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St.Vrain and Left Hand Water Conservancy District Agenda Item 24a <br /> July 16-17, 2014 Board Meeting(Updated July 18, 2014) <br /> Page 5 of 5 <br /> maintaining at all times a cash reserve of $30,000. By 2021, augmentation fees will have increased by a <br /> total of 433%. As a worst case scenario where FEMA and State reimbursements are no longer available <br /> to public agencies, augmentation fees would have to be increased by a total of 1300%. It is likely that <br /> the District would offset the majority of such an increase by selling C-BT shares to pay down the loan <br /> principal. <br /> TABLE 4: FINANCIAL RATIOS <br /> Future Future <br /> Financial Ratio Past 3 Years w/Project w/Project <br /> (Without (After <br /> Reimbursements) Reimbursements) <br /> Operating Ratio (revenues/expenses) 84% 101% 103% <br /> weak: <100% average: 100% 120% strong: >120%1 (Weak) (Average) (Average) <br /> I $59K/$70K $359K/$356K $117K/$114K <br /> Debt Service Coverage Ratio 101% 108% <br /> (revenues-expenses)/debt service N/A (Average) (Average) <br /> weak: <100% - average: 100% - 120%``- strong: >120%`` ($359K $77K) ($117K $77K) <br /> 1 $279K $37K <br /> Cash Reserves to Current Expenses 249% 8% 26% <br /> weak: <50% - average: 50% - 100% - strong: >100%1 (Strong) (Weak) (Weak) <br /> $174K/$70K $30K/356K $30K/114K <br /> Annual Operating Cost per Acre-Foot $290 $1,495 $490 <br /> (weak: >$201- average: $10 - $20 - strong: <$10 (`Weak)` (weak)* (weak)* <br /> $70K/240AF $349K/240AF I $117K/240AF <br /> *Annual Operating Cost ratios are intended for water delivery versus fully consumable augmentation <br /> water; therefore, "weak"status is not representative. <br /> Collateral: As security for the loan, the District will pledge its water activity enterprise revenues <br /> backed by a rate covenant as evidenced by annual financial reporting. The District will also pledge <br /> C-BT units valued at a minimum of 110% of the final loan amount. This is in compliance with the CWCB <br /> Financial Policy#5 (Collateral). <br /> cc: Sean Cronin, Executive Director, St. Vrain and Left Hand Water Conservancy District <br /> Susan Schneider/Jennifer Mete, Colorado Attorney General's Office <br /> Attachment: Water Project Loan Program - Project Data Sheet <br />