weak: <100% - average: 100% - 120% - strong: >120% ( 935 K/ 650 K) ( 526K /296 K) Debt Service Coverage Ratio 144% 161% (revenues - expense s)/debt service (strong) (strong) weak: <100% - average: 100% - 120% - strong: >120% (935K - 650K/198K) (893K - 296K/371K 58% 58% Cash Reserves to Current Expenses ( average ) (average) weak: <50% - average: 50% - 100% - strong: >100% (489K/848 K) (387K/667 K) Annual Operating Cost per Acre - Ft. (19,900 AF) $ 42.61 $33.52 (average) (weak) weak: >$ 20 - average: $10 - $20 - strong: <$10 ( 848 K/19.9K) (667 K/19.9K) Collateral : As security for the loan, the District will pledge its assessment revenues. This is in compliance with CWCB Financial Policy #5 (Collateral). Recommendation Staff recommends that th e Board approve an increase of $2,045,250 ($ 2,025,000 for project costs and $ 20,250 f or the 1% Loan Service F ee) to the Bijou Irrigation District, from the Severance Tax Tr ust Fund Perpetual Base Account, at their current interest rate of 2.25% for 30 - years. $4,450,100 ($4,410,000 for proje ct costs and $44,100 for the 1% Loan Service Fe e) embankment. Security for the loan shall be collateral in compliance with CWCB Loan Policy No. 5. S taff further recommends that final approval of the loan be c onditioned upon all other standard all debt. c: Denice Wagner, Secretary Bijou Irrigation District Amy Stengel , AGO 5