Hist and Proj Operating Receipts FY 2011 2 17 2010 - DC Water

pay on our debt borrowings, resulting in lower customer bills. DC WASA's ratings for Moody's, Standard & Poor's and Fitch rating
agencies remained at the double "AA" level, the second highest rating category available to state and local issuers.
Aa3
Stable Outlook
AA
Stable Outlook
AA-
Positive Outlook
Implementation of our capital-financing plan continues as planned and meets the dual objectives of providing maximum flexibility
while resulting in as Iowa cost of capital as possible. Specifically, this plan includes three primary components:
• Interim Financing Program - in early FY 2002, we developed a $100 million commercial paper program for this purpose,
which has been extremely successful. Based on current capital spending projections, we believe that a large portion of the
balance - $25 million of our remaining $72 million in commercial paper financing will be utilized in FY 2010 and another $30
million required for FY 2011 prior to the permanent financing anticipated for early FY 2011.
• Permanent Financing - we successfully issued $300 million of tax-exempt senior lien fixed rate revenue bonds in January
2009. The bonds were issued to fund $235 million in new capital projects, take-out $50 million tax-exempt and $15 million
taxable commercial paper. We envision issuing our next permanent financing in late 2010. In order to yield the best possible
interest rate savings, we evaluate our debt portfolio on a regular basis. We anticipate using some traditional and innovative
bonding options to include a rate neutral impact from the digester projects during the period prior to the start of operational
cost savings.
Budget Overview and Performance
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