Budget Message / Highlights - Metropolitan Water Reclamation ...

METROPOLITAN WATER RECLAMATION DISTRICT OF GREATER CHICAGO
2009 BUDGET
FIVE-YEAR FINANCIAL FORECAST, 2009 - 2013
TABLE IV
CAPITAL IMPROVEMENTS BOND FUND
Appropriable Resources (Cash) 2008 2009 2010 2011 2012 2013
Bond Sales - Limited $0 $300,000 $300,000 $100,000 $0 $150,000
Bond Sales - Unlimited - - - - 150,000
State Revolving Loan Fund Receipts $42,000 45,000 44,000 46,000 48,000 50,000
Investment Income & Miscellaneous Revenue $25,082 13,800 10,600 12,200 12,700 10,700
Grant Funding (TARP + COE) $0 - - - - -
Beginning Cash $588,486 419,231 525,952 490,619 242,201 (34,455)
Total Assets Appropriable ($ in thousands) $655,568 $778,031 $880,552 $648,819 $302,901 $326,245
Expenditures $236,337 $252,080 $389,932 $406,618 $337,356 $240,162
Ending Cash ($ in thousands) $419,231 $525,952 $490,619 $242,201 ($34,455) $86,084
Projected Tax Rate per $100 Equalized Assessed Valuatio 2008 2009 2010 2011 2012 2013
Professional Consulting Services $0 $22,780 $77,657 $79,718 $76,762 $77,267
Employee Cost - Salaries $15,482 17,600 18,035 18,572 19,192 19,902
Employee Cost - Health Care $1,579 1,628 2,149 2,951 2,708 2,854
Capital Projects - Limited Bonds $147,626 145,906 206,300 218,869 174,430 118,707
Capital Projects - Unlimited Bonds $63,430 61,602 84,107 84,823 62,580 18,868
Other Charges $8,220 2,564 1,684 1,684 1,684 2,564
Total ($ in thousands) $236,337 $252,080 $389,932 $406,618 $337,356 $240,162
Projected Appropriation Distribution by Program 2008 2009 2010 2011 2012 2013
1000 Collection $98,776 $78,911 $27,124 $10,788 $12,592 $2,338
2000 Treatment $305,416 101,232 864,813 155,356 54,255 173,235
3000 Solids Processing $31,128 212,083 21,672 15,110 36,354 4,618
4000 Flood & Pollution Control $197,908 322,325 135,510 83,293 92,497 79,437
5000 Solids Disposal $101,727 90,029 884 912 942 975
7000 General Support $8,396 1,948 1,230 1,282 1,342 1,399
TOTAL ($ in thousands) $743,350 $806,526 $1,051,233 $266,741 $197,983 $262,001
DEBT SERVICE FUNDS
EXISTING DEBT 2008 2009 2010 2011 2012 2013
January 1 Debt $1,563,155 $1,526,689 $1,458,184 $1,387,092 $1,331,426 $1,276,002
Annual Current Debt Retirement ($90,466) (68,505) (71,092) (55,666) (55,424) (55,554)
Net Debt $1,472,689 $1,458,184 $1,387,092 $1,331,426 $1,276,002 $1,220,448
PROPOSED FUTURE DEBT 2008 2009 2010 2011 2012 2013
Annual Sale of Bonds
Capital Bonds - Limited $0 $300,000 $300,000 $100,000 $0 $150,000
Capital Bonds - Unlimited $0 - - - - 150,000
State Revolving Fund Bond Issues $54,000 45,000 44,000 46,000 48,000 50,000
Future Debt Retirement $0 - (878) (2,636) (7,618) (17,916)
Proposed New Debt ($ in thousands) $54,000 $345,000 $343,123 $143,365 $40,383 $332,084
PROJECTED DEBT OUTSTANDING $1,526,689 $1,803,184 $1,730,214 $1,474,790 $1,316,384 $1,552,532
Gross levy for existing debt $142,830 $122,691 $119,306 $116,621 $122,984 $120,858
Gross levy for future debt 2,171 37,835 59,482 54,115 89,311
Abatement from investment income ($20,300) - (5,000) (5,000) (5,000) (5,000)
Net Levy $122,530 $124,862 $152,141 $171,104 $172,098 $205,169
Tax Rate (cents) 7.7¢ 7.7¢ 9.2¢ 10.1¢ 10.0¢ 11.7¢
Projected Equalized Assessed Valuation (EAV) $159.092 $162.274 $165.520 $168.830 $172.207 $175.651
(2007 Actual EAV compounded 2% annually) billion billion billion billion billion billion
Note: Totals are rounded
74
74