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HomeMy WebLinkAbout06.a.1) Financial Analysis re possible funding alternatives for UAAL1 2012 1
Contra Costa County
Employees' Retirement Association
UAAL
FINANCING
ANALYSIS
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Please see accompanying report.
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Central Contra Costa Sanitary District
March 9, 2012
TO: BOARD OF DIRECTORS
VIA: JAMES M. KELLY, GENERAL MANAGER
ANN FARRELL, WENERAL MAN GER /DIRECTOR OF
ENGINEERING
FROM: LL M. MUSGRAVES, DIRECTOR OF ADMINISTRATION
BBIE RATCLIFF, CONTROLLER
COLETTE CURTIS- BROWN, FINANCE ADMINISTRATOR.
SUBJECT: CONTRA COSTA COUNTY EMPLOYEES' RETIREMENT
ASSOCIATION ( CCCERA) UNFUNDED ACTUARIAL ACCRUED
LIABILITY (UAAL) FINANCIAL ANALYSIS
The Board of Directors directed staff to evaluate approaches to determine the most cost
effective approach to funding the District's retirement UAAL. There are three basic
ways to fund the UAAL.
1) Have CCCERA finance at the 7.75% assumed rate of return
2) Raise rates and pay cash in excess of the annual UAAL requirement
3) Debt finance all or a portion of the UAAL
Staff analyzed several scenarios for each method. In summary, the analysis confirmed
what we hypothesized. The more and the sooner the District can pay on the UAAL in
excess of the annual requirement, the more savings accrue from reduced interest
expense. Cash payments generated from raising rates create the greatest savings.
Debt financing using Revenue Bonds at 3.25% saves more interest expense than
Pension Obligation Bonds at 4.86% and more than at the 7.75 %, CCCERA's
Discount Rate.
After analyzing the impact on interest rates, Sewer Service Charge (rates), availability of
debt financing, and future regulatory requirements that may create a need for bonding
capacity, staff has concluded that a hybrid of raising rates over the next three years and
debt financing up to $75 million using Revenue Bonds yields the best balance of raising
Sewer Service Charge rates and preserving bonding capacity for future needs.
UAAL Financing Analysis
March 9, 2012
Page 2 of 2
The attached report analyzes the following options to fund the retirement UAAL.
Fund the UAAL based upon CCCERA's adopted amortization schedule and
interest rate of 7.75 %.
2. Significantly increase the Sewer Service Charge and pay off the UAAL with cash
thereby saving all interest expense.
3. Debt Finance the entire UAAL using Revenue and /or Pension Obligation Bonds
and increase the Sewer Service Charge to pay off the principal and interest
thereby saving interest expense as compared to the 7.75% charged by
CCCERA.
4. Debt Finance a portion of the UAAL using Revenue and /or Pension Obligation
Bonds and increase the Sewer Service Charge to pay off the remainder of the
UAAL thereby saving interest expense as compared to the 7.75% charged by
CCCERA.
Staff analysis has documented'that significant savings are possible by prepaying the
UAAL to avoid or reduce the 7.75% interest charged by CCCERA. However, there is a
concern that the District has limited control over the funds once payments are made to
CCCERA. This raises a number of questions, such as: Can we require that CCCERA
sequester our funds such that they are credited only to the District? What happens in
the future if we become overfunded due to possible changes to our benefit structure?
Therefore, staff is recommending a two -step process as follows:
Request a written agreement from CCCERA identifying the payoff method for the
UAAL and the rules and procedures for early payment. Receive confirmation
that CCCERA will remain de- pooled, allowing monies paid by the District to
CCCERA be credited only to the District's payoff of the UAAL. Obtain
clarification on how future over or under funding with CCCERA will be
addressed. If all of these questions can be answered and an appropriate
agreement crafted to protect the District's interests, then consider proceeding to
step two.
2. If the Board receives a favorable response from CCCERA, conduct additional
analysis and discussions to determine whether to proceed with prepaying the
UAAL and to select the optimum approach. It is recommended that this step take
place after the new finance manager has been selected so that person is
intimately involved in the analysis and decision making regarding this important
issue.
EXECUTIVE SUMMARY
The Board of Directors directed staff to develop a financial analysis to determine the most
cost effective approach to funding the District's retirement UAAL. This document
includes a higher level summary, followed by a more detailed analysis. The subject
matter is complex. Staff will attend the Budget and Finance Committee meeting on
March 12" to provide a detailed discussion and present an overview to the full Board on
March 15'h.
ESTIMATED UNFUNDED ACTUARIAL ACCRUED LIABILITY (UAAL)
The District's UAAL is currently approximately $100 million and is projected to increase to
approximately $122.8 million due to past asset market value loss. A $120 million UAAL
is used in this report, as shown below in Table 1, along with years amortized, CCCERA's
assumed rate, and the estimated annual payment for each year.
Fiscal Year
Table 1 / Executive Summary
Current and Projected CCCERA UAAL
Years
UAAL Amortized
2009-10 $ 36,483,000
2010-11 $ 3,296,000
2011 -12 $ 31,239,235
2012-13 $ 28,823,145
2013 -14 (estimated) $ 20,158,620
Total Projected 2014 -15 UAAL $120,000,000
INVESTMENT RATE OF RETURN
$12,361,776
The Board is well aware of CCCERA's target rate of return at 7.75 %, equal to CaIPERS.
The assumed rate of return has been recently criticized. Many financial professionals
and economists believe it should be reduced to 4 -6 %.
In the Actuarial Evaluation report as of December 31, 2010 Segal Company staff reported
that the ten year average for Market Value Investment Return was 4.48 %, for Actuarial
Value Investment Return was 4.99% and for Valuation Value Investment Return it was
5.61 %, see Attachment C. In addition, Milliman, CCCERA's Investment Advisor, reports
that the ten year rate of return on investments for CCCERA has been 5.7 %, see
Attachment D. Staff requested Bartel and Associates to apply the impact of a 5% and a
6% return on investments on the District's UAAL; this resulted in an UAAL increase from
$122.8 million to approximately $166 million and $159 million respectively.
Accordingly, this report assumes a minimum of $120 million UAAL for the District to
consider paying off.
Assumed
Rate
Annual
Payment
13
7.75%
$4,225,172
17
7.75%
$ 329,777
18
7.75%
$3,040,093
18
7.75%
$2,804,968
18
7.75%
$1,961,766
$12,361,776
The Board is well aware of CCCERA's target rate of return at 7.75 %, equal to CaIPERS.
The assumed rate of return has been recently criticized. Many financial professionals
and economists believe it should be reduced to 4 -6 %.
In the Actuarial Evaluation report as of December 31, 2010 Segal Company staff reported
that the ten year average for Market Value Investment Return was 4.48 %, for Actuarial
Value Investment Return was 4.99% and for Valuation Value Investment Return it was
5.61 %, see Attachment C. In addition, Milliman, CCCERA's Investment Advisor, reports
that the ten year rate of return on investments for CCCERA has been 5.7 %, see
Attachment D. Staff requested Bartel and Associates to apply the impact of a 5% and a
6% return on investments on the District's UAAL; this resulted in an UAAL increase from
$122.8 million to approximately $166 million and $159 million respectively.
Accordingly, this report assumes a minimum of $120 million UAAL for the District to
consider paying off.
Executive Summary
Page 2 of 9
It should also be noted that if CCCERA reduces its assumed rate of return, it will result in
an increase in the normal cost for the employee and employer share.
SCENARIOS
There are three basic ways to fund the UAAL: 1) have CCCERA finance at their
assumed 7.75 rate of return, 2) raise rates and pay cash in excess of the UAAL
requirement, and 3) and /or debt financing.
To assist the Board in determining the best financing method, staff developed several
scenarios for cash, debt financing and combinations of both. Staff originally developed
two scenarios to increase the sewer service charge an additional $10 and $20 dollars
above the increase to pay CCCERA given the amortization periods and interest expense
at 7.75 %. After the scenarios were developed the Budget and Finance Committee asked
for scenarios at the $40 -$60 level. The following page and Attachment E is a summary of
the options staff developed for the financial analysis and Board review.
If the District chose to pay the CCCERA UAAL over the amortized life of the liability, the
payments would be at the CCCERA rate of return rate of 7.75 %. If the District raised
rates and paid the UAAL off sooner, it would in effect lower the interest rate paid, and
realize a savings over what would have been paid to CCCERA otherwise. If the District
sold Revenue Bonds and /or Pension Obligation Bonds at a lower interest rate, then
savings would be realized also.
Staff analyzed cash scenarios (1A -2B), Revenue Bonds versus Pension Obligation
Bonds (3A -4C), Revenue Bonds Plus Cash (5A- C,7A -C, 9A -C), and Revenue Bonds Plus
Pension Obligation Bonds (6A -C, 8A- C,10A -C). As previously noted, additional Cash
scenarios are presented in the body of the report.
The debt financing scenarios have three scenarios for length of term for 15 years, 20
years and 30 years. Staff recommends a 15 year term since the CCCERA amortization
period is 18 years.
CCCERA Payment Schedule at 7.75% Interest
Base Line Scenarios 1 A and 1 B -
Staff developed the Base Line Scenarios, 1A and 1B for $100 million and $120 million
UAAL, respectively. The scenarios simply pay CCCERA the annual UAAL portion of the
District's total contributions over the life of the liability. The unfunded liability was divided
by the years left to pay off the unfunded liability (Years Amortized), thus yielding an
annual payment for the multiple unfunded liabilities, see Table 2 for $120 million. This
option incorporates the CCCERA 7.75% rate of return.
UAAL FINANCIAL ANALYSIS SUMMARY
SCENARIOS ANALYZED
Scenario 1A Scenario 1 B
Base Line Base Line
Scenario 2A Scenario 26
S10 SSChq Increase $20 SSCh9 Increase
Cash Payments
$100 million
S120 million
$120 million
$120 million
Pension Obligation Bonds
Pension Obligation Bonds
Revenue Bonds
S 120 million
5120 million
S 120 million
Revenue Bonds
Financing Term Length
21 years
21 years
15 Years
13 Years
Interest Rate
7.75%
7.75%
20 years
30 Years
Average Annual Debt Payment
$7,892,598
S9,574,112
$11,284,294
$11,672,295
Total Cost
$165,744,550
S201,056,351
$169,264,405
$151,739,834
Savin s Compared to Scenario 1B I
Base Scenario
Base Scenario
1 $31,791,946
1 S49,316,517
Scenario 3A Scenario 3B Scenario 3C
Rev Bonds Rev Bonds Rev Bonds
Scenario 4A Scenario 4B Scenario 4C
PO Bond PO Bond PO Bond
Cash Payments
$45 Million
$45 Million
$45 Million
Pension Obligation Bonds
S 120 million
5120 million
S 120 million
Revenue Bonds
$120 million
$120 million
120 million
$75 Million
$75 Million
$75 Million
Financing Term Length
15 years
20 years
30 Years
15 years
20 years
30 years
Interest Rate
3.28%
3.89%
4.50%
4 86',
5.63%
6.06%
Average Annual Debt Service
$11,719,083
$10,081,563
$8,709,827
$13,150,507
$11,855,586
$10,576,144
Total Cost (Debt & Cash Payments)
$172,400,739
$198,718,808
$257,665,717
$193,458,577
$233,686,777
$312,877,599
Savin s Compared to Scenario 18
I 528.655.612
S2.337,543
(S56,609.366)
I S7,597,774
(S32.630,426)
($111.821.248)
Scenario 5A Scenario 5B Scenario 5B
Rev Bonds+ Cash Rev Bonds + Cash Rev Bonds + Cash
Scenario 6A Scenario 6B Scenario 66
Rev + PO Bonds Rev + PO Bonds Rev + PO Bonds
Cash Payments
$45 Million
$45 Million
$45 Million
Pension Obligation Bonds
$45 million
$45 million
$45 million
Revenue Bonds
$75 Million
$75 Million
$75 Million
$75 Million
$75 Million
$75 Million
Financing Tenn Length -Bonds
15 years
20 years
30 years
15 years
20 years
30 years
Interest Rate
3.20%
3.84%
4.59%
4.6891./ 3.20%
5.51% / 3.84%
6.18 °i� / 4.59%
Average Annual Debt Service
$7,400,964
$6,401,167
$5,710,271
$12,421,303
$11,018,465
$9,980,346
Average Annual Cash Payment
$8,725,030
$8,725,030
$8,725,030
Financing Term Length -Cash
6 Years
6 Years
6 Years
Total Cost (Debt & Cash Payments)
$160,280,908
5177,706,367
$221,279,021
$181,144,008
$215,778,279
$295,251,890
Savin s Com ared to Scenario 1 B
$40,775,443
$23.349.984
($20.222.670)
1 519.912.343
iS14.721.928i
I (S94.195.539)
Scenario 7A Scenario 7B Scenario 7C
Rev Bonds + Cash Rev Bonds + Cash Rev Bonds + Cash
Scenario 8A Scenario 8B Scenario 8C
Rev + PO Bonds Rev + PO Bonds Rev + PO Bonds
Cash Payments
$35 Million
$35 Million
$35 Million
Pension Obligation Bonds
ti35 Million
$35 Million
$35 Million
Revenue Bonds
$85 Million
$85 Million
$85 Million
$85 Million
$85 Million
$85 Million
Financing Term Length
15 Years
20 Years
30 Years
15 years
20 years
30 years
Interest Rate
3.12%
3.82%
4.56%
4.71 °. / 3.12%
5.56% / 3.82%
6.19 °l. / 4.56%
Average Annual Debt Service
$8,324,011
$7,201,136
$6,385,085
$12,273,316
$10,861,690
$9,748,238
Average Annual Cash Payment
$7,846,563
$7,846,563
$7,846,563
Financing Tenn Length -Cash
5 Years
5 Years
5 Years
Total Cost (Debt & Cash Payments)
$160,624,637
$180,255,066
$228,124,916
$178,985,850
$212,708,093
$288,385,367
Savin s Compared to Scenario 1B
S40,431,714
$20.801.285
1 (S27,068.565)
$22.070,501
1 (S 11,651,742)
1 ($87.329.016)
Scenario 9A Scenario 9B Scenario 9C
Rev Bonds + Cash Rev Bonds + Cash Rev Bonds + Cash
Scenario 10A Scenario 10B Scenario10C
Rev + PO Bonds Rev + PO Bonds Rev + PO Bonds
Cash Payments
$30 Million
$30 Million
$30 Million
Pension Obligation Bonds
$30 Million
$30 Million
$30 Million
Revenue Bonds
$90 Million
$90 Million
$90 Million
$90 Million
$90 Million
$90 Million
Financing Term Length
15 years
20 years
30 years
15 years
20 years
30 years
Interest Rate
3.12%
3.81%
4.59%
4.73% / 3.12%
5.60% /3.81%
°
6.19/0/4.59/0
Average Annual Debt Service
$8,804,687
$7,600,951
$6,718,430
$12,218,595
$10,783,287
$9,603,989
Average Annual Cash Payment
$6,595,579
$6,595,579
$6,595,579
Financing Term Length -Cash
5 Years
5 Years
5 Years
Total Cost (Debt & Cash Payments)
$166,379,583
$186,829,849
$231,731,458
$178,187,841
$211,172,706
$284,118,006
Savin s Compared to Scenario 1 B
S34.676.768 I
S14,226.502
I (S30,675.107)
S22.868,510
510,116.355)
1 (S83.061.655)
Executive Summary
Page 3 of 9
The total cost to the District to pay the UAAL annually for $100 million is $165,744,545
and for $120 million is $201,056,339, at CCCERA's Discount Rate of 7.75 %. See
Attachment F and G for the respective detail calculations.
Table 3 displays the annual UAAL payment, amortized as displayed in Table 1. The total
cost to the District is $201,056,339 as seen at the bottom of the "UAAL Total Payment"
column.
Table 2 / Executive Summary
Base Line — CCCERA Annual Payments for $120 Million UAAL
Fiscal
Year
2009 -2010
UAAL
2010 -2011
UAAL
Increase
2011 -2012
UAAL
Increase
2012 -2013
UAAL
Increase
—
2013 -2014
UAAL
Increase
UAAL
Total
Payment
2012 -13
S4,225,172
_
_
S1,961,766
S4.225,172
2013 -14
$4,225,172
$329,777
$4,554,949
2014 -15
$4,225,172
$329,777
53,040,093
$7,595,042
2015 -16
$4,225,172
$329,777
53,040,093
$2,.804,968
$10,400,010
2016 -17
$4,225,172
$329,777
$3.040,093
$2,804,968
$12,361,776
$12,361,776
2017 -18
$4,225,172
$329,777
$3,040,093
$2,804,968
_
$1,961,766
2018 -19
$4,225,172
$329,777
$3.040,093
$2,804,968
$1,961,766
$12.361,776
2019 -20
$4,225,172
$329,777
S3,040,093
$2,804,968
$1,961,766
$12,361,776
2020 -21
$4,225,172
$329,777
S3,040,093
$2.804,968
$1,961,766
$12,361,776
2021 -22
$4,225,172
$329,777
$3,040,093
S2,804,968
$1,961,766
$12,361,776
2022 -23
$4,225,172
S329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
2023 -24
S4,225,172
$329.777
$3,040,093
$2,804,968
S1,961,766
$12,361,776
2024 -25
S4,225,174
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,778
2025 -26
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
2026 -27
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
2027 -28
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
2028 -29
$329,777
$3.040,093
$2,804,968
$1,961,766
$8,136,604
2029 -30
$329,784
S3,040,093
52,804,968
$1,961,766
$8,136,611
2030 -31
S3,040,093
S2,804,968
$1,961,766
$7,806,827
2031 -32
$3,040,093
$2,804,968
51,961,766
$7,806,827
2032 -33
$2,804,961
$1,961,766
$4,766,727
2033 -34
$1,961,772
$1,961,772
$54,927,238
$5,606,216
$54,721,674
550,489,417
$35,311,794
$201,056,339
This table is a simplified calculation and assumes CCCERA meets the 7.75% interest
target each year. Depending on how the economy goes, interest expense could increase
or decrease.
Raise rates and pay cash in excess of the UAAL requirement
Table 3 presents the results of paying the UAAL off quicker by raising the Sewer Service
Charge (SSC) and applying the increase to payoff the UAAL in less time. The table
Executive Summary
Page 4 of 9
shows the SSC increases that would be required to payoff the CCCERA UAAL financed
baseline, and for SSC increases of $10 through $60 starting in FY 2013 -2014. In fiscal
year 2016 -2017, highlighted in blue, the maximum Sewer Service Charge is reached at a
rate of $424.32, a $53.32 increase. Put another way, the District's rate will need to
increase, as shown below, by a maximum of $53.32 just to pay CCCERA the amortized
UAAL increase at 7.75% interest. Any cash payments to accelerate the payoff of the
UAAL will need to be on top of the $53.32 increase.
Table 3 / Executive Summary
Sewer Service Charge Increases Analysis
Base +S10 +$20 +$30 +$40 +$50 +$60
Fiscal Line Sewer Sewer Sewer Sewer Sewer Sewer
Year $120.00 Service Service Service Service Service Service
Million Charge Char a Charge Charge Charge Charge
2012 -13 $371.00 $371.00 $371.00 $371.00 $371.00 $371.00 $371.00
2013 -14 $377.18 $387.18 $397.18 $407.18 $417.18 $427.18 $437.18
2014 -15 $396.03 $406.03 $416.03 $426.03 $436.03 $446.03 $456.03
2015 -16 $413.23 $423.23 $433.23 $443.23 $453.23 $463.23 $473.23
2016 -17 $424.32 $434.32 $444.32 $454.32 $464.32 $474.32 $484.32
2017 -18 $423.33 $433.33 $443.33 $453.33 $463.33 $473.33 $483.33
2018 -19 $422.47 $432.47 $442.47 $452.47 $462.47 $472.47 $482.47
2019 -20 $421.96 $431.96 $441.96 $451.96 $461.96 $471.96 $433.71
2020 -21 $421.45 $431.45 $441.45 $451.45 $461.45 $393.87 $433.62
2021 -22 $420.95 $430.95 $440.95 $450.95 $376.75 $393.78 $433.53
2022 -23 $420.46 $430.46 $440.46 $388.16 $376.67 $393.70 $433.45
2023 -24 $419.97 $429.97 $431.46 $388.08 $376.59 $393.62 $433.37
2024 -25 $419.48 $429.48 $431.38 $388.00 $376.51 $393.54 $433.29
2025 -26 $395.14 $405.14 $431.30 $387.92 $376.43 $393.46 $433.21
2026 -27 $394.80 $381.94 $431.22 $387.84 $376.35 $393.38 $433.13
2027 -28 $394.47 $349.01 $431.14 $387.76 $376.27 $393.30 $433.05
2028 -29 $394.14 $348.94 $431.07 $387.69 $376.20 $393.23 $432.98
2029 -30 $393.82 $348.86 $430.99 $387.62 $376.12 $393.15 $432.90
2030 -31 $391.68 $348.79 $430.92 $387.54 $376.05 $393.08 $432.83
2031 -32 $391.38 $348.72 $430.85 $387.47 $375.98 $393.01 $432.76
2032 -33 $374.56 $348.65 $430.78 $387.40 $375.91 $392.94 $432.69
2033 -34 $359.19 $348.58 $430.71 $387.33 $375.84 $392.87 $432.62
Maximum
Increase $53.32 $63.32 573.32 S83.32 $93.32 5103.32 $113.32
Table 4 shows that the more cash can be spent to pay off the UAAL the faster it occurs
and the greater the savings. Rates increase significantly in the four years after 2012-
2013. They peak in fiscal year 2016 -2017, highlighted in blue. The rates then decrease
and level off as the UAAL is paid off, highlighted in red, and only the Normal Costs
remain.
Executive Summary
Page 5 of 9
Table 4 / Executive Summary
Sewer Service Charge Increases Estimated Savings
SSC
Base Line + $10
Base Line + $20
Base Line + $30
Base Line + $40
Base Line + $50
Base Line + $60
Debt financing
Estimated Savinas
$ 49,041,934
$ 75,386,958
$ 93,367,598
$107,756,514
$117,216,281
$124,326,250
There is a balance to be struck between level Sewer Service Charge rates, interest
expense and total cost. Debt financing could allow the District to strike the balance and
smooth the rate at a lower interest cost.
Table 5 illustrates the potential interest expense savings for $120,000,000 of bonds, sold
and to be paid off over fifteen years at various interest rates. At 4% interest, which may
be achievable in this market, the District could save over $45 million or over $3 million
per year.
Staff analyzed the cost of debt financing using Revenue Bonds (tax- exempt) versus
Pension Obligation Bonds (taxable). There is a greater opportunity for savings if the
District obtains Revenue Bonds over Pension Obligation Bonds. Revenue Bonds would
be used to fund capital projects and are backed by the District with the pledge to
complete a specified list of capital projects equaling or exceeding the $75 million within
three years. The Federal government has passed arbitrage laws requiring the borrower
to complete the project within three years. This prohibits governmental agencies from
debt financing and investing at a higher interest rate and thereby making a profit. The
Sewer Service Charge funds that would have paid for capital projects would be redirected
to pay for the bond payments and pay down the UAAL. Table 6 demonstrates the
potential savings.
Table 5 / Executive Summary
Interest Cost to Payoff $120M
over 20 Years
Interest Rate Total Interest
Average Annual
Cost
Debt Service
7.75%
$87,095,000
$13,805,000
6.00%
$65,330,000
$12,355,000
5.00%
$53,415,000
$11,560,000
4.00%
$41,895,000
$10,795,000
3.00%
$30,780,000
$10,050,000
Staff analyzed the cost of debt financing using Revenue Bonds (tax- exempt) versus
Pension Obligation Bonds (taxable). There is a greater opportunity for savings if the
District obtains Revenue Bonds over Pension Obligation Bonds. Revenue Bonds would
be used to fund capital projects and are backed by the District with the pledge to
complete a specified list of capital projects equaling or exceeding the $75 million within
three years. The Federal government has passed arbitrage laws requiring the borrower
to complete the project within three years. This prohibits governmental agencies from
debt financing and investing at a higher interest rate and thereby making a profit. The
Sewer Service Charge funds that would have paid for capital projects would be redirected
to pay for the bond payments and pay down the UAAL. Table 6 demonstrates the
potential savings.
Executive Summary
Page 6 of 9
Table 6 / Executive Summary
Debt Cost for Revenue Bonds versus Pension Obligation Bonds
$120 Million
Revenue Bonds
Pension Obligation Bonds
Difference
Average Annual Difference
15 Years
$172,400,739
$193,458,577
$ 21,057,838
$ 1,403,856
20 Years
$198,718,808
$233,686,777
$ 34,967,969
$ 1,748,398
30 Years
$257,665,717
$312,877,599
$ 55,211,882
$ 1,840,396
Staff also analyzed multiple debt financing scenarios listed in the summary. Staff
concluded that debt financing $75 million for 15 years could be a cost effective option.
Revenue
Bonds
S75 Million (Scenario 5)
$85 Million (Scenario 7)
$90 Million (Scenario 9)
Table 7 / Executive Summary
Revenue Bonds over Three Time Periods
15 Years
Scenario A
S160,280,908
$160,624,616
$166,379,583
FINANCIAL ANALYSIS SUMMARY
20 Years
Scenario B
$177,706,367
$180,255,066
$186,829,849
30 Years
Scenario C
$221,279,021
$228,124,916
$231,731,458
As can be seen by the Table 8 and the yellow highlighted columns, the more of the debt
that can be paid with cash and the sooner, the more savings will occur. The most cost
effective Scenario is 213, paying the UAAL off with cash raised from significantly
increased rates. The negative to the scenario is the significantly increased rates. A
better compromise would be to debt finance for $75 million using Revenue Bonds and
raise rates to pay off the UAAL early and pay the new debt payments. This scenario
borrows the least amount keeping the District's options for more debt financing in the
future if mandated by regulatory agencies and requirements.
The blue line indicates the end of fifteen (15) years of debt service payments.
If the Board implemented three consecutive $60 Sewer Service Charge increases, at
least half of the rate increase could be used for paying off the unfunded liabilities. This
would place the District in a better future financial position to react to regulatory required
process improvements or changes and capital projects needed for renewal and
replacement of existing infrastructure or a catastrophic event.
Executive Summary
Page 7 of 9
Table 8 / Executive Summary
Financing Summary
Fiscal
$120 Million
$75 Million
S75 Million
$75 Million
$75/$45
S85/S35
Year
Base Line
$10
$30
$60
Million
Million
Fiscal
5120 Million
Swr Svc Chg
Swr Svc Chg
Swr Svc Chg
Rev Bonds/
Rev Bonds/
Year
Base Line
PO Bonds
Po Bonds
Scenario 1B
Scenario 5A
Scenario 5A
Scenario 5A
Scenario 6A
Scenario 8A
2012 -13
$371.00
$371.00
$371.00
$371.00
$371.00
$371.00
2013 -14
$373.55
$383.55
$403.55
$433.55
$373.55
$373.55
2014 -15
$392.37
$356.61
$376.61
$406.61
$798.42
$858.66
2015 -16
$408.67
$432.31
$452.31
S422.31
$452.99
$458.52
2016 -17
$419.43
$462.08
$460.27
S421.12
$463.48
$468.97
2017 -18
$418.56
$449.70
$377.80
$377.80
$462.35
$440.17
2018 -19
$418.03
$388.19
$388.19
$388.19
$438.54
$394.28
2019 -20
$417.52
$387.83
$387.83
S387.83
$388.51
$393.91
2020 -21
$417.01
$387.49
$387.49
$387.49
$388.17
$393.54
2021 -22
$416.51
$387.12
$387.12
$387.12
$387.84
$393.17
2022 -23
$416.02
$387.87
$387.87
$387.87
$387.51
$392.81
2023 -24
$415.53
$387.53
$387.53
$387.53
$387.18
$392.45
2024 -25
$415.04
$387.20
$387.20
$387.20
$386.86
$392.10
2025 -26
$390.70
$386.86
$386.86
$386.86
$386.54
$391.75
2026 -27
$390.36
$386.58
$386.58
$386.58
$386.23
$391.41
2027 -28
$390.03
$393.17
$393.17
$393.17
$385.92
$391.07
2028 -29
$389.70
$392.82
$392.82
$392.82
$385.61
$390.74
2029 -30
$389.37
$392.48
$392.48
$392.48
$368.27
$371.25
2030 -31
$387.24
$344.35
$344.35
$344.35
$344.35
$344.35
2031 -32
$386.94
$344.28
$344.28
$344.28
$344.28
$344.28
2032 -33
$370.11
$344.21
$344.21
$344.21
$344.21
$344.21
2033 -34
$354.74
$344.14
$344.14
$344.14
$344.14
$344.14
High
$419.43
$462.08
$460.27
$421.12
$463.48
$468.97
Low
$354.74
$344.14
$344.14
$344.14
$344.14
$344.14
Average
$397.66
$386.24
$385.62
$385.21
$408.00
$410.74
Cost
$201,056,339
$156,132,932
$153,637,328 1
$151,981,420
$160,280,908
$160,624,637
Savings
$0
$44,923,407
$47,419,011
$49,074,919
$40,775,431
$40,431,702
POLICY ISSUES
At the Budget and Finance Committee meeting on February 27, 2012, a discussion
occurred regarding the desirability to raise rates significantly upfront to place the District
in a better financial position. The concept of a $120 rate increase versus a three -year
$60 rate increase was also discussed. It seemed that there was a greater comfort with a
three -year $60 rate increase. Staff has done a preliminary analysis that shows adopting
three $60 rate increases for fiscal years 2013 -2014, 2014 -2015 and 2015 -2016 could
benefit the District. The strategy could be to pay off the retirement UAAL by the end
fiscal year 2016 -2017, with thirteen years of debt service payments of approximately $7.5
million, begin increased funding to pay off the GASB 45 Trust actuarial calculated liability
of approximately $70 million with half ($30) of the $60 rate while adequately funding the
Executive Summary
Page 8 of 9
Operational (O &M) and Capital costs with the other half ($30). Paying for the unfunded
liabilities could be accomplished by a combination of cash and bond funding.
The Board has the following options to fund the retirement UAAL.
Fund the UAAL based upon CCCERA's adopted amortization schedule and
interest rate of 7.75 %.
2. Significantly increase the Sewer Service Charge and pay off the UAAL with cash
thereby saving all interest expense.
3. Debt Finance the entire UAAL using Revenue and /or Pension Obligation Bonds
and increase the Sewer Service Charge to pay off the principal and interest
thereby saving interest expense as compared to the 7.75% charged by CCCERA.
4. Debt Finance a portion of the UAAL using Revenue and /or Pension Obligation
Bonds and increase the Sewer Service Charge to pay off the remainder of the
UAAL thereby saving interest expense as compared to the 7.75% charged by
CCCERA.
The Board could debt finance the entire $120 million UAAL at this time because the rates
are very low. The District could sell $75 million or $85 million of Revenue Bonds now for
three years of capital project and return to the market in three years and pursue the
remaining $45 million using Revenue Bonds at possibly a lower rate then Pension
Obligation Bonds. The answer to this question lies with what the Board believes interest
rates will be three years from now and how much the Board chooses to raise rates.
RECOMMENDATION
Staff analysis has documented that significant savings are possible by prepaying the
UAAL to avoid or reduce the 7.75% interest charged by CCCERA. However, there is a
concern that the District has limited control over the funds once payments are made to
CCCERA. This raises a number of questions, such as: Can we require that CCCERA
sequester our funds such that they are credited only to the District? What happens in the
future if we become overfunded due to possible changes to our benefit structure?
Therefore, staff is recommending a two -step process as follows:
Request a written agreement from CCCERA identifying the payoff method for the
UAAL and the rules and procedures for early payment. Receive confirmation that
CCCERA will remain de- pooled, allowing monies paid by the District to CCCERA
be credited only to the District's payoff of the UAAL. Obtain clarification on how
future over or under funding with CCCERA will be addressed. If all of these
questions can be answered and an appropriate agreement crafted to protect the
District's interests, then consider proceeding to step two.
2. If the Board receives a favorable response from CCCERA, conduct additional
analysis and discussions to determine whether to proceed with prepaying the
Executive Summary
Page 9 of 9
UAAL and to select the optimum approach. It is recommended that this step take
place after the new finance manager has been selected so that person is
intimately involved in the analysis and decision making regarding this important
issue.
UAAL FINANCING REPORT
INTRODUCTION
The Board of Directors, at the request of Board Member McGill, directed staff to develop
a financial analysis to determine the most cost effective approach to funding the
District's retirement UAAL.
To perform the financial analysis, staff analyzed several scenarios, see next page. Staff
analyzed paying off the UAAL to CCCERA over the amortized 18 years at 7.75%
interest, various cash payment options raising the sewer service charge substantially,
and debt financing using Revenue Bonds and Pension Obligation Bonds. Staff also
analyzed the impact of the scenarios on the sewer service charge or rate, debt service
costs, and annual payment, including the current District debt payments. The entire
picture was analyzed to provide the Board the ability to select the best option for the
District, balancing rate increases, outstanding debt and future regulatory requirements.
This financial analysis only focuses on the financing of the UAAL. It does not look at
District revenues and expenses, other than debt service. Therefore, it is an isolated
analysis to assist the Board in determining how best to pay down or off the retirement
UAAL. It is done in this manner to simplify the analysis, presentation and discussion. It
does not attempt to address rates from a total District perspective, only from the impact
of paying off the UAAL.
Several scenarios have been developed for evaluation. A summary of the scenarios
follows and is also behind the Attachment E tab. In addition, the Budget and Finance
Committee, during the discussion of the Ten Year Financial Plan, asked for additional
scenarios focused on significant rate increases to pay off the UAAL more quickly,
thereby reducing interest expense. Those scenarios were developed after staff had
prepared the additional $10 and $20 rate increase scenarios.
The District has experienced a significant increase to the District's Unfunded Actuarial
Accrued Liability (UAAL) from the Contra Costa County Employee's Retirement
Association (CCCERA) in recent years.
Table 1
Central Contra Costa Sanitary District UAAL amounts over time
CCCERA FY
UAAL
Increase
December 31, 2011
$120,000,000
S
20,158,620
December 31, 2010
$
99,841,380
$
28,823,145
December 31, 2009
$
71,018,235
$
31,239,235
December 31, 2008
S
39,779,000
5
3,296,000
December 31, 2007
$
36,483,000
$
(6,538,000)
December 31, 2006
$
43,021,000
$
2,544,000
December 31, 2005
$
40,477,000
$
4,084,000
December 31, 2004
$
36,393,000
$
6,014,000
December 31, 2003
$
30,379,000
$
3,068,000
December 31, 2002
$
27,311,000
$
5,586,428
December 31, 2001
$
21,724,572
$
21,724,572
CCCSD FY
2013 -2014 Estimate
2012 -2013
2011 -2012
2010 -2011
2009 -2010
2008 -2009
2007 -2008
2006 -2007
2005 -2006
2004 -2005
2003 -2004
UAAL Financing Report
March 9, 2012
Page 2 of 22
The increases are primarily due to the significant market value loss ($1.8 billion) of
CCCERA investments in 2008, de- pooling adding another $31.5 million to the District's
UAAL, and to a minor degree demographic assumption changes.
The amortization payments used in this report were calculated by staff and are
calculated at a level dollar amount. This is different from the level percentage of pay
methodology used by CCCERA. CCCERA amortizes the unfunded liability at level
percent of payroll using 4.25% payroll growth. CCCERA's Actuary, Segal Company,
will adjust to actual demographics, assumptions and history in the Experience Study,
performed every three years.
The analysis assumes a normal refinancing of a 7.75% debt. Money may be borrowed
at a lower interest rate and given to CCCERA to invest. If CCCERA earns exactly
7.75% then the analysis is correct. If CCCERA earns more than 7.75% then the
analysis understates savings. If CCCERA earns less than 7.75% then the analysis
overstates savings. The refinancing will be cost neutral if CCCERA earns exactly the
interest on the bond debt service. However, it is difficult to assume the exact interest
rate the District would pay for debt financing from a competitive bid. The concept that
borrowing at a lesser interest rate than 7.75% yields a savings assumes CCCERA
meets the target.
The spreadsheet compares the total savings in different scenarios. It does not take into
account the value of time. Future gains /losses and assumption changes will impact the
unfunded liability. It is possible that CCCERA could lower the 7.75% discount rate and
increase the liability. Staff is not aware that the lowering of the Discount rate is being
discussed by the CCCERA Board at this time.
The District Board should be aware that even if the unfunded liability is paid off today it
does not mean the District's UAAL will stay at zero forever. It will increase or decrease
due to actuarial gains /losses and demographic assumption changes.
The District's current (fiscal year 2011 -2012) unfunded liability is approximately $100
million. If the District issues a $120 million in bonds, we are not sure whether CCCERA
will accept an amount that is greater than current amount. The District may have to
hold approximately $20 million while CCCERA updates the UAAL calculation for the
next year.
Staff recommends requesting a written agreement from CCCERA identifying how
paying off the UAAL will work, the rules and procedures for early payment, and that
CCCERA will remain de- pooled, allowing monies paid by the District to CCCERA be
credited only to the District's payoff of the UAAL. How CCCERA would handle future
over or under funding must also be addressed.
The analysis and discussion of rate impact and increases are again from the
perspective of addressing the additional sewer service charge increases to pay off the
UAAL Financing Report
March 9, 2012
Page 3 of 22
$120 million UAAL only, using fiscal year 2012 -2013 as the base. It is assumed that the
District has raised rates sufficiently to pay for the current CCCERA annual payments.
This includes the portion for the Normal Cost and a portion for the UAAL. In theory the
Districts payments to CCCERA would go down due to the reduction in interest costs
from paying the UAAL off. The annual contribution would be the Normal Cost offset by
the elimination of the UAAL ($0) and the additional annual debt service payments.
However, CCCERA contribution rates are developed by CCCERA based on payroll.
Keep in mind that the Board adopted a $30 rate increase for fiscal years 2011 -2012 and
2012 -2013. All estimates of rate increases are in addition to the $341 rate for fiscal
year 2011 -2012 and the $371 rate for fiscal year 2012 -2013.
CCCERA has adopted a five year smoothing practice using the Market Stabilization
Account. The purpose of adopting an "Asset Smoothing" policy and Market Stabilization
Account is to (1) track market value of assets over time, (2) smooth out fluctuations in
market values by letting gains and losses offset each other, and (3) produce a smoother
pattern of contributions by reducing volatility. The five year smoothing recognizes 1 /5th
of the market value assets and defers the rest, gains or losses. The Market
Stabilization Account also recognizes 1 /5th of the market value assets from the four
previous years. By realizing market gains and losses over a five year period, large
annual adjustments to contribution rates are reduced or "smoothed ".
ESTIMATED UNFUNDED ACTUARIAL ACCRUED LIABILITY (UAAL)
The first step of the financial analysis is to estimate the amount the District would need
to pay CCCERA if the entire current UAAL amount was to be paid off. The District
received the calculated amount of $99,841,380, see Attachment A. This represents the
District's current total UAAL in today's dollars.
Staff had advised the Board that there is one more year of the five year smoothing for a
significant loss of interest income due to the 2008 market drop. Taking that fifth year
into consideration, it appeared to staff that the total UAAL for the next eighteen years
(18) would be approximately $120 million. Staff developed a payment schedule by
fiscal year for the UAAL, see Attachment B.
Table 2
Fiscal Year
UAAL
Years
Amortized
Assumed
Rate
Annual
Payment
2010-11
$ 36,483,000
13
7.75%
$4,225,172
2011 -12
$ 3,296,000
17
7.75%
$ 329,777
2012-13
$ 31,239,235
18
7.75%
$3,040,093
2013-14
$ 28,823,145
18
7.75%
$2,804,968
2014 -15 (estimated)
$ 20,158,620
18
7.75%
$1,961,766
Total Projected 2014 -15 UAAL
120,000,000
$12,361,776
The District's Retirement Auditor, Bartel Associates, were requested to review staff's
work and provide the total expected UAAL. They used a different method involving the
UAAL Financing Report
March 9, 2012
Page 4 of 22
receipt of additional material from Segal Company, CCCERA's Actuary. Their estimate
is $122.8 million based upon the following assumptions. If the $120 million was paid
annually based upon the layered years of the liability at 7.75% annually, the District
would pay $201,056,339. See Attachment B for the detailed calculation.
The 122.8 million unfunded liability includes
Gains /losses recognized as of 12/31/10
Estimated investment gains /losses in 2011
Deferred investment gains /losses through 2016
No other gains and losses
The 2011 investment gains /losses are estimated based on
Actual investment return from January 2011 to June 2011 (6.3 %)
Estimated -5.25% from July 2011 and December 2011. The -5.25% is estimated
based on negative 7% investment return from July to September and a 1.9%
(= 1.0775^0.25) investment return from October to December.
Per advice from Segal staff, Bartel Associates used 3.3% for the District's share of
gains /losses. The 3.3% is based on the ratio of the District's asset to the total
CCCERA asset.
The UAAL level of $120 million is used for the financial analysis.
INVESTMENT RATE OF RETURN
The Board is well aware of CCCERA's target rate of return at 7.75 %, equal to CalPERS.
The assumed rate of return has been recently criticized. Many financial professionals
and economists believe it should be reduced to 4 -6 %.
In the Actuarial Evaluation report as of December 31, 2010 Segal Company staff
reported that the ten year average for Market Value Investment Return was 4.48 %, for
Actuarial Value Investment Return was 4.99% and for Valuation Value Investment
Return it was 5.61 %, see Attachment C. In addition, Milliman, CCCERA's Investment
Advisor, reports that the ten year rate of return on investments for CCCERA has been
5.7 %, see Attachment D. Staff requested Bartel and Associates to apply the impact of a
5% and a 6% return on investments resulting in an increase from $122.8 million to
approximately $166 million and $159 million respectively. This provides a minimum of
$120 million and a maximum of $166 million.
It is very difficult to project the UAAL for approximately twenty years due to the multiple
changes that can occur affecting the UAAL. Examples of some changes include,
demographic: divorce, marriage, age, hire into the system; life expectancy: death, and
financial: cost -of- living adjustments, and return on investments. The District will
certainly have a surplus or deficit of funds which would be applied to any outstanding
UAAL or the normal contribution payment.
UAAL Financing Report
March 9, 2012
Page 5 of 22
The CCCERA investment rate of return of 7.75% is assumed for the financial analysis.
The District may consider increasing the sewer service charge in the future if the return
on investment performs below the assumed 7.75% rather than debt finance the
maximurn at this time.
SCENARIOS
There are three basic ways to fund the UAAL: 1) have CCCERA finance at their
assumed 7.75 rate of return, 2) raise rates and pay cash in excess of the UAAL
requirement, and 3) and /or debt financing. The following page and Attachment E is a
summary of the options staff developed for the financial analysis and Board review. If
the District chose to pay the CCCERA UAAL over the amortized life of the liability, the
payments would be at the CCCERA rate of return rate of 7.75 %. If the District sold
Revenue Bonds and /or Pension Obligation Bonds at a lower interest rate, then savings
would be realized.
Staff analyzed cash scenarios (1A-2B), Revenue Bonds versus Pension Obligation
Bonds (3A -4C), Revenue Bonds Plus Cash (5A- C,7A -C, 9A -C), and Revenue Bonds
Plus Pension Obligation Bonds (6A -C, 8A- C, 10A -C). As previously noted, additional
Cash scenarios are presented in the body of the report.
The debt financing scenarios have three scenarios for length of term for 15 years, 20
years and 30 years. Staff is recommending a 15 year term since the CCCERA
amortization period is 18 years.
The following table was developed to illustrate potential interest expense savings for
$120,000,000 of bonds, sold and to be paid off over fifteen years, at various interest
rates. As can be seen by the example, significant savings could be realized if CCCERA
was able to meet or exceed the target return on investment of 7.75 %.
Table 3
Interest Rate
Total Interest
Average Annual
Cost
Debt Service
7.75%
$87,095,000
$13,805,000
6.00%
$65,330,000
$12,355,000
5.00%
$53,415,000
$11,560,000
4.00%
$41,895,000
$10,795,000
3.00%
$30,780,000
$10,050,000
As shown above, the difference in interest payments between 4% and 7.75% over 15
years would be $45,200,000. Therefore, debt financing is more cost effective over
paying CCCERA at their amortization periods given the ability for the District to obtain
debt at approximately 4% versus CCCERA's interest rate of 7.75 %.
UAAL FINANCIAL ANALYSIS SUMMARY
SCENARIOS ANALYZED
Scenario 1A Scenario 16
Base Line Base Line
Scenario 2A Scenario 2B
S10 SSChg Increase S20 SSChg Increase
Cash Payments
$100 million
$120 million
$120 million
$120 million
Pension Obligation Bonds
Pension Obligation Bonds
Revenue Bonds
$120 million
5120 million
$120 millr)i
Revenue Bonds
Financing Tenn Length
21 years
21 years
15 Years
13 Years
Interest Rate
7.75%
7.75%
20 years
30 Years
Average Annual Debt Payment
$7,892,598
$9,574,112
$11,284,294
$11,672,295
Total Cost
$165,744,550
$201,056,351
$169,264,405
$151,739,834
Savin s Com ared to Scenario 1B
Base Scenario
I Base Scenario
531,791,946
S49.316.517
Scenario 3A Scenario 3B Scenario 3C
Rev Bonds Rev Bonds Rev Bonds
Scenario 4A Scenario 4B Scenario 4C
PO Bond PO Bond PO Bond
Cash Payments
$45 Million
i
$45 Million
$45 Million
Pension Obligation Bonds
$120 million
5120 million
$120 millr)i
Revenue Bonds
$120 million
$120 million
120 million
$75 Million
$75 Million
$75 Million
Financing Term Length
15 years
20 years
30 Years
15 years
20 years
30 years
Interest Rate
3.28%
3.89%
4.50%
4.86%
5.63%
6.06%
Average Annual Debt Service
$11,719,083
$10,081,563
$8,709,827
$13,150,507
$11,855,586
$10,576,144
Total Cost (Debt & Cash Payments)
$172,400,739
$198,718,808
$257,665,717
$193,458,577
$233,686,777
$312,877,599
Savin s Compared to Scenario 1 B
S28.655,612
I S2.337.543
(S56.609.366)
S7.597.774
I (532.630.426)
I (Si 11,82.1,248)
Scenario 5A Scenario 5B Scenario 5B
Rev Bonds+ Cash Rev Bonds + Cash Rev Bonds + Cash
Scenario 6A Scenario 61B Scenario 6B
Rev + PO Bonds Rev + PO Bonds Rev + PO Bonds
Cash Payments
$45 Million
i
$45 Million
$45 Million
Pension Obligation Bonds
$45 million
$45 million
$45 million
Revenue Bonds
$75 Million
$75 Million
$75 Million
$75 Million
$75 Million
$75 Million
Financing Term Length -Bonds
15 years
20 years
30 years
15 years
20 years
30 years
Interest Rate
3.20%
3.84%
4.59%
4.68% / 3.20%
5.51% / 3.84%
6.18% /4.59%
Average Annual Debt Service
$7,400,964
$6,401,167
$5,710,271
$12,421,303
$11,018,465
$9,980,346
Average Annual Cash Payment
$8,725,030
$8,725,030
$8,725,030
Financing Term Length -Cash
6 Years
6 Years
6 Years
Total Cost (Debt & Cash Payments)
$160,280,908
$177,706,367
$221,279,021
$181,144,008
$215,778,279
$295,251,890
Savin s Compared to Scenario 1 B
S40.775.443
I 523.349.984
I (S20.222.670)
S19.912.343
1 X14,721.928)
1 ($94.195.539)
Scenario 7A Scenario 7B Scenario 7C
Rev Bonds + Cash Rev Bonds + Cash Rev Bonds + Cash
Scenario 8A Scenario 8B Scenario 8C
Rev + PO Bonds Rev + PO Bonds Rev + PO Bonds
Cash Payments
$35 Million
$35 Million
$35 Million
Pension Obligation Bonds
S35 Million
S35 Million
$35 Million
Revenue Bonds
$85 Million
$85 Million
$85 Million
$85 Million
$85 Million
$85 Million
Financing Term Length
15 Years
20 Years
30 Years
15 years
20 years
30 years
Interest Rate
3.12%
3.82%
4.56%
4.71% / 3.12%
5.56% / 3.82%
6.19% /4.56%
Average Annual Debt Service
$8,324,011
$7,201,136
$6,385,085
$12,273,316
$10,861,690
$9,748,238
Average Annual Cash Payment
$7,846,563
$7,846,563
$7,846,563
Financing Term Length -Cash
5 Years
5 Years
5 Years
Total Cost (Debt & Cash Payments)
$160,624,637
$180,255,066
$228,124,916
$178,985,850
$212,708,093
$288,385,367
Savin s Compared to Scenario 18
I 540.431,714
$20,801,285
(S27.068.565)
522.070.501
S11.651.742)
1 ($87,329,01(:
Scenario 9A Scenario 9B Scenario 9C
Rev Bonds + Cash Rev Bonds + Cash Rev Bonds + Cash
Scenario 10A Scenario 10B Scenariol OC
Rev + PO Bonds Rev + PO Bonds Rev + PO Bonds
Cash Payments
$30 Million
$30 Million
$30 Million
Pension Obligation Bonds
$30 Million
53u (vlilhur I
Sau Million
Revenue Bonds
$90 Million
$90 Million
$90 Million
$90 Million
$90 Million
$90 Million
Financing Term Length
15 years
20 years
30 years
15 years
20 years
30 years
Interest Rate
3.12%
3.81%
4.59%
4.73% / 3.12%
5.60% / 3.81%
6.19%/4.59%
Average Annual Debt Service
$8,804,687
$7,600,951
$6,718,430
$12,218,595
$10,783,287
$9,603,989
Average Annual Cash Payment
$6,595,579
$6,595,579
$6,595,579
Financing Term Length -Cash
5 Years
5 Years
5 Years
Total Cost (Debt & Cash Payments)
$166,379,583
$186,829,849
$231,731,458
$178,187,841
$211,172,706
$284,118,006
Savin s Compared to Scenario 1B
S34.676.768
I S14.226,502
1 (S30.675.107 )
S22.868,510
1 �S10.116,355)
(S83,061.655)
UAAL Financing Report
March 9, 2012
Page 6 of 22
CCCERA Payment Schedule at 7.75% Interest
Base Line Scenarios 1 A and 1 B —
Staff developed the Base Line Scenarios, 1A and 1 B for $100 million and $120 million
UAAL, respectively. The scenarios simply pay CCCERA the annual UAAL portion of the
District's total contributions over the life of the liability. The unfunded liability was
divided by the years left to pay off the unfunded liability (Years Amortized), thus yielding
an annual payment for the multiple unfunded liabilities, see Table 4. This option
incorporates the CCCERA 7.75% guaranteed rate of return.
The total cost to the District to pay the UAAL annually for $100 million is $165,744,545
and for $120 million is $201,056,339, with no debt financing. See Attachment F and G
for the respective detail calculations.
Table 4 displays the annual UAAL payment, amortized as displayed in Table 2. Add up
the annual payments over 18 years at 7.75% interest and the total cost to the District is
$201,056,3390 as seen at the bottom of the "UAAL Total Payment" column.
UAAL Financing Report
March 9, 2012
Page 7 of 22
Table 4
BASE LINE - CCCERA ANNUAL PAYMENTS <$120 Million>
Fiscal
Year
2009 -2010
UAAL
2010 -2011
UAAL
Increase
2011 -2012
UAAL
Increase
2012 -2013
UAAL
Increase
2013 -2014
UAAL
Increase
UAAL
Total
Payment
2012 -13
$4,225,172
S4.225.172
2013 -14
$4,225,172
$329,777
S4,554,949
2014 -15
$4,225,172
5329,777
$3,040,093
S7,595,042
2015 -16
$4,225.172
$329,777
$3,040,093
$2,804,968
$10,400,010
2016 -17
$4,225,172
5329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
2017 -18
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
2018 -19
$4,225.172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
2019 -20
$4,225,172
S329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
2020 -21
$4,225,172
5329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
2021 -22
$4,225,172
5329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
2022 -23
$4,225,172
S329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
2023 -24
$4,225,172
5329,777
$3,040.093
$2,804,968
S1,961,766
$12,361,776
2024 -25
$4,225,174
$329,777
S3,040.093
$2,804,968
51,961,766
$12,361,778
2025 -26
5329,777
$3,040,093
$2,804,968
$1,961,766
$8,136.604
2026 -27
$329,777
$3,040,093
$2.804,968
51,961,766
$8,136,604
2027 -28
$329,777
$3,040.093
$2,804,968
$1,961,766
$8,136,604
2028 -29
5329,777
$3,040,093
$2,804,968
$1,961,766
$8.136,604
2029 -30
$329,784
$3,040,093
$2,804,968
51,961,766
$8,136,611
2030 -31
$3,040,093
S2,804,968
$1,961,766
$7.806,827
2031 -32
$3,040,093
S2,804,968
$1,961,766
$7,806,827
2032 -33
$2,804,961
$1,961,766
$4,766,727
2033 -34
$1,961.772
$1,961,772
$54,927,238
$5,606,216
$54,721.674
$50,489,417
$35,311,794
$201,056,339
The following table, Table 5, identifies the sewer service charge needed to pay the Base
Line UAAL payments. Again, the Base Line is the UAAL payment schedule the District
would be required to pay CCCERA for the UAAL portion based upon the amortization
period and the 7.75% interest rate, as shown above. If no debt financing was obtained,
then cash payments equivalent to the Base Line would be required. Note that of the
$371 Sewer Service Charge for fiscal year 2012 -2013, $25.76 is the current amount
applied to the UAAL and $39.40 is the Normal cost, totaling $65.16.
Normal Cost - The annual contribution rate that, if paid annually from a member's first
year of membership through the year of retirement, would accumulate to the amount
necessary to fully fund the member's retirement - related benefits. Accumulation
includes annual crediting of interest at the assumed investment earning rate. The
contribution rate is expressed as a level percentage of the member's compensation.
The increase in the UAAL portion is a direct result of the increased UAAL amortized as
shown in Table 4 above. Table 5 also shows the $30 rate increase in fiscal year 2012-
2013.
UAAL Financing Report
March 9, 2012
Page 8 of 22
In fiscal year 2016 -2017, highlighted in blue, the maximum Sewer Service Charge is
reached at a rate of $424.32, a $53.32 increase. Put another way, the District's rate will
need to increase, as shown below, to a maximum of $53.32 just to pay CCCERA the
amortized UAAL increase at 7.75% interest. Any cash payments to accelerate the
payoff of the UAL will need to be on top of the $53.32 increase. This is why debt
financing is attractive plus the ability to borrow at a lower rate than CCCERA's 7.75 %.
Debt financing allows the District to smooth the rate at a lower interest cost.
Table 5
BASE LINE - CCCERA ANNUAL PAYMENTS <$120 Million>
Fiscal
Year
UAAL
Total
Pa men t
Sewer Svc
Charge
UAAL
Normal
Cost
Sewer Svc
Charge
Normal
Sewer Svc
Charge
UAAL + Normal
Sewer Svc
Charge
Total
2012 -13
$4,225,172
$6,500,214
S39.40
$65.16
5371.00
2013 -14
$4,554,949
$27.61
$7,260,159
$43.74
$71.34
$377.18
2014 -15
$7,595,042
$45.75
$7,420,783
$44.44
$90.19
$396.03
2015 -16
$10,400,010
$62.28
$7,578,256
$45.11
$107.38
$413.23
2016 -17
$12,361,776
$73.58
$7,586,928
$44.89
$118.48
$424.32
2017 -18
$12,361,776
$73.15
$7,538,870
$44.35
$117.49
$423.33
2018 -19
$12,361,776
$72.72
$7,509,585
$43.92
$116.63
$422.47
2019 -20
$12,361,776
$72.29
$7,538,149
$43.83
$116.12
$421.96
2020 -21
$12,361,776
$71.87
$7,566,856
$43.74
$115.61
$421.45
2021 -22
$12,361,776
$71.46
$7,595,707
$43.65
$11 5.11
$420.95
2022 -23
$12,361,776
$71.04
$7,624,701
$43.57
$114.61
$420.46
2023 -24
$12,361,776
$70.64
$7,653,675
$43.49
$114.13
$419.97
2024 -25
$12,361,778
$70.24
$7,682,759
$43.41
$113.64
$419.48
2025 -26
$8,136,604
$45.97
$7,711,953
$43.33
$89.30
$395.14
2026 -27
$8,136,604
$45.71
$7,741,259
$43.25
$88.96
$394.80
2027 -28
$8,136,604
$45.46
$7,770,676
$43.17
$88.63
$394.47
2028 -29
$8,136,604
$45.20
$7,800,204
$43.10
$88.30
$394.14
2029 -30
$8,136,611
$44.95
$7,829,845
$43.02
$87.97
$393.82
2030 -31
$7,806,827
$42.89
$7,859,598
$42.95
$85.84
$391.68
2031 -32
$7,806,827
$42.66
$7,889,465
$42.88
$85.54
$391.38
2032 -33
$4,766,727
$25.91
$7,919,445
$42.81
$68.71
$374.56
2033 -34
$1,961,772
$10_.60
$7,949,539
$42.74
$53.34_
$359.19
$201,056,339
Raise rates and paV cash in excess of the UAAL requirement
The District could raise rates to pay the CCCERA UAAL off in less time. This would
have the benefit of minimizing interest costs. However, rates would be significantly
increased.
Staff analyzed the impact of raising the sewer service charge in increments of $10 over
the Base Line which is the calculated CCCERA payment for $120 million UAAL.
Attachment H displays the impact to rates for an incremental $10 above the Base Line
payment to pay the UAAL in a reduced span of time.
UAAL Financing Report
March 9, 2012
Page 9 of 22
Table 6 identifies the sewer service charge amount needed to pay the UAAL off earlier
than the required eighteen years for each scenario.
CCCERA modified their amortization policy in 2009 to a rolling 18 -year amortization
period of new unfunded liabilities. This is why the Base Line scenario has amortization
periods of thirteen, seventeen and three new years of eighteen amortization periods,
see Table 4 for actual amortization periods.
The rates displayed include the Base Line payment, as displayed in Attachment G for
$122 million UAAL, plus the additional amount ($10 -$60). The Board's adoption of the
$30 rate increases in fiscal year 2012 -2013 is included in the rates. Again, the analysis
is just focusing on what the additional rate increases above the current Base Line would
be given each scenario to pay off the UAAL. The fiscal year in which the UAAL is paid
off is indicated in red. After the bleu highlighted UAAL payoff, only the Normal Cost is
the portion left to pay. Again, please note that the Sewer Service Charge peaks in fiscal
year 2016 -2017, highlighted in blue.
Table 6
Base +S10 +S20 +S30 +$40 +$50 +S60
Fiscal Line Sewer Sewer Sewer Sewer Sewer Sewer
Year S120.00 Service Service Service Service Service Service
Million Change Change Change Change Change Change J
2012 -13
$371.00
$371.00
$371.00
$371.00
$371.00
$371.00
$371.00
2013 -14
$377.18
$387.18
$397.18
$407.18
$417.18
$427.18
$437.18
2014 -15
$396.03
$406.03
$416.03
$426.03
$436.03
$446.03
$456.03
2015 -16
$413.23
$423.23
$433.23
$443.23
$453.23
$463.23
$473.23
2016 -17
$424.32
$434.32
$444.32
$454.32
$464.32
$474.32
$484.32
2017 -18
$423.33
$433.33
$443.33
$453.33
$463.33
$473.33
$483.33
2018 -19
$422.47
$432.47
$442.47
$452.47
$462.47
$472.47
$482.47
2019 -20
$421.96
$431.96
$441.96
$451.96
$461.96
$471.96
$433.71
2020 -21
$421.45
$431.45
$441.45
$451.45
$461.45
$393.87
$433.62
2021 -22
$420.95
$430.95
$440.95
$450.95
$376.75
$393.78
$433.53
2022 -23
$420.46
$430.46
$440.46
$388.16
$376.67
$393.70
$433.45
2023 -24
$419.97
$429.97
$431.46
$388.08
$376.59
$393.62
$433.37
2024 -25
$419.48
$429.48
$431.38
$388.00
$376.51
$393.54
$433.29
2025 -26
$395.14
$405.14
$431.30
$387.92
$376.43
$393.46
$433.21
2026 -27
$394.80
$381.94
$431.22
$387.84
$376.35
$393.38
$433.13
2027 -28
$394.47
$349.01
$431.14
$387.76
$376.27
$393.30
$433.05
2028 -29
$394.14
$348.94
$431.07
$387.69
$376.20
$393.23
$432.98
2029 -30
$393.82
$348.86
$430.99
$387.62
$376.12
$393.15
$432.90
2030 -31
$391.68
$348.79
$430.92
$387.54
$376.05
$393.08
$432.83
2031 -32
$391.38
$348.72
$430.85
$387.47
$375.98
$393.01
$432.76
2032 -33
$374.56
$348.65
$430.78
$387.40
$375.91
$392.94
$432.69
2033 -34
S359. 19
$348.58
$430.71
$387.33
$375.84
$392.87
$432.62
Maximum Rate
Increase
$53.32
S63.32
S73.32
$83.32
S93.32
$103.32
$113.32
UAAL Financing Report
March 9, 2012
Page 10 of 22
Table 7, below, displays the annual change needed to the Sewer Service Charge to pay
the UAAL and Normal Costs comprising the District's contributions. The fiscal year in
which the UAAL is paid off is indicated in red. The Board has already authorized a $30
rate increase in fiscal years 2011 -2012 and 2012 -2013. The rate increases from $341
to $371. The following four fiscal years show the increases needed, highlighted in blue,
for each cash scenario. Again, Table 6, bottom row, shows the maximum rate increase
needed to pay off the UAAL under each scenario.
Table 7
Fiscal
Year
Base
Line
$120.00
Million
+S10
Sewer
Service
Charge
+S20
Sewer
Service
Char a
+S30
Sewer
Service
Charge
+S40
Sewer
Service
Charge
+S50
Sewer
Service
Charge
+S60
Sewer
Service
Charge
2012 -13
$371.00
$371.00
$371.00
$371.00
$371.00
$371.00
$371.00
2013 -14
$6.18
$16.18
$26.18
$36.18
$46.18
$56.18
$66.18
2014 -15
$18.85
$18.85
$18.85
$18.85
$18.85
$18.85
$18.85
2015 -16
$17.20
$17.20
$17.20
$17.20
$17.20
$17.20
$17.20
2016 -17
$11.09
$11.09
$11.09
$11.09
$11.09
$11.09
$11.09
2017 -18
-$0.98
-$0.98
-$0.98
-$0.98
-$0.98
-$0.98
-$0.98
2018 -19
-$0.86
-$0.86
-$0.86
-$0.86
-$0.86
-$0.86
-$0.86
2019 -20
-$0.51
-$0.51
-$0.51
-$0.51
-$0.51
-$0.51
- $48.77
2020 -21
-$0.51
-$0.51
-$0.51
-$0.51
-$0.51
- $78.09
-$0.09
2021 -22
-$0.50
-$0.50
-$0.50
-$0.50
_$M.70
-$0.09
-$0.09
2022 -23
-$0.49
-$0.49
-$0.49
- $62.79
-$0.08
-$0.08
-$0.08
2023 -24
40.49
-$0.49
SJ.i)0
-$0.08
-$0.08
-$0.08
-$0.08
2024 -25
-$0.48
-$0.48
-$0.08
-$0.08
-$0.08
-$0.08
-$0.08
2025 -26
- $24.35
- $24.35
-$0.08
-$0.08
-$0.08
-$0.08
-$0.08
2026 -27
-$0.34
- $23.20
-$0.08
-$0.08
-$0.08
-$0.08
-$0.08
2027 -28
-$0.33
- $32.92
-$0.08
-$0.08
-$0.08
-$0.08
-$0.08
2028 -29
-$0.33
-$0.08
-$0.08
-$0.08
-$0.08
-$0.08
-$0.08
2029 -30
-$0.32
-$0.07
-$0.07
-$0.07
-$0.07
-$0.07
-$0.07
2030 -31
-$2.13
-$0.07
-$0.07
-$0.07
-$0.07
-$0.07
-$0.07
2031 -32
-$0.31
-$0.07
-$0.07
-$0.07
-$0.07
-$0.07
-$0.07
2032 -33
- $16.82
-$0.07
-$0.07
-$0.07
-$0.07
-$0.07
-$0.07
2033 -34
- $15.37
-$0.07
-$0.07
-$0.07
-$0.07
-$0.07
-$0.07
The detailed calculations are found in Attachment H. As previously discussed, it is
interesting to note that it takes an additional four years to ramp the rates up and then
equilibrium is reached until the UAAL is paid off. The payments then shift to the
Normal Costs only. The shift corresponds to the numbers highlighted in red in Tables
6 and 7. If the Board chose to pay the UAAL based on CCCERA's amortization
schedule and interest rate, the sewer service charge would increase in four years by
$53.04 above the $25.76 paid in fiscal year 2012 -2013, totaling $78.80. Each scenario
increases the four year increase and total by $10.00.
UAAL Financing Report
March 9, 2012
Page 11 of 22
Scenarios 2A and 26 were developed to analyze the impact of increasing the Sewer
Service Charge $10 and $20 dollars, respectively, with the full amount of revenue used
to pay down the UAAL. These scenarios were developed prior to the Budget and
Finance Committee's request to see the impact of significant increase(s) in the next
(after 2012 -2013) one to three years. Interestingly, the UAAL could be paid off ten
years sooner than Scenarios 1 A and 1 B at a total cost of $125,669,381 with a one -time
$20 rate increase or seven years sooner at a total cost of $152,014,405 with a one -time
$10 rate increase. The increased Sewer Service Charge revenue would be added to
the annual payment to pay off the UAAL is shown in Options 1 A and 1 B. The detailed
calculations are found on Attachment I.
Debt financing
The other method of funding is debt financing all of the $122 million or a portion the
remaining UAAL.
The District has used Mr. Tom Lockard of Stone and Youngberg in the past 20+ years
for District debt financing. The District has a long standing practice and relationship
with Mr. Lockard to assist in financial analysis and obtaining debt financing.
Mr. Lockard provided initial data and analysis regarding debt financing with Revenue
Bonds and Pension Obligation Bonds, the two types of bonds available to the District for
debt financing, as of November 21, 2011. Specific data was needed and obtained to
perform the evaluation and analysis.
Scenarios for debt financing the entire $122 million for 15, 20 and 30 years using
Revenue Bonds (Scenarios 3A -3C) and using Pension Obligation Bonds (Scenarios
4A -4C) were developed by Mr. Lockard. It became quickly evident that debt financing
with Revenue Bonds, non - taxable bonds, is significantly less expensive than Pension
Obligation Bonds due to the difference in interest rates of 3.12% - 3.91% for non-
taxable or Revenue Bonds compared to 4.64% - 5.65% for taxable or Pension
Obligation Bonds. These rates were obtained at the beginning of December 2011
and reflect the market conditions at that time. However, the current market is very
attractive for Taxable Bonds. Usually there is a greater difference between non - taxable
and taxable bonds in interest rates than the market is currently experiencing.
It also became clear that debt financing over 15 years would save significantly more in
interest expense than 20 or 30 years.
The current market is very competitive for selling District bonds. This is good for the
District and will provide to ability to debt finance the UAAL at a much lower rate than the
7.75% required by CCCERA. If the District decides to pursue debt financing Mr.
Lockard is recommending a competitive sale for the Revenue Bonds and the Pension
Obligation Bonds if both or either bonds are used to fund the UAAL.
The interest rates and costs provide a comparative perspective in assisting staff and the
Board to analyze and decide on the best course of action. The actual interest rates and
UAAL Financing Report
March 9, 2012
Page 12 of 22
costs will be determined at the time of the competitive sale and will guarantee the
District the lowest cost and best rates.
Revenue Bonds versus Pension Obligation Bonds
Scenario 3 displays the total cost for debt financing the full $120 million over fifteen,
twenty and thirty year duration of time with Revenue Bonds. Scenario 4 displays the
total cost for debt financing the full $120 million over fifteen, twenty and thirty year
duration of time with Pension Obligation Bonds. Attachment D provides a summary of
the options.
$120 Million
Revenue Bonds
Pension Obligation Bonds
Difference
Average Annual Difference
15 Years
$172,400,739
$193,458,577
$ 21,057,838
$ 1,403,856
Table 8
20 Years
$198,718,808
$233,686,777
$ 34,967,969
$ 1,748,398
30 Years
$257,665,717
$312,877,599
$ 55,211,882
$ 1,840,396
There is a limitation regarding the dollar amount of Revenue Bonds the District can sell.
Mr. Lockard proposed a creative option to maximize on cost savings by using three
years of capital projects to seek Revenue Bond financing for, thereby freeing up the
equal amount of cash to fund the UAAL. Revenue bonds must be tied to a capital
project and due to federal arbitrage rules, must be built within three years. The District
has contracted with Jones Hall, Mr. Chick Adams, for Bond Counsel services. Mr.
Adams confirmed the legality of Mr. Lockard's proposal.
This UAAL Financing Analysis was purposefully delayed in order to allow the
Engineering Department to develop the 2012 -2013 Capital Improvement Plan (CIP) and
update the projects to determine the amount of non - taxable debt financing. On
December 15, 2011 the Board of Directors received the CIP presentation and agreed to
the proposed Ten -Year Capital Improvement Program. The following is the proposed
project costs for the next three fiscal years. (2012 -2013, 2013 -2014, 2014 - 2015).
Table 9
Fiscal Year Project Cost
2012 -2013 $32,343,000
2013 -2014 $29,280,000
2014 -2015 $25,572,000
Total $87,195,000
UAAL Financing Report
March 9, 2012
Page 13 of 22
Debt Financing: $75/$45 Million and $85/$35 Million Revenue /Pension Obligation
Bonds
Staff requested Mr. Lockard to develop the actual debt payment structure for the two
scenarios of $75/$45 million, Attachment L, and $85/$35 million, Attachment M,
Revenue Bonds /Pension Obligation Bonds.
Scenario 6A
Rev + PO Bonds
$45 million
$75 Million
15 years
4.68% / 3.20%
$12,421,303
$181,144,008
$19,912,343
Current Debt Service Payment Schedule
Scenario 8A
Rev + PO Bonds
$35 Million
$85 Million
15 years
4.71% / 3.12%
$12,273,316
$178,985,850
$22,070,501
The District's current Debt Service payments are displayed below. Over the next four
years, the sewer service charge will be approximately $34 of the $371 annual rate. The
following nine years the rate drops to approximately $20 of the total sewer service
charge.
UAAL Financing Report
March 9, 2012
Page 14 of 22
Table 10
Current Debt Service and Loan Pa ment Schedule
Fiscal
Year
Recycled
Water
Loan
2009 Bonds
Series A & B
$5,380,000
Total
Debt
Service
$5,567,000
Sewer
Service
_ Charge
$33.95
2012 -13
$187,000
2013 -14
$187,000
$5,365,000
$5,552,000
533.65
2014 -15
$187,000
$5,359,000
$5,546,000
$33.41
2015 -16
$187,000
$1,891,000
$2,078,000
$12.44
2016 -17
$187,000
$3,595,000
$3,782,000
$22.51
2017 -18
$187,000
$3,623,000
$3,810,000
S22.54
2018 -19
$3,603,000
$3,603,000
$21.19
2019 -20
$3,601,000
$3,601,000
$21.06
2020 -21
$3,608,000
$3,608,000
$20.98
2021 -22
$3,597,000
S3,597,000
$20.79
2022 -23
$3,593,500
$3,593,500
$20.65
2023 -24
$3,584,000
$3,584,000
$20.48
2024 -25
$1,205,000
$1,205,000
$6.85
2025 -26
$2,382,102
$2,382,102
$13.46
2026 -27
$2,380,000
$2,380,000
$13.37
2027 -28
$2,374,000
$2,374,000
513.26
2028 -29
SO
$0.00
2029 -30
2030 -31
2031 -32
2032 -33
2033 -34
Hybrid of debt financing and raising rates
For purposes of this analysis, options of $75 million, $85 million and $90 million of
Revenue Bonds, with the remaining amount paid by the District using cash, were
evaluated. Again, Attachment D summarizes the various options and provides key
information as well as total cost while Attachment J provides the detailed calculations
for each scenario. Attachment K is a summary of the various debt financing options for
Revenue Bonds and Pension Obligation Bonds developed by Tom Lockard. It provides
interest rates, total debt service and average annual debt service numbers for term
lengths of fifteen, twenty, and thirty years.
Revenue
Bonds
15 Years
Scenario A
Table 11
20 Years
Scenario B
$75 Million (Scenario 5) $160,280,908 $177,706,367
$85 Million (Scenario 7) $160,624,616 $180,255,066
$90 Million (Scenario 9) $166,379,583 $186,829,849
30 Years
Scenario C
$221,279,021
$228,124,916
$231,731,458
UAAL Financing Report
March 9, 2012
Page 15 of 22
Debt financing $75 million using Revenue Bonds over fifteen years is the most desirable
scenario, balancing rate, cost and outstanding debt, and would save the District a
projected $40.4 million. Debt financing over fifteen years reduces the length of
outstanding debt and provides the District with greater flexibility if EPA requirements
force additional debt financing. It also pays the debt off in fifteen years compared to
eighteen years as the amortization period for CCCERA UAAL. The $87,195,000 Capital
Projects Program or budget should yield $75 million of projects available for debt
financing using Revenue Bonds. Scenarios 6, 8 and 10 are also presented for Board
consideration. The concept is simply to debt finance the $120 million UAAL using as
much of Revenue Bonds as possible, because Revenue Bonds have a lower interest
rate, and augment the balance using cash (Scenarios 5, 7, and 9) or Pension Obligation
Bonds (Scenarios 6, 8, and 10).
There is a Board policy issue. The Board could debt finance the entire $120 million
UAAL at this time because the rates are very low. The District could sell $75 million or
$85 million of Revenue Bonds now for three years of capital project and return to the
market in three years and pursue the remaining $45 or $35 million using Revenue
Bonds at possibly a lower rate then Pension Obligation Bonds. The answer to this
question lies with where the Board believes interest rates will be three years from now.
Attachment J displays the Sewer Service Charge rate impact for all options reviewed.
The rate impact for $75 million/ $35 million and $85 million / $35 million in Revenue
/Pension Obligation Bonds is displayed below.
There are two components that comprise the District's CCCERA contributions; one for
normal costs and one for the unfunded liability, UAAL. The table below displays the
impact on the sewer service charge to pay the normal cost and the debt financed UAAL.
The District currently pays $39.64, displayed in red, of the $371 annual Sewer Service
Charge for Normal Cost of the retirement system to the employer. This will increase to
an average of $43.84 or a ten and one half percent (10 %) increase over the next twenty
years. The table below shows the actual Sewer Service Charge by fiscal year needed
to pay Normal Cost.
The UAAL impact is added to the Normal Cost. If the District paid the $120 million
UAAL over the life of the liability then the following UAAL Sewer Service Charge impact
would be realized. The table below displays the Sewer Service Charge impact from the
increased UAAL by fiscal year. The District will pay $25.76, displayed in red, of the
$371 annual Sewer Service Charge for the UAAL component of the retirement system
cost to the employer. This will increase to an average of $53.39 or a 107% increase
over the next eighteen years. The table below also shows the actual Sewer Service
Charge by fiscal year needed to pay the UAAL component. Please note that the Sewer
Service Charge increases substantially from fiscal year 2015 -2016 through fiscal year
2018 -2019 and then levels off at approximately $42 for the next ten years. Also note
that the Sewer Service Charge goes to a high of $528.40.
UAAL Financing Report
March 9, 2012
Page 16 of 22
Please note that fiscal years 2011 -2012 and 2012 -2013 adds $30 to the sewer service
charge already approved by the Board of Directors. $311 + $30 = $341.00 for 2011-
2012 and $341.00 + $30 = $371.00 for 2012 -2013.
Table 12
$75 Million Revenue Bonds @ 15 Years plus $45 Million Cash Payments
Fiscal
Year
Sewer
Service
Charge
Impact
Sewer
Service
Charge
Adj _ _
CCCERA
Normal
Cost
Sewer
Service
Charge
Impact
Sewer
Service
Charge
Adj
Sewer
Service
Charge
Total Ad
Sewer
Service
Charge
Total Impact
Sewer
Service
Charge
Total
2012 -2013
S25.76
$6,500,214.00
S39.64
$65.40
S371.00
2013 -2014
$27.61
$1.84
$7,260,159.00
$44.00
$4.37
$6.21
$71.61
$407.21
2014 -2015
$27.61
$0.00
$7,420,783.00
$44.70
$0.70
$0.70
$72.31
$437.91
2015 -2016
$106.59
$78.99
$7,578,256.00
$45.38
$0.68
579.66
$151.97
$517.57
2016 -2017
$117.64
$11.04
$7,586,928.00
$45.16
-$0.22
$10.82
$162.80
S528.40
2017 -2018
$116.94
-$0.70
$7,538,870.00
$44.61
-$0.55
-$1.25
$161.55
$527.15
2018 -2019
$93.22
- $23.72
$7,509,585.00
$44.17
-$0.43
- $24.15
$137.39
$503.00
2019 -2020
$43.28
- $49.94
$7,538,149.00
$44.08
-$0.09
- $50.03
$87.36
$452.96
2020 -2021
$43.03
1 -$0.25
$7,566,856.00
$43.99
-$0.09
-$0.34
$87.02
$452.62
2021 -2022
$42.78
-$0.25
$7,595,707.00
$43.91
-S0.09
-$0.34
$86.69
$452.29
2022 -2023
$42.53
-$0.25
$7,624,701.00
$43.82
-$0.09
-$0.33
$86.35
$451.96
2023 -2024
$42.29
-$0.24
$7,653,674.86
$43.74
-$0.08
-$0.33
$86.03
$451.63
2024 -2025
$42.05
-$0.24
$7,682,758.83
$43.65
-$0.08
-$0.32
$85.70
$451.30
2025 -2026
$41.81
-$0.24
$7,711,953.31
$43.57
-$0.08
-$0.32
$85.38
$450.99
2026 -2027
S41.58
-$0.23
$7,741,258.73
$43.49
-$0.08
-$0.32
$85.07
$450.67
2027 -2028
$41.35
-$0.23
$7,770,675.52
$43.41
-$0.08
-$0.31
$84.76
$450.36
2028 -2029
$41.12
- $0.23
$7,800,204.08
$43.33
-$0.08
-$0.31
$84.45
$450.05
2029 -2030
$23.85
- $17.26
$7,829,844.86
$43.26
-$0.08
- $17.34
$67.11
$432.71
2030 -2031
$0.00
- $23.85
$7,859,598.27
$43.18
-$0.07
- $23.93
$43.18
$408.79
2031 -2032
50.00
$0.00
$7,889,464.74
$43.11
-$0.07
-$0.07
$43.11
$408.71
2032 -2033
$0.00
$0.00
$7,919,444.71
$43.04
-$0.07
-$0.07 1
$43.04
$408.64
2033 - 2034
$0.00
$0.00
$7,949,538.60
$42.97
-$0.07
-$0.07 1
$42.97
$408.57
The fiscal year 2012 -2013 sewer service charge of $371 would be adjusted by fiscal
year as displayed above in the last column. The numbers displayed represent
amortized payments calculated at the level dollar. The actual rates are presented at the
end of the report and reflect actual debt financing and payment schedules.
The same comments can be made for the $85 Million scenario as the $75 million
scenario.
UAAL Financing Report
March 9, 2012
Page 17 of 22
Table 13
$85 Million Revenue Bonds @ 15 Years plus $35 Million Cash Payments
Fiscal
Year
Sewer
Service
Charge
Impact
Sewer
Service
Charge
Ad'
CCCERA Sewer
Normal Service
Cost Charge
Impact
Sewer
Service
Charge
Adj
Sewer Sewer
i
Service Service
Charge Charge
Total Ad- Total Impact
Sewer
Service
Charge
Total
2012 -2013
S25.76
$6,500,214.00
S39.64
S65.40
S371.00
2013 -2014
$27.61
$1.84
$7,260,159.00
S44.00
$4.37
$6.21
$71.61
$407.21
2014 -2015
$27.61
$0.00
$7,420,783.00
$44.70
$0.70
$0.70
$72.31
$437.91
2015 -2016
$112.12
$84.51
$7,578,256.00
$45.38
$0.68
$85.19
$157.50
$523.10
2016 -2017
$123.13
S11.01
S7,586,928.00
$45.16
-50.22
$10.79
$168.29
$533.89
2017 -2018
$94.76
- $28.37
$7,538,870.00
$44.61
-$0.55
- $28.92
$139.37
$504.97
2018 -2019
$48.96
- $45.80
$7,509,585.00
$44.17
-$0.43
- $46.23
$93.14
$458.74
2019 -2020
$48.68
-$0.29
$7,538,149.00
$44.08
-$0.09
-$0.38
$92.76
$458.36
2020 -2021
$48.40
-$0.28
$7,566,856.00
$43.99
-$0.09
-$0.37
$92.39
$457.99
2021 -2022
$48.12
-$0.28
$7,595,707.00
$43.91
-$0.09
-S0.37
$92.02
$457.62
2022 -2023
$47.84
-$0.28
$7,624,701.00
$43.82
-$0.09
-$0.36
$91.66
$457.26
2023 -2024
$47.57
-$0.27
$7,653,674.86
$43.74
-$0.08
-$0.36
$91.30
$456.90
2024 -2025
$47.30
-$0.27
$7,682,758.83
$43.65
-$0.08
-S0.35
$90.95
$456.55
2025 -2026
$47.03
-$0.27
$7,711,953.31
$43.57
-$0.08
-$0.35
$90.60
$456.20
2026 -2027
$46.76
-$0.26
$7,741,258.73
$43.49
-$0.08
-$0.34
$90.25
$455.86
2027 -2028
$46.50
-S0.26
$7,770,675.52
$43.41
-$0.08
-$0.34
$89.91
$455.52
2028 -2029
$46.24
-50.26
$7,800,204.08
$43.33
-$0.08
-$0.34
$89.58
$455.18
2029 -2030
$26.83
- $19.42
$7,829,844.86
$43.26
-$0.08
- $19.49
$70.09
S435.69
2030 -2031
$0.00
- $26.83
$7,859,598.27
$43.18
-50.07
- $26.90
$43.18
$408.79
2031 -2032
$0.00
$0.00
$7,889,464.74
$43.11
-50.07
-$0.07
$43.11
S408.71
2032 -2033
$0.00
50.00
$7,919,444.71
$43.04
-S0.07
-$0.07
$43.04
$408.64
2033 -2034
$0.00
$0.00
$7,949,538.60
542.97
-$0.07
-$0.07
$42.97
$408.57
The numbers displayed represent amortized payments calculated at the level dollar.
The actual rates are presented at the end of the report and reflect actual debt financing
and payment schedules.
As previously stated, staff requested Mr. Lockard to develop the actual debt payment
structure for the two scenarios of $75/$45 million and $85/$35 million Revenue
Bonds /Pension Obligation Bonds. Using the numbers for the Revenue Bond costs, the
following table displays the bond payment, total debt service cost and rate impact. The
blue line indicates the end of the 15 year financing. The Sewer Service Charge
displayed in Tables 14 and 15 is for the debt payment, borrowing $75 million only, and
does not reflect the Normal Cost Portion
UAAL Financing Report
March 9, 2012
Page 18 of 22
Table 14
$75 Million Revenue Bonds @ 15 Years plus $45 Million Cash Payments
Fiscal
Year
2012 -13
Bond
Payment
Sewer
Service
Charge
Impact
Sewer
Service
Charge
Ad'
Sewer
Service
Charge
Total
$371.00
$2,277,582
$13.89
$12.88
2013 -14
$5,485,800
$33.25
$19.36
$390.36
2014 -15
$5,474,000
$32.98
-$0.27
$390.09
2015 -16
$7,287,750
$43.64
$10.66
$400.75
2016 -17
$7,284,950
$43.36
-$0.28
$400.48
2017 -18
$7,283,400
$43.10
-$0.27
$400.21
2018 -19
$7,277,800
$42.81
-$0.29
$399.92
2019 -20
$7,465,200
$43.66
$0.85
$400.77
2020 -21
$7,462,600
$43.39
-$0.27
$400.50
2021 -22
$7,462,000
$43.13
-$0.25
$400.25
2022 -23
$7,458,000
$42.86
-$0.27
$399.97
2023 -24
$7,463,500
$42.65
-$0.21
$399.76
2024 -25
$8,699,500
$49.43
$6.78
$406.54
2025 -26
$8,698,750
$49.15
-$0.28
$406.26
2026 -27
$8,699,250
$48.87
-$0.27
$405.98
$105,780,082
Table 15
$85 Million Revenue Bonds @ 15 Years plus $35 Million Cash Payments
Fiscal
Year
Bond
Payment
Sewer
Service
Charge
Impact
Sewer
Service
Charge
Adj_
Sewer
Service
Charge
Total
2012 -13
$2,112,571
$12.88
$371.00
2013 -14
$6,616,550
$40.10
$27.22
$398.22
2014 -15
$6,601,650
$39.77
-$0.33
$397.89
2015 -16
$8,415,450
$50.39
$10.62
$408.51
2016 -17
$8,412,100
$50.07
-$0.32
$408.19
2017 -18
$8,409,400
$49.76
-$0.31
$407.88
2018 -19
$8,404,800
$49.44
-$0.32
$407.56
2019 -20
$8,592,000
$50.25
$0.81
$408.36
2020 -21
$8,588,000
$49.93
-$0.32
$408.05
2021 -22
$8,584,800
$49.62
-$0.31
$407.74
2022 -23
$8,587,000
$49.35
-$0.27
$407.47
2023 -24
$8,588,250
$49.08
-$0.27
$407.19
2024 -25
$9,828,000
$55.84
$6.77
$413.96
2025 -26
$9,828,500
$55.53
-$0.31
$413.65
2026 -27
$9,822,750
$55.18
-$0.34
$413.30
$121,391,821
UAAL Financing Report
March 9, 2012
Page 19 of 22
POLICY ISSUES
At the Budget and Finance Committee meeting on February 27, 2012, a discussion
occurred regarding the desirability to raise rates significantly upfront to place the District
in a better financial position. The concept of a $120 rate increase versus a three -year
$60 rate increase was also discussed. It seemed that there was a greater comfort with
a three -year $60 rate increase. Staff has done a preliminary analysis that shows
adopting three $60 rate increases for fiscal years 2013 -2014, 2014 -2015 and 2015-
2016 would benefit the District. The strategy could be to pay off the retirement UAAL by
the end fiscal year 2016 -2017, with thirteen years of debt service payments of
approximately $7.5 million, begin increased funding to pay off the GASB 45 Trust
actuarial calculated liability of approximately $70 million with half ($30) of the $60 rate
while adequately funding the Operational (O &M) and Capital costs with the other half
($30). Paying for the unfunded liabilities could be accomplished by a combination of
cash and bond funding.
The Board has the following options to fund the retirement UAAL.
Fund the UAAL based upon CCCERA's adopted amortization schedule and
interest rate of 7.75 %.
2. Significantly increase the Sewer Service Charge and pay off the UAAL with cash
thereby saving all interest expense.
3. Debt Finance the entire UAAL using Revenue and /or Pension Obligation Bonds
and increase the Sewer Service Charge to pay off the principal and interest
thereby saving interest expense as compared to the 7.75% charged by
CCCERA.
4. Debt Finance a portion of the UAAL using Revenue and /or Pension Obligation
Bonds and increase the Sewer Service Charge to pay off the remainder of the
UAAL thereby saving interest expense as compared to the 7.75% charged by
CCCERA.
The Board could debt finance the entire $120 million UAAL at this time because the
rates are very low. The District could sell $75 million or $85 million of Revenue Bonds
now for three years of capital project and return to the market in three years and pursue
the remaining $45 million using Revenue Bonds at possibly a lower rate then Pension
Obligation Bonds. The answer to this question lies with what the Board believes
interest rates will be three years from now and how much the Board chooses to raise
rates.
FINANCIAL ANALYSIS SUMMARY
Table 16 provides a summary of the financial analysis to assist the Board in making a
decision regarding the financing of the retirement District's UAAL.
UAAL Financing Report
March 9, 2012
Page 20 of 22
As can be seen by the table and the yellow highlighted columns, the more of the debt
that can be paid with cash and the sooner, the more savings will occur. The most cost
effective Scenario is 2B, paying the UAAL off with cash raised from significantly
increased rates. The negative to the scenario is the significantly increased rates. A
better compromise would be to debt finance for $75 million using Revenue Bonds and
raise rates to pay off the UAAL early and pay the new debt payments. This scenario
borrows the least amount keeping the District's options for more debt financing in the
future if mandated by regulatory agencies and requirements. The detailed calculations
for the $75 million Revenue Bond debt with a $10, $30, and $60 rate increase is found
in Attachment N.
The blue line indicates the end of fifteen (15) years of debt service payments.
Table 16
Fiscal
$120 Million
$75 Million
$75 Million
$75 Million
$75/$45
$85/$35
Year
Base Line
$10
$30
$60
Million
Million
Swr Svc Chg
Swr Svc Chg
Swr Svc Chg
Rev Bonds/
Rev Bonds/
PO Bonds
PO Bonds
;;,;si 1.00
2012 -13
$371.00
$371.00
$371.00
S371.00
3; 1 00
2013 -14
$373.55
$383.55
$403.55
$433.55
$373.55
$373.55
2014 -15
$392.37
$356.61
$376.61
$406.61
$798.42
$858.66
2015 -16
$408.67
$432.31
$452.31
$422.31
$452.99
$458.52
2016 -17
$419.43
$462.08
$460.27
S421.12
$463.48
$468.97
2017 -18
$418.56
$449.70
$377.80
$377.80
$462.35
$440.17
2018 -19
$418.03
$388.19
$388.19
S388.19
$438.54
$394.28
2019 -20
$417.52
$387.83
$387.83
$387.83
$388.51
$393.91
2020 -21
$417.01
$387.49
$387.49
5387.49
$388.17
$393.54
2021 -22
$416.51
$387.12
$387.12
$387.12
$387.84
$393.17
2022 -23
$416.02
$387.87
$387.87
$387.87
$387.51
$392.81
2023 -24
$415.53
$387.53
$387.53
$387.53
$387.18
$392.45
2024 -25
$415.04
$387.20
$387.20
$387.20
$386.86
$392.10
2025 -26
$390.70
$386.86
$386.86
$386.86
$386.54
$391.75
2026 -27
$390.36
$386.58
$386.58
$386.58
$386.23
$391.41
2027 -28
$390.03
$393.17
$393.17
$393.17
$385.92
$391.07
2028 -29
$389.70
$392.82
$392.82
$392.82
$385.61
$390.74
2029 -30
$389.37
$392.48
$392.48
$392.48
$368.27
$371.25
2030 -31
$387.24
$344.35
$344.35
$344.35
$344.35
$344.35
2031 -32
$386.94
$344.28
$344.28
$344.28
$344.28
$344.28
2032 -33
$370.11
$344.21
$344.21
$344.21
$344.21
$344.21
2033 -34
$354.74
$344.14
$344.14
S344.14
$344.14
$344.14
High
$419.43
$462.08
$460.27
$421.12
$463.48
$468.97
Low
$354.74
$344.14
S344.14
$344.14
$344.14
$344.14
Average
$397.66
$386.24
$385.62
$385.21
$408.00
$410.74
Cost
$201,056,339
$156,132,932
$153,637,328
$151,981,420
$160,280,908
$160,624,637
Savings
$0 1
$44,923,407
$47,419,011
$49,074,919
$40,775,431
$40,431,702
UAAL Financing Report
March 9, 2012
Page 21 of 22
If the Board implemented three consecutive $60 Sewer Service Charge increases, at
least half of the rate increase could be used for paying off the unfunded liabilities. This
would place the District in a better future financial position to react to regulatory required
process improvements or changes and capital projects needed for renewal and
replacement of existing infrastructure or a catastrophic event.
FUTURE CONSIDERATION
Based on staff's preliminary financial analysis, it appears the District could be out of all
debt and fully funded all liabilities in fifteen years, by fiscal year 2027 -2028. In addition,
significant funding would be provided to fund capital infrastructure renewal and
replacement decreasing the need to further debt finance. Staff is unable to evaluate
future funding for major modifications from future regulatory requirements.
Current Fiscal Year
2011 -2012
UAAL Payoff
2016 -2017
Compensated Absences Fully Funded
2022 -2023
GASB 45 Trust Fully Funded
2023 -2024
District Existing Debt Payoff
2027 -2028
UAAL Debt Payoff
2029 -2030
RECOMMENDATION
Staff analysis has documented that significant savings are possible by prepaying the
UAAL to avoid or reduce the 7.75% interest charged by CCCERA. However, there is a
concern that the District has limited control over the funds once payments are made to
CCCERA. This raises a number of questions, such as: Can we require that CCCERA
sequester our funds such that they are credited only to the District? What happens in
the future if we become overfunded due to possible changes to our benefit structure?
Therefore, staff is recommending a two -step process as follows:
Request a written agreement from CCCERA identifying the payoff method for the
UAAL and the rules and procedures for early payment. Receive confirmation
that CCCERA will remain de- pooled, allowing monies paid by the District to
CCCERA be credited only to the District's payoff of the UAAL. Obtain
clarification on how future over or under funding with CCCERA will be
addressed. If all of these questions can be answered and an appropriate
agreement crafted to protect the District's interests, then consider proceeding to
step two.
2. If the Board receives a favorable response from CCCERA, conduct additional
analysis and discussions to determine whether to proceed with prepaying the
UAAL and to select the optimum approach. It is recommended that this step take
place after the new finance manager has been selected so that person is
UAAL Financing Report
March 9, 2012
Page 22 of 22
intimately involved in the analysis and decision making regarding this important
issue.
V
'rSEGAL
THE SEGAL COMPANY
100 Montgomery Street Suite 500 San Francisco. CA 94104 -4309
T 415,263 8260 F 415 263.8290 www segalco.com
October 5, 2011
Ms. Marilyn Leedom
Chief Executive Officer
Contra Costa County Employees' Retirement Association
1355 Willow Way, Suite 221
Concord, CA 94520
Attachment A
John IN, Mcmroe ASA, S1AAA. EA
VIce P esldent 8 Aienxlate %1ilUY+Y
Imnn- aegflisdoalm 03111
Re: Allocation of December 31, 2010 Valuation Results for CCCSD
Dear Marilyn:
As requested, the following provides an allocation of the Unfunded Actuarial Accrued Liability
(UAAL), Actuarial Accrued Liability (AAL) and the Valuation Value of Assets (VVA) as of
December 31, 2010 for Central Contra Costa Sanitary District ( CCCSD). We have also
included CCCSD's funded ratio on a VVA basis.
Since the depooling action taken by the Board effective December 31, 2009, CCCSD is now in
their own cost group and has their UAAL determined separately in the valuation.
Based on the results in the December 31, 2010 actuarial valuation, we have prepared the
breakdown of the UAAL, AAL, VVA and funded ratio for CCCSD below.
Al. enefits, Compensation and HR Consulting Offices throughout the United States and Canada
AFounding Member of the Multinational Group of Actuaries and Consultants, a global affiliation of independent firms
Unfunded
Actuarial
Actuarial
Valuation
Accrued
Accrued
Value of Assets
Liability
Funded Ratio
Employer
Liability (AAL)
(VVA)
(UAAL)
(VVA Basis)
Central Contra Costa
$278,290,000
S 178,449,000
$99,841,000
64.1%
Sanitary District
Al. enefits, Compensation and HR Consulting Offices throughout the United States and Canada
AFounding Member of the Multinational Group of Actuaries and Consultants, a global affiliation of independent firms
Ms. Marilyn Leedom
October 5, 2011
Page 2
All of the above calculations are based on the December 31, 2010 actuarial valuation results
including the participant data and actuarial assumptions on which that valuation was based.
That valuation and these calculations were completed under the supervision of John Monroe,
ASA, MAAA, Enrolled Actuary.
I am a member of the American Academy of Actuaries and I meet the Qualification Standards
of the American Academy of Actuaries to render the actuarial opinion herein.
Please let us know if you have any questions.
Sincerely,
FO- mem�
John Monroe
CZI /gxk
cc: Rick Koehler
5155967v 1 /05337.001
CENTRAL CONTRA COSTA SANITARY DISTRICT
UNFUNDED ACTUARIAL ACCRUED LIABILITY (UAAL)
ANNUAL PAYMENT SCHEDULE
Fiscal Year
2010 -11
2011 -12
2012 -13
2013 -14
2014 -15
Total Projected 2013 -14 UAAL
UAAL
$ 36,483.000
$ 3,296.000
$ 31,239.235
$ 28,823.145
$ 20.158.620
S 120.000.000
Years Amortized
13
17
18
18
18
Assurned Rate
7.75%
7.75%
7.75%
7.75%
7.75%
Annual Payment
$4,225,172
$329,777
$3,040,093
$2.804,968
$1,961,766
S12.361,777
Fiscal Year
2009 -10
2010 -11
2011 -12
2012 -13
2013 -14
Total
UAAL
UAAL Increase
UAAL Increase
UAAL Increase
UAAL Increase
2010 -11
$4,225.172
S4.225.172
2011 -12
$4,225,172
5329.777
S4.554.950
2012 -13
$4,225,172
$329.777
S3.040.093
$7.595,043
2013 -14
54,225,172
$329,777
$3.040.093
S2.804.968
510.400,010
2014 -15
S4.225,172
$329,777
$3,040.093
52.804.968
$1,961,766
S12,361,777
2015 -16
S4.225,172
$329.777
$3.040,093
S2.804,968
S1,961,766
$12,361,777
2016 -17
$4.225.172
5329.777
$3.040.093
S2,804,968
S1,961.766
S12.361.777
2017 -18
$4,225.172
$329,777
$3.040.093
S2.804.968
S1.961.766
$12.361,777
2018 -19
54,225,172
$329,777
$3,040,093
$2,804.968
S1.961,766
$12.361,777
2019 -20
$4,225,172
$329,777
$3.040,093
52,804,968
$1.961,766
$12,361,777
2020 -21
$4,225,172
$329,777
$3,040.093
S2,804.968
51,961,766
S12,361,777
2021 -22
$4,225,172
5329,777
$3,040,093
$2.804,968
S1.961,766
$12.361.777
2022 -23
S4.225,172
$329.777
$3.040,093
52,804.968
$1,961.766
S12.361,777
2023 -24
S329,777
$3,040,093
$2,804,968
$1.961,766
S8.136.604
2024 -25
$329,777
$3,040.093
$2,804,968
S1.961,766
$8.136.604
2025 -26
$329.777
$3,040,093
$2,804.968
S1,961,766
$8,136.604
2026 -27
5329,777
$3.040,093
$2,804.968
S1.961.766
$8.136.604
2027 -28
S329.777
$3,040,093
$2,804,968
S1,961.766
$8.136.604
2028 -29
53,040,093
$2,804,968
S1.961.766
$7,806.827
2029 -30
$3.040,093
$2,804.968
$1,961,766
$7.806,827
2030 -31
52,804.968
S1.961,766
$4,766,734
2030 -31
S1.961,766
$1.961,766
Total
S54.927.238
$5.606,216
S54.721.674
S50,489,417
$35.311.794
$201,056.340
Attachment C
Contra Costa County Employees'
Retirement Association
Actuarial Valuation and Review
as of December 31, 2010
Copyright 0 2011
THE SEGAL GROUP, INC.,
THE PARENT OF THE SEGAL COMPANY
ALL RIGHTS RESERVED
SECTION 2: Valuation Results for the Contra Costa County Employees' Retirement Association
Because actuarial planning is long term, it is useful to see
how the assumed investment rate of return has followed
actual experience over time. The chart below shows the
rates of return on an actuarial, valuation and market value
basis for the last ten years.
CHART 12
Based upon recommendations previously adopted by the
Board, we have maintained the assumed rate of return of
7.75 %.
Investment Return - Market Value, Actuarial Value, and Valuation Value: 2001 - 2010
Note: Each year's yield is weighted by the average asset value in that year.
-�-'SEGAL
Market Value Investment
Actuarial Value
Valuation Value
Return
Investment Return
Investment Return
Year Ended
Percent
Percent
Percent
December 31
Amount
of Assets
Amount
of Assets
Amount
of Assets
2001
$(121,804,662)
(4.23 %)
$278,746,528
9.73%
$186,188,249
7.92%
2002
(274,820,794)
(10.28 %)
93,144,770
3.05%
227,080,187
8.53%
2003
599,528,120
23.44%
83,420,012
2.52%
244,215,190
7.41%
2004
406,427,237
12.27%
136,674,234
3.85%
135,741,405
3.84%
2005
331,400,271
8.71%
216,618,073
5.74%
215,737,484
5.74%
2006
603,899,378
14.23%
353,776,306
8.63%
352,838,472
8.64%
2007
294,694,885
6.03%
522,206,583
11.63%
521,211,436
11.64%
2008
(1,477,705,765)
(28.35 %)
238,397,117
4.73%
237,402,129
4.72%
2009
736,956,891
19.68%
18,226,933
0.34%
17,021,116
0.32%
2010
594,637,090
13.35%
95,918,913
1.82%
94,835,030
1.80%
Total
$1,693,212,651
$2,037,129,469
$2,232,270,698
Five -Year Average Return
3.34%
5.06%
5.06%
Ten -Year Average Return
4.48%
4.99%
5.61%
Note: Each year's yield is weighted by the average asset value in that year.
-�-'SEGAL
Z
t
s
i
s
s
s
Attachment D t� AV
Investment
_;0
* Using time- weighted rate of return based on the market rate of return.
** Global Equity Manager hired in September 2010.
* ** Global Fixed Income Manager hired in December 2007.
CURRENT
ANNUALIZED
YEAR
3 YEAR
5 YEAR
10 YEAR
DOMESTIC EQUITY
17.80%
-1.30%
3.10%
2.10%
Benchmarks: S &P 500
15.10%
-2.90%
2.30%
1.40%
Russell 2000
26.90%
2.20%
4.50%
6.30%
Russell 3000
16.90%
-2.00%
2.70%
2.20%
INTERNATIONAL EQUITY
8.30%
-9.30%
1.80%
4.30%
Benchmarks: MSCI SAFE Index
8.20%
-6.60%
2.90%
3.90%
MSCI ACWI ex -US
11.60%
-4.60%
5.30%
6.00%
GLOBAL EQUITY **
-
_
Benchmarks: MSCI World Index
12.70%
-4.20%
3.10%
2.90%
DomESTIc FIXED INCOME
10.60%
6.20%
6.40%
6.60%
Benchmarks: Barclays Aggregate
6.50%
5.90%
5.80%
5.80%
Barclays Universal
7.20%
6.00%
5.90%
6.00%
Merrill Lynch HY 1I
15.20%
10.20%
8.90%
8.60%
T Bills
0.10%
0.80%
2.40%
2.40%
GLOBAL FIXED INCOME * **
8.80%
6.50%
-
Benchmark: Barclays Global Aggregate
5.50%
5.80%
6.70%
-
REAL ESTATE
21.00%
-7.50%
0.50%
9.20%
Benchmarks: NCREIF Property Index
13.10%
-4.20%
3.50%
7.40%
Wilshire REIT
28.60%
0.20%
2.40%
10.50%
ALi'ERNATIVE INVESTMENTS
10.50%
3.50%
11.10%
6.20%
S &P 500 + 400 bps
19.60%
1.10%
6.40%
5.50%
TOTAL FUND
14.00%
0.70%
4.80%
5.70%
CPI + 400 bps
5.60%
5.50%
6.30%
6.90%
* Using time- weighted rate of return based on the market rate of return.
** Global Equity Manager hired in September 2010.
* ** Global Fixed Income Manager hired in December 2007.
UAAL FINANCIAL ANALYSIS SUMMARY
SCENARIOS ANALYZED
Scenario 1A Scenario 1 B
Base Line Base Line
Scenario 2A Scenario 2B
$10SSChq Increase $20 SSChg Increase
Cash Payments
$100 million
$120 million
$120 million
$120 million
Pension Obligation Bonds
Pension Obligation Bonds
Revenue Bonds
$120 million
$120 million
$120 million
Revenue Bonds
Financing Term Length
21 years
21 years
15 Years
13 Years
Interest Rate
7.75°%
7.75%
20 years
30 Years
Average Annual Debt Payment
$7,892,598
$9,574,112
$11,284,294
$11,672,295
Total Cost
$165,744,550
$201,056,351
$169,264,405
$151,739,834
Savin s Compared to Scenario 1 B
Base Scenario
I Base Scenario
$31,791,946
549,316,517
Scenario 3A Scenario 3B Scenario 3C
Rev Bonds Rev Bonds Rev Bonds
Scenario 4A Scenario 4B Scenario 4C
PO Bond PO Bond PO Bond
Cash Payments
$45 Million
$45 Million
$45 Million
Pension Obligation Bonds
$120 million
$120 million
$120 million
Revenue Bonds
$120 million
$120 million
120 million
$75 Million
$75 Million
$75 Million
Financing Term Length
15 years
20 years
30 Years
15 years
20 years
30 years
Interest Rate
3.28°%
3.89°%
4.50°%
4.86°%
5.63°%
6.06°%
Average Annual Debt Service
$11,719,083
$10,081,563
$8,709,827
$13,150,507
$11,855,586
$10,576,144
Total Cost (Debt & Cash Payments)
$172,400,739
$198,718,808
$257,665,717
$193,458,577
$233,686,777
$312,877,599
Savin s Compared to Scenario 16
1 $28,655,612
$2,337,543
(S56.609,366)
$7,597,774
(S32,630,426)
1 ($111,821,248)
Scenario 5A Scenario 5B Scenario 5B
Rev Bonds+ Cash Rev Bonds + Cash Rev Bonds + Cash
Scenario 6A Scenario 6B Scenario 6B
Rev+ PO Bonds Rev+ PO Bonds Rev+ PO Bonds
Cash Payments
$45 Million
$45 Million
$45 Million
Pension Obligation Bonds
$45 million
$45 million
$45 million
Revenue Bonds
$75 Million
$75 Million
$75 Million
$75 Million
$75 Million
$75 Million
Financing Term Length -Bonds
15 years
20 years
30 years
15 years
20 years
30 years
Interest Rate
3.20°%
3.84%
4.59°%
4.68% / 3.20°%
5.51% / 3.84°%
6.18°% / 4.59°%
Average Annual Debt Service
$7,400,964
$6,401,167
$5,710,271
$12,421,303
$11,018,465
$9,980,346
Average Annual Cash Payment
$8,725,030
$8,725,030
$8,725,030
Financing Term Length -Cash
6 Years
6 Years
6 Years
Total Cost (Debt & Cash Payments)
$160,280,908
$177,706,367
$221,279,021
$181,144,008
$215,778,279
$295,251,890
Savin s Com ared to Scenario 1 B
1 $40,775,443
$23,349,984
(S20.222,670)
$19,912,343
1 (S14,721,W,9)
1 (S94,195,539)
Scenario 7A Scenario 7B Scenario 7C
Rev Bonds + Cash Rev Bonds + Cash Rev Bonds + Cash
Scenario 8A Scenario 86 Scenario 8C
Rev+ PO Bonds Rev+ PO Bonds Rev + PO Bonds
Cash Payments
$35 Million
$35 Million
$35 Million
Pension Obligation Bonds
$35 Million
$35 Million
$35 Million
Revenue Bonds
$85 Million
$85 Million
$85 Million
$85 Million
$85 Million
$85 Million
Financing Term Length
15 Years
20 Years
30 Years
15 years
20 years
30 years
Interest Rate
3.12°%
3.82°%
4.56°%
4.71% / 3.12°%
5.56°% / 3.82%
6.19°% / 4.56°%
Average Annual Debt Service
$8,324,011
$7,201,136
$6,385,085
$12,273,316
$10,861,690
$9,748,238
Average Annual Cash Payment
$7,846,563
$7,846,563
$7,846,563
Financing Term Length -Cash
5 Years
5 Years
5 Years
Total Cost (Debt & Cash Payments)
$160,624,637
$180,255,066
$228,124,916
$178,985,850
$212,708,093
$288,385,367
Savin s Compared to Scenario 1 B
1 $40,431,714
$20,801,285
(S27,068,565)
$22,070,501
1 (S 11,651.742)
$87,329,016)
Scenario 9A Scenario 9B Scenario 9C
Rev Bonds + Cash Rev Bonds + Cash Rev Bonds + Cash
Scenario 10A Scenario 10B Scenario10C
Rev+ PO Bonds Rev+ PO Bonds Rev+ PO Bonds
Cash Payments
$30 Million
$30 Million
$30 Million
Pension Obligation Bonds
$30 Million
$30 Million
$30 Million
Revenue Bonds
$90 Million
$90 Million
$90 Million
$90 Million
$90 Million
$90 Million
Financing Term Length
15 years
20 years
30 years
15 years
20 years
30 years
Interest Rate
3.12°%
3.81%
4.59°%
4.73°% / 3.12%
5.60% / 3.81%
6.19°% / 4.59°%
Average Annual Debt Service
$8,804,687
$7,600,951
$6,718,430
$12,218,595
$10,783,287
$9,603,989
Average Annual Cash Payment
$6,595,579
$6,595,579
$6,595,579
Financing Term Length -Cash
5 Years
5 Years
5 Years
Total Cost (Debt & Cash Payments)
$166,379,583
$186,829,849
$231,731,458
$178,187,841
$211,172,706
$284,118,006
Savin s Compared to Scenario 1B
1 $34,676,768
$14,226,502
($30.675,107)
$22,868,510
(S 10, 116,355)
1 (S83.061,655)
Central Contra Costa Sanitary District
UAAL Financing Analysis
$100 Million
Fiscal Year
UAAL
Years Amortized
Assumed Rate
Annual Payment
2010 -11
$
36,483,000
13
7.75%
$4,225,172
2011 -12
$
3,296,000
17
7.75%
$329,777
2012 -13
$
31,239,235
18
7.75%
$3,040,093
2013 -14
$
28,823,145
18
7.75%
$2,804,968
Total Projected 2014 -15 UAAL
$
99,841,380
$3,040,093
$10,400,010
Financing Table
$ 99,841,380
$ 36,483,000
$ 3,296,000
$ 31,239,235
$ 28,823,145 $
99,841,380
Fiscal Year
2009 -10 UAAL
2010 -11 UAAL Increase
2011 -12 UAAL Increase
2012 -13 UAAL Increase
2010 -11
$4,225,172
$4,225,172
2011 -12
$4,225,172
$329,777
$4,554,950
2012 -13
$4,225,172
$329,777
$3,040,093
$7,595,043
2013 -14
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
2014 -15
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
2015 -16
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
2016 -17
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
2017 -18
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
2018 -19
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
2019 -20
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
2020 -21
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
2021 -22
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
2022 -23
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
2023 -24
$329,777
$3,040,093
$2,804,968
$6,174,838
2024 -25
$329,777
$3,040,093
$2,804,968
$6,174,838
2025 -26
$329,777
$3,040,093
$2,804,968
$6,174,838
2026 -27
$329,777
$3,040,093
$2,804,968
$6,174,838
2027 -28
$329,777
$3,040,093
$2,804,968
$6,174,838
2028 -29
$3,040,093
$2,804,968
$5,845,061
2029 -30
$3,040,093
$2,804,968
$5,845,061
2030 -31
$2,804,968
$2,804,968
2031 -32
$0
Total
$54,927,238
$5,606,216
$54,721,674
$50,489,417
$165,744,545
Central Contra Costa Sanitary District
UAAL Financing Analysis
$120 Million
Fiscal Year
UAAL
$329,777
Years Amortized
Assumed Rate
Annual Payment
$12,361,777
2018 -19
2010 -11
$
36,483,000
13
7.75%
$4,225,172
2019 -20
$4,225,172
2011 -12
$
3,296,000
17
7.75%
$329,777
$4,225,172
$329,777
2012 -13
$
31,239,235
18
7.75%
$3,040,093
$329,777
$3,040,093
2013 -14
$
28,823,145
18
7.75%
$2,804,968
$3,040,093
$2,804,968
2014 -21 (@ 5% interest)
$
20,158,620
18
7.75%
$1,961,766
$2,804,968
$1,961,766
Total Projected 2014 -15 UAAL
$
120,000,000
$329,777
$3,040,093
$12,361,777
$1,961,766
$8,136,604
2025 -26
$329,777
Financing Table
$
99,841,380
$8,136,604
2026 -27
$329,777
$3,040,093
$2,804,968
$
36,483,000
$ 3,296,000
$ 31,239,235
$ 28,823,145
$ 20,158,620 $
120,000,000
Fiscal Year
2009 -10 UAAL
2010-11 UAAL Increase
2011 -12 UAAL Increase
2012 -13 UAAL Increase
2013 -14 UAAL Increase
$2,804,968
2010 -11
$7,806,827
$4,225,172
$3,040,093
$2,804,968
$4,225,172
2011 -12
2030 -31
$4,225,172
$329,777
$2,804,968
$1,961,766
$4,554,950
2012 -13
$4,225,172
$329,777
$3,040,093
$1,961,766
$1,961,766
$7,595,043
2013 -14
$5,606,216
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
2014 -15
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,777
2015 -16
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,777
2016 -17
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,777
2017 -18
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,777
2018 -19
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,777
2019 -20
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,777
2020 -21
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,777
2021 -22
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,777
2022 -23
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,777
2023 -24
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
2024 -25
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
2025 -26
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
2026 -27
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
2027 -28
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
2028 -29
$3,040,093
$2,804,968
$1,961,766
$7,806,827
2029 -30
$3,040,093
$2,804,968
$1,961,766
$7,806,827
2030 -31
$2,804,968
$1,961,766
$4,766,734
2031 -32
$1,961,766
$1,961,766
Total
$54,927,238
$5,606,216
$54,721,674
$50,489,417
$35,311,794
$201,056,340
Central Contra Costa Sanitary District
Cash Scenario
Sewer Service Charge Impact Analysis
BASE LINE - CCCERA ANNUAL PAYMENTS <S120 Million>
Fiscal
UAAL
UAAL
SSC
Ending
UAAL
Normal
I Normal
SSC
SSC
Year
I Payment
-Payment
Contribution
Balance
Portion
I Cost
Portion
Ch
($7,595,042)
2012 -13
($4.225,172)
S32.257,828
S34.757,810
S25.76
S6,500.214
539.40
5371.00
2013 -14
($4,554,949)
533,498,861
$36,095.022
$27.61
$7.260.159
S43.74
S4.34
$377.18
2014 -15
($7,595,042)
S59,739,215
$64.369,005
$45.75
S7,420,783
S44.44
$0.70
$396.03
2015 -16
($10,400.010)
$82.792.140
$89,208,530
$62.28
S7,578.256
S45.11
$0.67
$413.23
2016 -17
($12,361,776)
S97,005,374
$104,523,291
$73.58
S7,586,928
S44.89
-$0.22
S424.32
2017 -18
($12,361,776)
$92.161,515
$99.304,032
S73.15
S7,538.870
S44.35
-$0.55
$423.33
2018 -19
($12.361,776)
$86,942,256
$93,680,281
$72.72
S7.509,585
S43.92
-$0.43
$422.47
2019 -20
($12,361,776)
$81,318,505
$87.620,689
$72.29
S7,538,149
S43.83
-$0.09
$421.96
2020 -21
($12,361,776)
S75.258.913
$81.091,479
$71.87
57,566,856
S43.74
-$0.09
$421.45
2021 -22
($12,361,776)
S68.729,703
$74.056,255
S71.46
57,595,707
$43.65
-$0.09
$420.95
2022 -23
($12,361,776)
$61.694,479
566.475,801
$71.04
S7,624,701
S43.57
-S0.08
$420.46
2023 -24
($12,361,776)
S54,114,025
$58,307,862
S70.64
$7,653,675
543.49
-$0.08
$419.97
2024 -25
($12,361,778)
545,946.084
$49.506,906
$70.24
$7,682,759
S43.41
-$0.08
$419.48
2025 -26
($8,136,604)
S41,370,302
$44,576.500
$45.97
$7,711,953
S43.33
-$0.08
$395.14
2026 -27
($8,136,604)
S36,439.896
$39,263,988
$45.71
$7.741,259
S43.25
-$0.08
$394.80
2027 -28
($8.136.604)
$31.127,384
S31539,756
$45.46
$7,770,676
$43.17
-$0.08
$394.47
2028 -29
($8,136.604)
$25,403.152
$27,371,897
$45.20
$7,800,204
S43.10
-$0.08
$394.14
2029 -30
($8,136,611)
$19,235,286
S20,726,020
$44.95
$77829,845
$43.02
-$0.07
$393.82
2030 -31
($7,806.827)
$12,919,193
S13,920,431
$42.89
$7.859,598
542.95
-$0.07
$391.68
2031 -32
($7,806,827)
S6,113,604
56.587,408
$42.66
$7,889.465
542.88
-$0.07
$391.38
2032 -33
($4,766,727)
$1,820,681
$1,961,784
S25.91
$7,919,445
542.81
-$0.07
$374.56
2033 -34
($1,961,784)
$0
SO
$10.60
$7,949,539
$42.74
-$0.07
$359.19
($201.056.351)
Central Contra Costa Sanitary District
Cash Scenario
Sewer Service Charge Impact Analysis
+ $10 SEWER SERVICE CHARGE
Fiscal
UAAL
UAAL
SSC
Ending
UAAL
Normal
Normal
I
SSC
SSC
Year
I Payment
- Payment
I Contribution
Balance
Portion
I Cost
Portion
Chg
$387.18
2012 -13
(S4,225,172)
$32,257,828
S34.757,810
525.76
S6,500,214
=,
5371.00
2013 -14
($4.554.949)
$33.498.861
- $1,650,000
$34,317.147
$37.61
S7,260.159
$43.74
$4.34
$387.18
2014 -15
($7,595.042)
$57,961,340
- $1,660,000
$60,664,694
$55.75
S7,420.783
$44.44
$0.70
$406.03
2015 -16
($10,400,010)
$79,087,829
- $1,670,000
$83,417.711
$72.28
S7.578,256
S45.11
S0.67
$423.23
2016 -17
($12,361.776)
S91,214,555
- $1,680,000
$96.473,483
$83.58
S7,586,928
S44.89
-50.22
S434.32
2017 -18
($12,361,776)
S84,111,707
- $1,690,000
$88,809,389
$83.15
S7,538,870
S44.35
-$0.55
S433.33
2018 -19
($12,361,776)
$76,447,613
- $1,700,000
$80,540.553
$82.72
S7,509,585
S43.92
-$0.43
S432.47
2019 -20
($12,361.776)
$68,178,777
- $1,710,000
$71,620,108
$82.29
S7,538,149
S43.83
-$0.09
S431.96
2020 -21
($12.361376)
S59,258,332
- $1,720,000
$61,997,552
$81.87
S7,566,856
S43.74
-$0.09
$431.45
2021 -22
($12,361,776)
S49,635,776
- $1.730,000
$51,618,474
$81.46
S7,595.707
S43.65
-S0.09
$430.95
2022 -23
($12,361,776)
$39,256,698
- $1,740,000
$40.424,242
$81.04
$7,624.701
S43.57
-S0.08
$430.46
2023 -24
($12,361.776)
S28,062,466
- $1,750,000
528.351.682
$80.64
$7,653,675
S43.49
-$0.08
$429.97
2024 -25
($12,361,778)
$15,989,904
- $1,760,000
S15.332,722
$80.24
S7,682,759
S43.41
-S0.08
$429.48
2025 -26
($8.136.604)
$7.196,118
- $1,770.000
$5,846,642
$55.97
57,711.953
S43.33
-$0.08
$405.14
2026 -27
($5.846,642)
$0
50
$32.85
S7,741.259
S43.25
-$0.08
$381.94
2027 -28
$0
$0
50.00
S7,770,676
543.17
-$0.08
$349.01
2028 -29
$0
$0
S7,800,204
S43.10
-S0.08
$348.94
2029 -30
$0
$0
$7,829,845
S43.02
-$0.07
$348.86
2030 -31
$0
$0
S77859,598
S42.95
-$0.07
$348.79
2031 -32
$0
$0
S7.889,465
$42.88
-$0.07
$348.72
2032 -33
$0
$0
$7,919,445
S42.81
-$0.07
$348.65
2033 -34
$0
$0
$71949,539
$42.74
-$0.07
$348.58
($152.014,405)
- $17,250.000
(S49,041,946)
Central Contra Costa Sanitary District
Cash Scenario
Sewer Service Charge Impact Analysis
+ S20 ANNUAL INCREASE SEWER SERVICE CHARGE
Fiscal
UAAL
UAAL
SSC
Ending
UAAL
Normal
I Normal
SSC
SSC
Year
I Payment
- Payment
I Contribution
Balance
Portion
I Cost
Portion
Chg
- S3.360,000
2012 -13
S 6. t , -)
$32.257.828
S39AC
2013 -14
($4,554,949)
S33,498,861
- $3,3001000
2014 -15
($7.595,042)
S56,183,465
- $3,320,000
2015 -16
($10,400,010)
$75,383,519
- S3,340.000
2016 -17
($12,361,776)
S85,423,736
- S3.360,000
2017 -18
($12,361,776)
$76.061.899
- S3,380,000
2018 -19
($12,361,776)
S65,952,970
-$3,400,000
2019 -20
($12,361,776)
$55,039,050
- S3,420.000
2020 -21
($12,361,776)
543,257,750
- S37440,000
2021 -22
($12,361,776)
S30,541,850
- S3,460,000
2022 -23
($12.361,776)
516,818,917
- S3.480.000
2023 -24
($12,361,776)
$2,010,907
- S2,010,907
2024 -25
$91.87
SO
S43.74
2025 -26
S441.45
SO
$91.46
2026 -27
S43.65
SO
$440.95
2027 -28
$91.04
SO
S43.57
2028 -29
$440.46
SO
$82.13
2029 -30
$43.49
SO
$431.46
2030 -31
$0
$43.41
2031 -32
$431.38
SO
2032 -33
543.33
SO
$431.30
2033 -34
SO
$43.25
($125.669,381) - $25,950,907
(S75,386,970)
$34,757,810
l:
S6.500,214
S39AC
5 .' .
$32.539.272
$47.61
S7,260,159
$43.74
$4.34
$397.18
$56.960,384
$65.75
$7,420.783
$44.44
$0.70
$416.03
$77,626,892
$82.28
S7,578,256
$45.11
$0.67
$433.23
$88.423.675
$93.58
S77586,928
S44.89
-$0.22
$444.32
$78,314,746
$93.15
$7,538,870
S44.35
-$0.55
$443.33
$67,400,826
$92.72
$7,509.585
S43.92
-$0.43
$442.47
555.619,526
$92.29
$7,538,149
$43.83
-$0.09
$441.96
$42.903,626
$91.87
$7,566,856
S43.74
-$0.09
S441.45
$29,180,693
$91.46
$7,595,707
S43.65
-$0.09
$440.95
$14.372.683
$91.04
$7,624,701
S43.57
-$0.08
$440.46
$0
$82.13
$7.653,675
$43.49
-$0.08
$431.46
$0
$7,682,759
$43.41
-$0.08
$431.38
$0
$7,711,953
543.33
-$0.08
$431.30
$0
$7,741,259
$43.25
-$0.08
$431.22
$0
$7,770,676
S43.17
-$0.08
$431.14
$0
$7,800,204
$43.10
-$0.08
$431.07
$0
$7.829.845
$43.02
-$0.07
$430.99
$0
S7.859,598
542.95
-S0.07
$430.92
SO
$7.889,465
$42.88
-$0.07
$430.85
SO
$7,919,445
$42.81
-S0.07
5430.78
SO
57,949,539
$42.74
-$0.07
$430.71
Central Contra Costa Sanitary District
Cash Scenario
Sewer Service Charge Impact Analysis
+ S30 ANNUAL INCREASE SEWER SERVICE CHARGE
Fiscal
UAAL
UAAL
SSC
Ending
UAAL
Normal
Normal
I SSC
SSC
Year
Payment
- Payment
Contribution
Balance
Portion
Cost
Portion
Ch g
$407.18
2012 -13
S -.,«5. ` 12;
S32.257,828
534.757.810
S25.76
56,500,214
539.40
= 2371.00
2013 -14
($4,554,949)
S33.498,861
- $4.950,000
$30,761,397
$57.61
S7,260.159
S43.74
$4.34
$407.18
2014 -15
($7,595,042)
$54,405.590
- $4,980.000
$53,256.074
$75.75
S7,420,783
S44.44
$0.70
$426.03
2015 -16
($10,400,010)
S71,679,209
- S5,010,000
$71,836,072
$92.28
S7,578.256
S45.11
50.67
$443.23
2016 -17
($12,361,776)
579,632,916
- S5,040.000
$80,373,867
$103.58
S7.586,928
S44.89
-$0.22
$454.32
2017 -18
($12,361,776)
S68,012,091
- S5,070,000
$67.820.103
$103.15
S7,538,870
S44.35
-$0.55
$453.33
2018 -19
($12,361,776)
$55,458,327
- S5,100,000
$54,261,098
$102.72
57,509,585
$43.92
-$0.43
$452.47
2019 -20
($12,361,776)
$41,899,322
- $5,130,000
$39,618,944
$102.29
S7.538,149
$43.83
-$0.09
$451.96
2020 -21
($12.361,776)
S27,257,168
- S5,160,000
$23.809,699
$101.87
$7,566,856
$43.74
-50.09
$451.45
2021 -22
($12,361,776)
S11.447.923
- S5,190,000
$6,742,912
$101.46
$7,595,707
S43.65
-$0.09
$450.95
2022 -23
($6,742,912)
SO
$0
$38.75
$7,624.701
$43.57
-$0.08
$388.16
2023 -24
$0
SO
$0
$7.653,675
S43.49
-$0.08
$388.08
2024 -25
SO
$0
$77682,759
$43.41
-$0.08
$388.00
2025 -26
SO
$0
S7.711,953
543.33
-$0.08
$387.92
2026 -27
SO
$0
$7.741,259
543.25
-$0.08
$387.84
2027 -28
SO
$0
57.770.676
$43.17
-$0.08
$387.76
2028 -29
$0
$0
S7,800.204
543.10
-$0.08
$387.69
2029 -30
SO
$0
57.829,845
$43.02
-$0.07
$387.62
2030 -31
SO
$0
57.859,598
S42.95
-$0.07
$387.54
2031 -32
SO
$0
S7,889,465
S42.88
-$0.07
$387.47
2032 -33
$0
$0
$7,919,445
$42.81
-$0.07
$387.40
2033 -34
$0
$0
$7.949,539
$42.74
-$0.07
$387.33
($107.688,741)
- $30.690.000
(S93,367,610)
Central Contra Costa Sanitary District
Cash Scenario
Sewer Service Charge Impact Analysis
+ S40 ANNUAL INCREASE SEWER SERVICE CHARGE
Fiscal
UAAL
UAAL
SSC
Ending
UAAL
Normal
I Normal
SSC
SSC
Year I
Payment
- Payment
I Contribution
Balance
Portion
I Cost
Portion
Chg
$417.18
2012 -13
iS4.225,172)
S32.257.828
S34.757.810
525 7C?
S6,500.214
539.4;.
S371.00
2013 -14
($4,554.949)
$33,498,861
- S6,600.000
$28,983,522
S67.61
$7.260.159
$43.74
$4.34
$417.18
2014 -15
($7,595,042)
$52,627.715
- 56,640,000
$49,551,763
$85.75
$7.420,783
S44.44
$0.70
S436.03
2015 -16
($10,400,010)
$67,974.898
- S6,680,000
S66.045,253
$102.28
$7.578,256
$45.11
50.67
S453.23
2016 -17
($12,361,776)
$73,842.097
- $6.720,000
S72,324,059
$113.58
S7.586,928
$44.89
-$0.22
$464.32
2017 -18
($12.361.776)
$59,962,283
- S6,760,000
S57,325,460
$113.15
57,538,870
$44.35
-$0.55
S463.33
2018 -19
($12,361,776)
$44,963,684
- $6,800,000
S41,121,370
$112.72
57.509,585
S43.92
-$0.43
5462.47
2019 -20
($12,361,776)
$28,759,594
- $6,840,000
S23,618,362
$112.29
S7,538.149
$43.83
-50.09
S461.96
2020 -21
(S12,361,776)
$11,256,586
- 56.880,000
$4,715,772
$111.87
57,566.856
$43.74
-S0.09
S461.45
2021 -22
($4,715,772)
SO
$0
$27.26
$7,595,707
S43.65
-50.09
5376.75
2022 -23
$0
SO
$0
$7,624,701
$43.57
-50.08
$376.67
2023 -24
SO
$0
$7,653.675
$43.49
-50.08
$376.59
2024 -25
SO
$0
$7,682.759
$43.41
-$0.08
$376.51
2025 -26
SO
$0
S7,711,953
$43.33
-S0.08
$376.43
2026 -27
$0
$0
S7,741.259
$43.25
-S0.08
$376.35
2027 -28
$0
$0
S7,770,676
$43.17
-50.08
S376.27
2028 -29
$0
$0
S7,800,204
$43.10
-S0.08
S376.20
2029 -30
$0
$0
$7,829.845
$43.02
-S0.07
S376.12
2030 -31
$0
$0
$7,859,598
$42.95
-S0.07
$376.05
2031 -32
$0
$0
$7,889.465
$42.88
-S0.07
S375.98
2032 -33
$0
$0
$7,919,445
$42.81
-S0.07
S375.91
2033 -34
$0
$0
$7,949,539
$42.74
-50.07
S375.84
($93.299.825)
- S34,000,000
(S107,756,526)
Central Contra Costa Sanitary District
Cash Scenario
Sewer Service Charge Impact Analysis
+ S50 ANNUAL INCREASE SEWER SERVICE CHARGE
Fiscal
UAAL
UAAL
SSC
Ending
UAAL
Normal
Normal
SSC
SSC
Year I
Payment
-Payment
Contribution
Balance
Portion
I Cost
Portion
Ch
5427.18
2012 -13
($4,225,172)
$32,257.828
S34,757,810
325.76
S6.500,214
__
S3% .0
2013 -14
($4,554,949)
$33,498.861
- S8,250,000
$27,205,647
$77.61
$7,260,159
$43.74
$4.34
5427.18
2014 -15
($7.595.042)
$50,849,840
- 58,300,000
$45,847,453
595.75
57,420,783
$44.44
$0.70
$446.03
2015 -16
($10,400,010)
$64,270.588
- $8.350,000
560,254,434
$112.28
57,578,256
$45.11
$0.67
$463.23
2016 -17
($12,361,776)
$68,051,278
- $8,400,000
S64,274,252
$123.58
S7,586.928
$44.89
-$0.22
$474.32
2017 -18
(S12,361,776)
$51,912.476
- 58,450,000
546,830,817
$123.15
$7.538.870
$44.35
-$0.55
$473.33
2018 -19
(512,361,776)
$34,469,041
- S8,500,000
S27,981,642
$122.72
S7.509,585
S43.92
-$0.43
$472.47
2019 -20
(512,361,776)
$15,619,866
- $8,550,000
$7,617,781
$122.29
S7,538.149
$43.83
-$0.09
$471.96
2020 -21
($7,617,781)
50
$0
S44.29
S7.566,856
$43.74
-$0.09
$393.87
2021 -22
$0
$0
$0
S7,595.707
S43.65
-S0.09
$393.78
2022 -23
$0
$0
S7.624,701
$43.57
-S0.08
$393.70
2023 -24
$0
$0
S7,653,675
$43.49
-S0.08
$393.62
2024 -25
$0
$0
$7.682.759
$43.41
-50.08
$393.54
2025 -26
$0
$0
$7,711,953
543.33
-S0.08
$393.46
2026 -27
$0
$0
$7.741,259
$43.25
-S0.08
$393.38
2027 -28
$0
$0
$7,770.676
$43.17
-50.08
$393.30
2028 -29
$0
$0
S7,800,204
$43.10
-$0.08
$393.23
2029 -30
$0
$0
$7.829.845
$43.02
-S0.07
$393.15
2030 -31
$0
$0
$7.859,598
$42.95
-50.07
$393.08
2031 -32
$0
$0
S7,889,465
$42.88
-50.07
$393.01
2032 -33
$0
$0
S7.919,445
$42.81
-S0.07
5392.94
2033 -34
$0
$0
$7,949,539
$42.74
-S0.07
S392.87
($83.840,058)
- S33.900.000
(S117,216,293)
Central Contra Costa Sanitary District
Cash Scenario
Sewer Service Charge Impact Analysis
+ S60 ANNUAL INCREASE SEWER SERVICE CHARGE
Fiscal
UAAL
UAAL
SSC
Ending
UAAL
Normal
Normal
SSC
SSC
Year
Payment
- Payment
Contribution
Balance
Portion
Cost
Portion
Ch
S437.18
2012 -13
4,225,17L)
SJ2.251,828
S34.757.81 0
-,25.;b
Jb,SUU,L14
z,, - -
J3li.uu
2013 -14
($4,554,949)
S33,498,861
- S9,900,000
S25,427,772
S87.61
$7,260,159
$43.74
$4.34
S437.18
2014 -15
($7,595,042)
S49,071.965
- S9,960,000
$42,143,143
$105.75
$7,420.783
$44.44
$0.70
S456.03
2015 -16
(510,400,010)
S60.566,278
- $10,020,000
$54.463,614
S122.28
$7.578,256
$45.11
$0.67
$473.23
2016 -17
($12,361.776)
S62,260.458
-$10,080,000
556.224.444
$133.58
$7,586.928
$44.89
-$0.22
$484.32
2017 -18
($12.361,776)
$43,862,668
- $10.140,000
536,336,174
S133.15
$7,538,870
$44.35
-$0.55
$483.33
2018 -19
($12,361,776)
$23,974,398
- $10,200.000
514.841.914
$132.72
$7,509,585
$43.92
-$0.43
$482.47
2019 -20
($12.361,776)
$2,480,138
- $2,008,851
S507,812
S84.04
$7,538,149
$43.83
-$0.09
S433.71
2020 -21
($507,812)
$0
$0
$7,566.856
$43.74
-S0.09
S433.62
2021 -22
$0
SO
$0
S7,595,707
S43.65
-$0.09
S433.53
2022 -23
SO
$0
$7,624.701
S43.57
-S0.08
S433.45
2023 -24
SO
$0
57,653.675
S43.49
-S0.08
S433.37
2024 -25
$0
$0
$7,682,759
$43.41
-S0.08
S433.29
2025 -26
SO
$0
S7,711.953
S43.33
-50.08
$433.21
2026 -27
$0
$0
S7,741,259
S43.25
-50.08
$433.13
2027 -28
$0
$0
S7,770,676
S43.17
-50.08
$433.05
2028 -29
$0
$0
S7,800.204
S43.10
-S0.08
$432.98
2029 -30
$0
$0
$7,829,845
S43.02
-S0.07
$432.90
2030 -31
$0
$0
S7,859,598
S42.95
-S0.07
$432.83
2031 -32
$0
$0
S7.889,465
S42.88
-$0.07
S432.76
2032 -33
$0
$0
$7,919,445
S42.81
-S0.07
$432.69
2033 -34
$0
$0
$7,949,539
$42.74
-S0.07
S432.62
(576.730,089)
- $32,428,851
($124,326,262)
Central Contra Costa Sanitary District
Cash Scenario
Sewer Service Charge Impact Analysis
BASE LINE - CCCERA ANNUAL PAYMENTS <$120 Million>
scal Year
pplied to
2009 - 2010
UAAL
2010- 2011
UAAL Increase
2011- 2012
UAAL Increase
2012- 2013
UAAL Increase
2013 -2014
I UAAL Increase
Total Payment
Payment
UAAL
Balance
UAAL
Increase
UAAL
Adi Balance
UAAL
Payment
UAAL
Less Payment
SSC
Contribution
UAAL Less SSC
Less SSC
Interest
Ending
Balance
2012 -13
$4,225,172
$4,225,172
$30,379,000
$6,104,000
$36,483,000
($4,225,172)
$32,257,828
$32,257,828
$2,499,982
S34,757,810
2013 -14
$4,225,172
$329,777
$4,554,949
$34,757,810
$3,296,000
$38,053,810
($4,554,949)
$33,498,861
$33,498,861
$2,596,162
$36,095,022
2014 -15
$4,225,172
$329,777
$3,040,093
$7,595,042
$36,095,022
$31,239,235
$67,334,257
($7,595,042)
$59,739,215
$59,739,215
$4,629,789
$64,369,005
2015 -16
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
$64,369,005
$28,823,145
$93,192,150
($10,400,010)
$82,792,140
$82,792,140
$6,416,391
$89,208,530
2016 -17
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$89,208,530
$20,158,620
$109,367,150
($12,361,776)
$97,005,374
$97,005,374
$7,517,917
$104,523,291
2017 -18
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$104,523,291
$0
$104,523,291
($12,361,776)
$92,161,515
$92,161,515
$7,142,517
$99,304,032
2018 -19
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$99,304,032
$0
$99,304,032
($12,361,776)
$86,942,256
$86,942,256
$6,738,025
$93,680,281
2019 -20
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$93,680,281
$0
$93,680,281
($12,361,776)
$81,318,505
$81,318,505
$6,302,184
$87,620,689
2020 -21
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$87,620,689
$0
$87,620,689
($12,361,776)
$75,258,913
$75,258,913
$5,832,566
$81,091,479
2021 -22
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$81,091,479
$0
$81,091,479
($12,361,776)
$68,729,703
$68,729,703
$5,326,552
$74,056,255
2022 -23
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$74,056,255
$0
$74,056,255
($12,361,776)
$61,694,479
$61,694,479
$4,781,322
$66,475,801
2023 -24
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$66,475,801
$0
$66,475,801
($12,361,776)
$54,114,025
$54,114,025
$4,193,837
$58,307,862
2024 -25
$4,225,174
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,778
$58,307,862
$0
$58,307,862
($12,361,778)
$45,946,084
$45,946,084
$3,560,822
$49,506,906
2025 -26
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$49,506,906
$0
$49,506,906
($8,136,604)
$41,370,302
$41,370,302
$3,206,198
$44,576,500
2026 -27
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$44,576,500
$0
$44,576,500
($8,136,604)
$36,439,896
$36,439,896
$2,824,092
$39,263,988
2027 -28
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$39,263,988
$0
$39,263,988
($8,136,604)
$31,127,384
$31,127,384
$2,412,372
$33,539,756
2028 -29
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$33,539,756
$0
$33,539,756
($8,136,604)
$25,403,152
$25,403,152
$1,968,744
$27,371,897
2029 730
$329,784
$3,040,093
$2,804,968
$1,961,766
$8,136,611
$27,371,897
$0
$27,371,897
($8,136,611)
$19,235,286
$19,235,286
$1,490,735
$20,726,020
2030 -31
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$20,726,020
$0
$20,726,020
($7,806,827)
$12,919,193
$12,919,193
$1,001,237
$13,920,431
2031 -32
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$13,920,431
$0
$13,920,431
($7,806,827)
$6,113,604
$6,113,604
$473,804
$6,587,408
2032 -33
$2,804,961
$1,961,766
$4,766,727
$6,587,408
$0
$6,587,408
($4,766,727)
$1,820,681
$1,820,681
$141,103
$1,961,784
2033 -34
$1,961,772
$1,961,772
$1,961,784
$0
$1,961,784
($1,961,784)
$0
$0
$0
$0
$54,927,238
$5,606,216
$54,721,674
$50,489,417
$35,311,794
$201,056,339
$89,621,000
($201,056,351)
$81,056,351
Central Contra Costa Sanitary District
Cash Scenario
Sewer Service Charge Impact Analysis
+ $10 SEWER SERVICE CHARGE
ssccal Year
.pplied to
2009 -2010
UAAL
2010 -2011
UAAL Increase
2011 -2012
UAAL Increase
2012 -2013
UAAL Increase
I 2013 -2014
UAAL Increase
Total Payment
Payment
UAAL
Balance
UAAL
Increase
I ,UAAL
Ad- Balance
I UAAL
Pa nt
I UAAL
Less Payment
I SSC
Contribution
I UAAL Less SSC
Less SSC
I Interest
I Ending
Balance
2012 -13
$4,225,172
$4,225,172
$30,379,000
$6,104,000
$36,483,000
($4,225,172)
$32,257,828
$32,257,828
$2,499,982
S34,757,810
2013 -14
$4,225,172
$329,777
$4,554,949
$34,757,810
$3,296,000
$38,053,810
($4,554,949)
$33,498,861
- $1,650,000
$31,848,861
$2,468,287
$34,317,147
2014 -15
$4,225,172
$329,777
$3,040,093
$7,595,042
$34,317,147
$31,239,235
$65,556,382
($7,595,042)
$57,961,340
- $1,660,000
$56,301,340
$4,363,354
$60,664,694
2015 -16
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
$60,664,694
$28,823,145
$89,487,839
($10,400,010)
$79,087,829
- $1,670,000
$77,417,829
$5,999,882
$83,417,711
2016 -17
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$83,417,711
$20,158,620
$103,576,331
($12,361,776)
$91,214,555
- $1,680,000
$89,534,555
$6,938,928
$96,473,483
2017 -18
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$96,473,483
$0
$96,473,483
($12,361,776)
$84,111,707
- $1,690,000
$82,421,707
$6,387,682
$88,809,389
2018 -19
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$88,809,389
$0
$88,809,389
($12,361,776)
$76,447,613
- $1,700,000
$74,747,613
$5,792,940
$80,540,553
2019 -20
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$80,540,553
$0
$80,540,553
($12,361,776)
$68,178,777
- $1,710,000
$66,468,777
$5,151,330
$71,620,108
2020 -21
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$71,620,108
$0
$71,620,108
($12,361,776)
$59,258,332
- $1,720,000
$57,538,332
$4,459,221
$61,997,552
2021 -22
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$61,997,552
$0
$61,997,552
($12,361,776)
$49,635,776
- $1,730,000
$47,905,776
$3,712,698
$51,618,474
2022 -23
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$51,618,474
$0
$51,618,474
($12,361,776)
$39,256,698
- $1,740,000
$37,516,698
$2,907,544
$40,424,242
2023 -24
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$40,424,242
$0
$40,424,242
($12,361,776)
$28,062,466
- $1,750,000
$26,312,466
$2,039,216
$28,351,682
2024 -25
$4,225,174
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,778
$28,351,682
$0
$28,351,682
($12,361,778)
$15,989,904
- $1,760,000
$14,229,904
$1,102,818
$15,332,722
2025 -26
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$15,332,722
$0
$15,332,722
($8,136,604)
$7,196,118
- $1,770,000
$5,426,118
$420,524
$5,846,642
2026 -27
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$5,846,642
$0
$5,846,642
($5,846,642)
$0
$0
$0
$0
2027 -28
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
$0
$0
$0
$0
$0
$0
2028 -29
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
$0
$0
$0
$0
$0
$0
2029 -30
$329,784
$3,040,093
$2,804,968
$1,961,766
$8,136,611
$0
$0
$0
$0
$0
$0
$0
2030 -31
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$1
$0
$0
$0
$0
$0
$0
2031 -32
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$0
$0
$0
$0
$0
$0
$0
2032 -33
$2,804,961
$1,961,766
$4,766,727
$0
$0
$0
$0
$0
$0
$0
2033 -34
$1,961,772
$1,961,772
$0
$0
$0
$0
$0
$0
$0
$54,927,238
$5,606,216
$54,721,674
$50,489,417
$35,311,794
$201,056,339
$89,621,000
($152,014,405)
- $17,250,000
$54,244,405
Central Contra Costa Sanitary District
Cash Scenario
Sewer Service Charge Impact Analysis
+ $20 ANNUAL INCREASE SEWER SERVICE CHARGE
Year
��UAL
( UAL 2c0eaI
AAL Increase
U
I MAIL Increase
crI
I UAAL Increase
To
Payment
I Balance
( Increa se
I UAAL
Adj Balance
I UAAL
Pymet
I Less Payment
I Contribution
I Less SSC
I
riding
I Balance
2012 -13
$4,225,172
$4,225,172
$30,379,000
$6,104,000
$36,483,000
($4,225,172)
$32,257,828
$32,257,828
$2,499,982
$34,757,810
2013 -14
$4,225,172
$329,777
$4,554,949
$34,757,810
$3,296,000
$38,053,810
($4,554,949)
$33,498,861
- $3,300,000
$30,198,861
$2,340,412
$32,539,272
2014 -15
$4,225,172
$329,777
$3,040,093
$7,595,042
$32,539,272
$31,239,235
$63,778,507
($7,595,042)
$56,183,465
- $3,320,000
$52,863,465
$4,096,919
$56,960,384
2015 -16
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
$56,960,384
$28,823,145
$85,783,529
($10,400,010)
$75,383,519
- $3,340,000
$72,043,519
$5,583,373
$77,626,892
2016 -17
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$77,626,892
$20,158,620
$97,785,512
($12,361,776)
$85,423,736
- $3,360,000
$82,063,736
$6,359,940
$88,423,675
2017 -18
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$88,423,675
$0
$88,423,675
($12,361,776)
$76,061,899
- $3,380,000
$72,681,899
$5,632,847
$78,314,746
2018 -19
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$78,314,746
$0
$78,314,746
($12,361,776)
$65,952,970
- $3,400,000
$62,552,970
$4,847,855
$67,400,826
2019 -20
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$67,400,826
$0
$67,400,826
($12,361,776)
$55,039,050
- $3,420,000
$51,619,050
$4,000,476
$55,619,526
2020 -21
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$55,619,526
$0
$55,619,526
($12,361,776)
$43,257,750
- $3,440,000
$39,817,750
$3,085,876
$42,903,626
2021 -22
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$42,903,626
$0
$42,903,626
($12,361,776)
$30,541,850
- $3,460,000
$27,081,850
$2,098,843
$29,180,693
2022 -23
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$29,180,693
$0
$29,180,693
($12,361,776)
$16,818,917
- $3,480,000
$13,338,917
$1,033,766
$14,372,683
2023 -24
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$14,372,683
$0
$14,372,683
($12,361,776)
$2,010,907
- $2,010,907
$0
$0
$0
2024 -25
$4,225,174
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,778
$0
$0
$0
$0
$0
$0
$0
2025 -26
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
$0
$0
$0
$0
$0
$0
2026 -27
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
$0
$0
$0
$0
$0
$0
2027 -28
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
$0
$0
$0
$0
$0
$0
2028 -29
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
$0
$0
$0
$0
$0
$0
2029 -30
$329,784
$3,040,093
$2,804,968
$1,961,766
$8,136,611
$0
$0
$0
$0
$0
$0
$0
2030 -31
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$0
$0
$0
$0
$0
$0
$0
2031 -32
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$0
$0
$0
$0
$0
$0
$0
2032 -33
$2,804,961
$1,961,766
$4,766,727
$0
$0
$0
$0
$0
$0
$0
2033 -34
$1.961.772
$1.961.772
$0
$0
$0
$0
$0
$0
$0
Central Contra Costa Sanitary District
Cash Scenario
Sewer Service Charge Impact Analysis
+ $30 ANNUAL INCREASE SEWER SERVICE CHARGE
Fiscal Year
Applied to
2009- 2010
UAAL
2010- 2011
UAAL Increase
2011- 2012
UAAL Increase
2012 -2013
UAAL Increase
2013 -2014
UAAL Increase
Total Pa t
Payment
UAAL
Balance
UAAL
Increase
UAAL
Adj Balance
UAAL
Payment
UAAL
Less Payment
SSC
Contribution
UAAL Less SSC
Less SSC
Interest
Ending
g
Balance
2012 -13
$4,225,172
$4,225,172
$30,379,000
$6,104,000
$36,483,000
($4,225,172)
$32,257,828
$32,257,828
$2,499,982
$34,757,810
2013 -14
$4,225,172
$329,777
$4,554,949
$34,757,810
$3,296,000
$38,053,810
($4,554,949)
$33,498,861
- $4,950,000
$28,548,861
$2,212,537
$30,761,397
2014 -15
$4,225,172
$329,777
$3,040,093
$7,595,042
$30,761,397
$31,239,235
$62,000,632
($7,595,042)
$54,405,590
- $4,980,000
$49,425,590
$3,830,483
$53,256,074
2015 -16
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
$53,256,074
$28,823,145
$82,079,219
($10,400,010)
$71,679,209
- $5,010,000
$66,669,209
$5,166,864
$71,836,072
2016 -17
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$71,836,072
$20,158,620
$91,994,692
($12,361,776)
$79,632,916
- $5,040,000
$74,592,916
$5,780,951
$80,373,867
2017 -18
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$80,373,867
$0
$80,373,867
($12,361,776)
$68,012,091
- $5,070,000
$62,942,091
$4,878,012
$67,820,103
2018 -19
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$67,820,103
$0
$67,820,103
($12,361,776)
$55,458,327
- $5,100,000
$50,358,327
$3,902,770
$54,261,098
2019 -20
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$54,261,098
$0
$54,261,098
($12,361,776)
$41,899,322
- $5,130,000
$36,769,322
$2,849,622
$39,618,944
2020 -21
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$39,618,944
$0
$39,618,944
($12,361,776)
$27,257,168
- $5,160,000
$22,097,168
$1,712,531
$23,809,699
2021 -22
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$23,809,699
$0
$23,809,699
($12,361,776)
$11,447,923
- $5,190,000
$6,257,923
$484,989
$6,742,912
2022 -23
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$6,742,912
$0
$6,742,912
($6,742,912)
$0
$0
$0
$0
2023 -24
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
$0
$0
$0
$0
$0
$0
$0
2024 -25
$4,225,174
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,778
$0
$0
$0
$0
$0
$0
$0
2025 -26
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
$0
$0
$0
$0
$0
$0
2026 -27
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
$0
$0
$0
$0
$0
$0
2027 -28
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
$0
$0
$0
$0
$0
$0
2028 -29
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
$0
$0
$0
$0
$0
$0
2029 -30
$329,784
$3,040,093
$2,804,968
$1,961,766
$8,136,611
$0
$0
$0
$0
$0
$0
$0
2030 -31
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$0
$0
$0
$0
$0
$0
$0
2031 -32
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$0
$0
$0
$0
$0
$0
$0
2032 -33
$2,804,961
$1,961,766
$4,766,727
$0
$0
$0
$0
$0
$0
$0
2033 -34
$1,961,772
$1,961,772
$0
$0
$0
$0
$0
$0
$0
$54,927,238
$5,606,216
$54,721,674
$50,489,417
$35,311,794
$201,056,339
$89,621,000
($107,688,741)
- $30,690,000
$33,318,741
Central Contra Costa Sanitary District
Cash Scenario
Sewer Service Charge Impact Analysis
+ $40 ANNUAL INCREASE SEWER SERVICE CHARGE
iscal Year
2009- 2010
2010- 2011
2011- 2012
2012-2013
2013 -2014
Total Payment
UAAL
UAAL
UAAL
UAAL
UAAL
SSC
UAAL Less SSC
Interest
Endin 9
applied to
UAAL
UAAL Increase
UAAL Increase
UAAL Increase
UAAL Increase
Payment
Balance
Increase
Adj Balance
Payment
Less Payment
Contribution
Less SSC
Balance
2012 -13
$4,225,172
$4,225,172
$30,379,000
$6,104,000
$36,483,000
($4,225,172)
$32,257,828
$32,257,828
$2,499,982
$34,757,810
2013 -14
$4,225,172
$329,777
$4,554,949
$34,757,810
$3,296,000
$38,053,810
($4,554,949)
$33,498,861
- $6,600,000
$26,898,861
$2,084,662
$28,983,522
2014 -15
$4,225,172
$329,777
$3,040,093
$7,595,042
$28,983,522
$31,239,235
$60,222,757
($7,595,042)
$52,627,715
- $6,640,000
$45,987,715
$3,564,048
$49,551,763
2015 -16
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
$49,551,763
$28,823,145
$78,374,908
($10,400,010)
$67,974,898
- $6,680,000
$61,294,898
$4,750,355
$66,045,253
2016 -17
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$66,045,253
$20,158,620
$86,203,873
($12,361,776)
$73,842,097
- $6,720,000
$67,122,097
$5,201,963
$72,324,059
2017 -18
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$72,324,059
$0
$72,324,059
($12,361,776)
$59,962,283
- $6,760,000
$53,202,283
$4,123,177
$57,325,460
2018 -19
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$57,325,460
$0
$57,325,460
($12,361,776)
$44,963,684
- $6,800,000
$38,163,684
$2,957,686
$41,121,370
2019 -20
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$41,121,370
$0
$41,121,370
($12,361,776)
$28,759,594
- $6,840,000
$21,919,594
$1,698,769
$23,618,362
2020 -21
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$23,618,362
$0
$23,618,362
($12,361,776)
$11,256,586
- $6,880,000
$4,376,586
$339,185
$4,715,772
2021 -22
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$4,715,772
$0
$4,715,772
($4,715,772)
$0
$0
$0
$0
2022 -23
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
$0
$0
$0
$0
$0
$0
$0
2023 -24
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
$0
$0
$0
$0
$0
$0
2024 -25
$4,225,174
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,778
$0
$0
$0
$0
$0
$0
$0
2025 -26
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
$0
$0
$0
$0
$0
$0
2026 -27
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
$0
$0
$0
$0
$0
$0
2027 -28
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
$0
$0
$0
$0
$0
$0
2028 -29
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
$0
$0
$0
$0
$0
$0
2029 -30
$329,784
$3,040,093
$2,804,968
$1,961,766
$8,136,611
$0
$0
$0
$0
$0
$0
$0
2030 -31
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$0
$0
$0
$0
$0
$0
$0
2031 -32
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$0
$0
$0
$0
$0
$0
$0
2032 -33
$2,804,961
$1,961,766
$4,766,727
$0
$0
$0
$0
$0
$0
$0
2033 -34
$1,961,772
$1,961,772
$0
$0
$0
$0
$0
$0
$0
$54,927,238
$5,606,216
$54,721,674
$50,489,417
$35,311,794
$201,056,339
$89,621,000
($93,299,825)
- $34,000,000
$27,219,825
Savings Compared to Baseline
($107,756;526)
Central Contra Costa Sanitary District
Cash Scenario
Sewer Service Charge Impact Analysis
+ $50 ANNUAL INCREASE SEWER SERVICE CHARGE
f Fmcal
2009 -2010
To Payment
UAAL
UB-
UAAIL Less
Interest
Applied I
I
UAAL/ocrease I
UAAL Increase I
UAAL Increase I
UAAL ncrcrease I
Payment I
Balance
I
ncrease I
Adj Balance
I
Payment I
Less Payment I
Contribution I
Less SSCSCI
I
Balance
2012 -13
$4,225,172
$4,225,172
$30,379,000
$6,104,000
$36,483,000
($4,225,172)
$32,257,828
$32,257,828
$2,499,982
$34,757,810
2013 -14
$4,225,172
$329,777
$4,554,949
$34,757,810
$3,296,000
$38,053,810
($4,554,949)
$33,498,861
- $8,250,000
$25,248,861
$1,956,787
$27,205,647
2014 -15
$4,225,172
$329,777
$3,040,093
$7,595,042
$27,205,647
$31,239,235
$58,444,882
($7,595,042)
$50,849,840
- $8,300,000
$42,549,840
$3,297,613
$45,847,453
2015 -16
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
$45,847,453
$28,823,145
$74,670,598
($10,400,010)
$64,270,588
- $8,350,000
$55,920,588
$4,333,846
$60,254,434
2016 -17
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$60,254,434
$20,158,620
$80,413,054
($12,361,776)
$68,051,278
- $8,400,000
$59,651,278
$4,622,974
$64,274,252
2017 -18
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$64,274,252
$0
$64,274,252
($12,361,776)
$51,912,476
- $8,450,000
$43,462,476
$3,368,342
$46,830,817
2018 -19
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$46,830,817
$0
$46,830,817
($12,361,776)
$34,469,041
- $8,500,000
$25,969,041
$2,012,601
$27,981,642
2019 -20
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$27,981,642
$0
$27,981,642
($12,361,776)
$15,619,866
- $8,550,000
$7,069,866
$547,915
$7,617,781
2020 -21
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$7,617,781
$0
$7,617,781
($7,617,781)
$0
$0
$0
$0
2021 -22
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
$0
$0
$0
$0
$0
$0
$0
2022 -23
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
$0
$0
$0
$0
$0
$0
2023 -24
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
$0
$0
$0
$0
$0
$0
2024 -25
$4,225,174
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,778
$0
$0
$0
$0
$0
$0
$0
2025 -26
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
$0
$0
$0
$0
$0
$0
2026 -27
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
$0
$0
$0
$0
$0
$0
2027 -28
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
$0
$0
$0
$0
$0
$0
2028 -29
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
$0
$0
$0
$0
$0
$0
2029 -30
$329,784
$3,040,093
$2,804,968
$1,961,766
$8,136,611
$0
$0
$0
$0
$0
$0
$0
2030 -31
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$0
$0
$0
$0
$0
$0
$0
2031 -32
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$0
$0
$0
$0
$0
$0
$0
2032 -33
$2,804,961
$1,961,766
$4,766,727
$0
$0
$0
$0
$0
$0
$0
2033 -34
$1.961,772
$1,961.772
$0
$0
$0
$0
$0
$0
$0
Savings Compared to Baseline
Central Contra Costa Sanitary District
Cash Scenario
Sewer Service Charge Impact Analysis
+ $60 ANNUAL INCREASE SEWER SERVICE CHARGE
2012 -13
$4,225,172
$4,225,172
$30,379,000
$6,104,000
$36,483,000
($4,225,172)
$32,257,828
$32,257,828
$2,499,982
$34,757,810
2013 -14
$4,225,172
$329,777
$4,554,949
$34,757,810
$3,296,000
$38,053,810
($4,554,949)
$33,498,861
- $9,900,000
$23,598,861
$1,828,912
$25,427,772
2014 -15
$4,225,172
$329,777
$3,040,093
$7,595,042
$25,427,772
$31,239,235
$56,667,007
($7,595,042)
$49,071,965
- $9,960,000
$39,111,965
$3,031,177
$42,143,143
2015 -16
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
$42,143,143
$28,823,145
$70,966,288
($10,400,010)
$60,566,278
- $10,020,000
$50,546,278
$3,917,337
$54,463,614
2016 -17
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$54,463,614
$20,158,620
$74,622,234
($12,361,776)
$62,260,458
- $10,080,000
$52,180,458
$4,043,986
$56,224,444
2017 -18
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$56,224,444
$0
$56,224,444
($12,361,776)
$43,862,668
- $10,140,000
$33,722,668
$2,613,507
$36,336,174
2018 -19
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$36,336,174
$0
$36,336,174
($12,361,776)
$23,974,398
- $10,200,000
$13,774,398
$1,067,516
$14,841,914
2019 -20
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$14,841,914
$0
$14,841,914
($12,361,776)
$2,480,138
- $2,008,851
$471,287
$36,525
$507,812
2020 -21
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$507,812
$0
$507,812
($507,812)
$0
$0
$0
$0
2021 -22
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
$0
$0
$0
$0
$0
$0
$0
2022 -23
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
$0
$0
$0
$0
$0
$0
2023 -24
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
$0
$0
$0
$0
$0
$0
2024 -25
$4,225,174
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,778
$0
$0
$0
$0
$0
$0
$0
2025 -26
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
$0
$0
$0
$0
$0
$0
2026 -27
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
$0
$0
$0
$0
$0
$0
2027 -28
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
$0
$0
$0
$0
$0
$0
2028 -29
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
$0
$0
$0
$0
$0
$0
2029 -30
$329,784
$3,040,093
$2,804,968
$1,961,766
$8,136,611
$0
$0
$0
$0
$0
$0
$0
2030 -31
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$0
$0
$0
$0
$0
$0
$0
2031 -32
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$0
$0
$0
$0
$0
$0
$0
2032 -33
$2,804,961
$1,961,766
$4,766,727
$0
$0
$0
$0
$0
$0
$0
2033 -34
$1,961,772
$1,961,772
$0
$0
$0
$0
$0
$0
$0
$54,927,238
$5,606,216
$54,721,674
$50,489,417
$35,311,794
$201,056,339
$89,621,000
($76,730,089)
- $32,428,851
$19,038,940
Savings Compared to
Baseline
($124,326,262)
BASELINE - CCCERA ANNUAL PAYMENTS <$100 Million>
Calendar Year
Applied to
12009 -10 UAAL
2010 -11 UAAL Increase
2011 -12 UAAL Increase
2012 -13 UAAL Increase 2013 -14 UAAL Increase
Total Payment
UAAL Balance
UAAL Increase
Adj UAAL Balance
UAAL Payment
UAAL Less Payment SSC Contribution
UAAL Less SSC
Interest
Ending Balance
2010
2012 -13
$4,225,172
$4,225,172
$30,379,000
6,104,000
36,483,000
(4,225,172)
$32,257,828
$32,257,828
2,499,982
34,757,810
2011
2013 -14
$4,225,172
$329,777
$4,554,949
$34,757,810
3,296,000
38,053,810
(4,554,949)
$33,498,861
$33,498,861
2,596,162
36,095,022
2012
2014 -15
$4,225,172
$329,777
$3,040,093
$7,595,042
$36,095,022
31,239,235
67,334,257
(7,595,042)
$59,739,215
$59,739,215
4,629,789
64,369,005
2013
2015 -16
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
$64,369,005
28,823,145
93,192,150
(10,400,010)
$82,792,140
$82,792,140
6,416,391
89,208,530
2014
2016 -17
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
$89,208,530
0
89,208,530
(10,400,010)
$78,808,520
$78,808,520
6,107,660
84,916,181
2015
2017 -18
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
$84,916,181
0
84,916,181
(10,400,010)
$74,516,171
$74,516,171
5,775,003
80,291,174
2016
2018 -19
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
$80,291,174
0
80,291,174
(10,400,010)
$69,891,164
$69,891,164
5,416,565
75,307,729
2017
2019 -20
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
$75,307,729
0
75,307,729
(10,400,010)
$64,907,719
$64,907,719
5,030,348
69,938,067
2018
2020 -21
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
$69,938,067
0
69,938,067
(10,400,010)
$59,538,057
$59,538,057
4,614,199
64,152,257
2019
2021 -22
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
$64,152,257
0
64,152,257
(10,400,010)
$53,752,247
$53,752,247
4,165,799
57,918,046
2020
2022 -23
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
$57,918,046
0
57,918,046
(10,400,010)
$47,518,036
$47,518,036
3,682,648
51,200,684
2021
2023 -24
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,4.00,010
$51,200,684
0
51,200,684
(10,400,010)
$40,800,674
$40,800,674
3,162,052
43,962,726
2022
2024 -25
$4,225,174
$329,777
$3,040,093
$2,804,968
$10,400,012
$43,962,726
0
43,962,726
(10,400,012)
$33,562,714
$33,562,714
2,601,110
36,163,824
2023
2025 -26
$329,777
$3,040,093
$2,804,968
$6,174,838
$36,163,824
0
36,163,824
(6,174,838)
$29,988,986
$29,988,986
2,324,146
32,313,133
2024
2026 -27
$329,777
$3,040,093
$2,804,968
$6,174,838
$32,313,133
0
32,313,133
(6,174,838)
$26,138,295
$26,138,295
2,025,718
28,164,013
2025
2027 -28
$329,777
$3,040,093
$2,804,968
$6,174,838
$28,164,013
0
28,164,013
(6,174,838)
$21,989,175
$21,989,175
1,704,161
23,693,336
2026
2028 -29
$329,777
$3,040,093
$2,804,968
$6,174,838
$23,693,336
0
23,693,336
(6,174,838)
$17,518,498
$17,518,498
1,357,684
18,876,181
2027
2029 -30
$329,784
$3,040,093
$2,804,968
$6,174,845
$18,876,181
0
18,876,181
(6,174,845)
$12,701,336
$12,701,336
984,354
13,685,690
2028
2030 -31
$3,040,093
$2,804,968
$5,845,061
$13,685,690
0
13,685,690
(5,845,061)
$7,840,629
$7,840,629
607,649
8,448,277
2029
2031 -32
$3,040,093
$2,804,968
$5,845,061
$8,448,277
0
8,448,277
(5,845,061)
$2,603,216
$2,603,216
201,749
2,804,966
2030
2032 -33
$2,804,966
$2,804,966
$2,804,966
0
2,804,966
(2,804,966)
(0)
(0)
(0)
(0)
2031
2033 -34
$0
($0)
0
(0)
(0)
0
0
0
0
Total
$54,927,238
$5,606,216
$54,721,674
$50,489,422 $0
$165,744,550
$69,462,380
($165,744,550)
$65,903,170
2/22/2012
BASE LINE - CCCERA ANNUAL PAYMENTS <$120 Million>
Calendar Year
Applied to
2009 -10 UAAL
2010 -11 UAAL Increase
2011 -12 UAAL Increase
2012 -13 UAAL Increase
2013 -14 UAAL Increase
Total Payment
UAAL Balance
UAAL Increase
Adj UAAL Balance
UAAL Payment
UAAL Less Payment SSC Contribution
- UAAL Less SSC
Interest
Ending Balance
2010
2012 -13
$4,225,172
$4,225,172
$30,379,000
6,104,000
36,483,000
(4,225,172)
$32,257,828
$32,257,828
2,499,982
34,757,810
2011
2013 -14
$4,225,172
$329,777
$4,554,949
$34,757,810
3,296,000
38,053,810
(4,554,949)
$33,498,861
$33,498,861
2,596,162
36,095,022
2012
2014 -15
$4,225,172
$329,777
$3,040,093
$7,595,042
$36,095,022
31,239,235
67,334,257
(7,595,042)
$59,739,215
$59,739,215
4,629,789
64,369,005
2013
2015 -16
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
$64,369,005
28,823,145
93,192,150
(10,400,010)
$82,792,140
$82,792,140
6,416,391
89,208,530
2014
2016 -17
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$89,208,530
20,158,620
109,367,150
(12,361,776)
$97,005,374
$97,005,374
7,517,917
104,523,291
2015
2017 -18
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$104,523,291
0
104,523,291
(12,361,776)
$92,161,515
$92,161,515
7,142,517
99,304,032
2016
2018 -19
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$99,304,032
0
99,304,032
(12,361,776)
$86,942,256
$86,942,256
6,738,025
93,680,281
2017
2019 -20
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$93,680,281
0
93,680,281
(12,361,776)
$81,318,505
$81,318,505
6,302,184
87,620,689
2018
2020 -21
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$87,620,689
0
87,620,689
(12,361,776)
$75,258,913
$75,258,913
5,832,566
81,091,479
2019
2021 -22
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$81,091,479
0
81,091,479
(12,361,776)
$68,729,703
$68,729,703
5,326,552
74,056,255
2020
2022 -23
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$74,056,255
0
74,056,255
(12,361,776)
$61,694,479
$61,694,479
4,781,322
66,475,801
2021
2023 -24
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$66,475,801
0
66,475,801
(12,361,776)
$54,114,025
$54,114,025
4,193,837
58,307,862
2022
2024 -25
$4,225,174
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,778
$58,307,862
0
58,307,862
(12,361,778)
$45,946,084
$45,946,084
3,560,822
49,506,906
2023
2025 -26
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$49,506,906
0
49,506,906
(8,136,604)
$41,370,302
$41,370,302
3,206,198
44,576,500
2024
2026 -27
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$44,576,500
0
44,576,500
(8,136,604)
$36,439,896
$36,439,896
2,824,092
39,263,988
2025
2027 -28
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$39,263,988
0
39,263,988
(8,136,604)
$31,127,384
$31,127,384
2,412,372
33,539,756
2026
2028 -29
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$33,539,756
0
33,539,756
(8,136,604)
$25,403,152
$25,403,152
1,968,744
27,371,897
2027
2029 -30
$329,784
$3,040,093
$2,804,968
$1,961,766
$8,136,611
$27,371,897
0
27,371,897
(8,136,611)
$19,235,286
$19,235,286
1,490,735
20,726,020
2028
2030 -31
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$20,726,020
0
20,726,020
(7,806,827)
$12,919,193
$12,919,193
1,001,237
13,920,431
2029
2031 -32
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$13,920,431
0
13,920,431
(7,806,827)
$6,113,604
$6,113,604
473,804
6,587,408
2030
2032 -33
$2,804,961
$1,961,766
$4,766,727
$6,587,408
0
6,587,408
(4,766,727)
$1,820,681
$1,820,681
141,103
1,961,784
2031
2033 -34
$1,961,772
$1,961,772
$1,961,784
0
1,961,784
(1,961,784)
($0)
($0)
($0)
($0)
Total
$54,927,238
$5,606,216
$54,721,674
$50,489,417
$35,311,794
$201,056,339
$89,621,000
($201,056.351)
$81,056,351
2/22/2012
$75 Million Revenue Bonds @ 15 Years plus $45 Million Cash Payments
Actuarial Fiscal Year
Calendar Year
Applied to
12009 -10 UAAL
2010 -11 UAAL Increase
2011 -12 UAAL Increase
2012 -13 UAAL Increase
2013 -14 UAAL Increase
Total Payment
UAAL Balance
UAAL Increase
2010
2012 -13
$4,225,172
(4,554,949)
67,334,257
(75,000,000)
($7,665,743)
$4,225,172
$30,379,000
6,104,000
2011
2013 -14
$4,225,172
$329,777
787,656
10,950,953
(7,400,964)
$4,554,949
$34,757,810
3,296,000
2012
2014 -15
$4,225,172
$329,777
$3,040,093
20,200,751
(12,361,776)
$7,595,042
$36,095,022
31,239,235
2013
2015 -16
$4,225,172
$329,777
$3,040,093
$2,804,968
(0)
$10,400,010
($8,259,838)
28,823,145
2014
2016 -17
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$10,950,953
20,158,620
2015
2017 -18
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$20,200,751
0
2016
2018 -19
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$8,446,496
0
2017
2019 -20
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
($0)
0
2018
2020 -21
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
2019
2021 -22
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
2020
2022 -23
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
2021
2023 -24
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
2022
2024 -25
$4,225,174
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,778
$0
0
2023
2025 -26
$0
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
2024
2026 -27
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
2025
2027 -28
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
2026
2028 -29
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
2027
2029 -30
$329,784
$3,040,093
$2,804,968
$1,961,766
$8,136,611
$0
0
2028
2030 -31
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$0
0
2029
2031 -32
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$0
0
2030
2032 -33
$2,804,961
$1,961,766
$4,766,727
$0
0
2031
2033 -34
$1,961,772
$1,961,772
$0
0
Total
$54.927.238
$5.606.216
$54.721.674
$50.489.417
$35.311.794
$201.056.339
PR9 R21 000
36,483,000
(4,225,172)
$32,257,828
2,499,982
34,757,810
(4,225,172)
38,053,810
(4,554,949)
$33,498,861
2,596,162
36,095,022
(4,554,949)
67,334,257
(75,000,000)
($7,665,743)
(594,095)
(8,259,838)
(75,000,000)
20,563,307
(10,400,010)
$10,163,297
787,656
10,950,953
(7,400,964)
(17,800,974)
31,109,573
(12,361,776)
$18,747,797
1,452,954
20,200,751
(7,400,964)
(19,762,740)
20,200,751
(12,361,776)
$7,838,975
607,521
8,446,496
(7,400,964)
(19,762,740)
8,446,496
(8,446,496)
($0)
(0)
(0)
(7,400,964)
(15,847,460)
0
0
$0
$0
$0
(7,400,964)
(7,400,964)
0
0
$0
$0
$0
(7,400,964)
(7,400,964)
0
0
$0
$0
$0
(7,400,964)
(7,400,964)
0
0
$0
$0
$0
(7,400,964)
(7,400,964)
0
0
$0
$0
$0
(7,400,964)
(7,400,964)
0
0
$0
$0
$0
(7,400,964)
(7,400,964)
0
0
$0
$0
$0
(7,400,964)
(7,400,964)
0
0
$0
$0
$0
(7,400,964)
(7,400,964)
0
0
$0
$0
$0
(7,400,964)
(7,400,964)
0
0
$0
$0
$0
(7,400,964)
(7,400,964)
0
0
$0
$0
$0
(4,317,233)
(4,317,233)
0
0
$0
$0
$0
0
0
0
$0
$0
$0
0
0
0
$0
$0
$0
0
0
0
$0
$0
$0
0
Total Debt Service (107,930,729)
Less Initial Principal 75,000,000
Total UAAL & Debt ($160,280,908)
Savings Compared to Baseline ($40,775,443)
2/22/2012
$75 Million Revenue Bonds @ 20 Years plus $45 Million Cash Payments
Actuarial Fiscal Year
Calendar Year
Applied to
12009 -10 UAAL
2010 -11 UAAL Increase
2011 -12 UAAL Increase
2012 -13 UAAL Increase
2013 -14 UAAL Increase
Total Payment
UAAL Balance
UAAL Increase
Adj UAAL Balance
UAAL Payment
UAAL Less Payment
Interest
Ending Balance
Cost of Debt
Total Annual Expense
2010
2012 -13
$4,225,172
$4,225,172
$30,379,000
6,104,000
36,483,000
(4,225,172)
$32,257,828
2,499,982
34,757,810
(4,225,172)
2011
2013 -14
$4,225,172
$329,777
$4,554,949
$34,757,810
3,296,000
38,053,810
(4,554,949)
$33,498,861
2,596,162
36,095,022
(4,554,949)
2012
2014 -15
$4,225,172
$329,777
$3,040,093
$7,595,042
$36,095,022
31,239,235
67,334,257
(75,000,000)
($7,665,743)
(594,095)
(8,259,838)
(75,000,000)
2013
2015 -16
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
($8,259,838)
28,823,145
20,563,307
(10,400,010)
$10,163,297
787,656
10,950,953
(6,401,167)
(16,801,177)
2014
2016 -17
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$10,950,953
20,158,620
31,109,573
(12,361,776)
$18,747,797
1,452,954
20,200,751
(6,401,167)
(18,762,943)
2015
2017 -18
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$20,200,751
0
20,200,751
(12,361,776)
$7,838,975
607,521
8,446,496
(6,401,167)
(18,762,943)
2016
2018 -19
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$8,446,496
0
8,446,496
(8,446,496)
$0
0
0
(6,401,167)
(14,847,663)
2017
2019 -20
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
0
0
$0
0
0
(6,401,167)
(6,401,167)
2018
2020 -21
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
0
0
$0
0
0
(6,401,167)
(6,401,167)
2019
2021 -22
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
0
0
$0
0
0
(6,401,167)
(6,401,167)
2020
2022 -23
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
0
0
$0
0
0
(6,401,167)
(6,401,167)
2021
2023 -24
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
0
0
$0
0
0
(6,401,167)
(6,401,167)
2022
2024 -25
$4,225,174
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,778
$0
0
0
0
$0
0
0
(6,401,167)
(6,401,167)
2023
2025 -26
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
0
0
$0
0
0
(6,401,167)
(6,401,167)
2024
2026 -27
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
0
0
$0
0
0
(6,401,167)
(6,401,167)
2025
2027 -28
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
0
0
$0
0
0
(6,401,167)
(6,401,167)
2026
2028 -29
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
0
0
$0
0
0
(6,401,167)
(6,401,167)
2027
2029 -30
$329,784
$3,040,093
$2,804,968
$1,961,766
$8,136,611
$0
0
0
0
$0
0
0
(6,401,167)
(6,401,167)
2028
2030 -31
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$0
0
0
0
$0
0
0
(6,401,167)
(6,401,167)
2029
2031 -32
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$0
0
0
0
$0
0
0
(6,401,167)
(6,401,167)
2030
2032 -33
$2,804,961
$1,961,766
$4,766,727
$0
0
0
0
$0
0
0
(6,401,167)
(6,401,167)
2031
2033 -34
$1,961,772
$1,961,772
$0
0
0
0
$0
0
0
(10,135,182)
(10,135,182)
Total
$54,927,238
$5,606,216
$54,721,674
$50,489,417
$35,311,794
$201,056,339
$89,621,000
($127,350,179)
$7,350,179
(125,356,188)
(252,706,367)
Total Debt Service
(125,356,188)
Less Initial Principal
75,000,000
Total UAAL 8 Debt
($177,706,367)
Savings Compared to Baseline
($23.349,984)
2/22/2012
$75 Million Revenue Bonds @ 30 Years plus $45 Million Cash Payments
Actuarial Fiscal Year
Calendar Year
Applied to
12009 -10 UAAL
2010 -11 UAAL Increase
2011 -12 UAAL Increase
2012 -13 UAAL Increase
2013 -14 UAAL Increase
Total Payment
UAAL Balance
UAAL Increase
Adj UAAL Balance
UAAL Payment
UAAL Less Payment
Interest
Ending Balance
Cost of Debt
Total Annual Expense
2010
2012 -13
$4,225,172
$4,225,172
$30,379,000
6,104,000
36,483,000
(4,225,172)
$32,257,828
2,499,982
34,757,810
(4,225,172)
2011
2013 -14
$4,225,172
$329,777
$4,554,949
$34,757,810
3,296,000
38,053,810
(4,554,949)
$33,498,861
2,596,162
36,095,022
(4,554,949)
2012
2014 -15
$4,225,172
$329,777
$3,040,093
$7,595,042
$36,095,022
31,239,235
67,334,257
(75,000,000)
($7,665,743)
(594,095)
(8,259,838)
(75,000,000)
2013
2015 -16
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
($8,259,838)
28,823,145
20,563,307
(10,400,010)
$10,163,297
787,656
10,950,953
(5,710,271)
(16,110,281)
2014
2016 -17
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$10,950,953
20,158,620
31,109,573
(12,361,776)
$18,747,797
1,452,954
20,200,751
(5,710,271)
(18,072,047)
2015
2017 -18
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$20,200,751
0
20,200,751
(12,361,776)
$7,838,975
607,521
8,446,496
(5,710,271)
(18,072,047)
2016
2018 -19
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$8,446,496
0
8,446,496
(8,446,496)
(0)
(0)
(0)
(5,710,271)
(14,156,767)
2017
2019 -20
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
($0)
0
0
0
$0
0
0
(5,710,271)
(5,710,271)
2018
2020 -21
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
0
0
$0
0
0
(5,710,271)
(5,710,271)
2019
2021 -22
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
0
0
$0
0
0
(5,710,271)
(5,710,271)
2020
2022 -23
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
0
0
$0
0
0
(5,710,271)
(5,710,271)
2021
2023 -24
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
0
0
$0
0
0
(5,710,271)
(5,710,271)
2022
2024 -25
$4,225,174
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,778
$0
0
0
0
$0
0
0
(5,710,271)
(5,710,271)
2023
2025 -26
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
0
0
$0
0
0
(5,710,271)
(5,710,271)
2024
2026 -27
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
0
0
$0
0
0
(5,710,271)
(5,710,271)
2025
2027 -28
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
0
0
.$0
0
0
(5,710,271)
(5,710,271)
2026
2028 -29
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
0
0
$0
0
0
(5,710,271)
(5,710,271)
2027
2029 -30
$329,784
$3,040,093
$2,804,968
$1,961,766
$8,136,611
$0
0
0
0
$0
0
0
(5,710,271)
(5,710,271)
2028
2030 -31
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$0
0
0
0
$0
0
0
(5,710,271)
(5,710,271)
2029
2031 -32
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$0
0
0
0
$0
0
0
(5,710,271)
(5,710,271)
2030
2032 -33
$2,804,961
$1,961,766
$4,766,727
$0
0
0
0
$0
0
0
(5,710,271)
(5,710,271)
2031
2033 -34
$1,961,766
$1,961,766
0
0
0
$0
0
0
(5,710,271)
(5,710,271)
2032
2034 -35
0
0
0
$0
0
0
(5,710,271)
(5,710,271)
2033
2035 -36
0
0
0
$0
0
0
(5,710,271)
(5,710,271)
2034
2036 -37
0
0
0
$0
0
0
(5,710,271)
(5,710,271)
2035
2037 -38
0
0
0
$0
0
0
(5,710,271)
(5,710,271)
2036
2038 -39
0
0
0
$0
0
0
(5,710,271)
(5,710,271)
2037
2039 -40
0
0
0
$0
0
0
(5,710,271)
(5,710,271)
2038
2040 -41
0
0
0
$0
0
0
(5,710,271)
(5,710,271)
2039
2041 -42
0
0
0
$0
0
0
(5,710,271)
(5,710,271)
2040
2042 -43
0
0
0
$0
0
0
(14,751,525)
(14,751,525)
Total
$54,927,238
$5,606,216
$54,721,674
$50,489,417
$35,311,788
$201,056,333
$89,621,000
($127,350,179)
$7,350,179
(168,928,842)
(296,279,021)
Total Debt Service
(168,928,842)
Less Initial Principal
75,000,000
Total UAAL & Debt
($221,279,021)
Savings Compared to Baseline
$20,222,670
2/22/2012
$85 Million Revenue Bonds @ 15 Years plus $35 Million Cash Payments
Actuarial Fiscal Year
Calendar Year
Applied to 12009
-10 UAAL
2010 -11 UAAL Increase
2011 -12 UAAL Increase
2012 -13 UAAL Increase
2013 -14 UAAL Increase
Total Payment
UAAL Balance
UAAL Increase
Adl UAAL Balance
UAAL Payment
UAAL Less Payment
Interest
Ending Balance
Cost of Debt
Total Annual Expense
2010
2012 -13
$4,225,172
$4,225,172
$30,379,000
6,104,000
36,483,000
(4,225,172)
$32,257,828
2,499,982
34,757,810
(4,225,172)
2011
2013.14
$4,225,172
$329,777
$4,554,949
$34,757,810
3,296,000
38,053,810
(4,554,949)
$33,498,861
2,596,162
36,095,022
(4,554,949)
2012
2014 -15
$4,225,172
$329,777
$3,040,093
$7,595,042
$36,095,022
31,239,235
67,334,257
(85,000,000)
($17,665,743)
(1,369,095)
(19,034,838)
(85,000,000)
2013
2015 -16
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
($19,034,838)
28,823,145
9,788,307
(10,400,010)
($611,703)
(47,407)
(659,110)
(8,324,011)
(18,724,021)
2014
2016 -17
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
($659,110)
20,158,620
19,499,510
(12,361,776)
$7,137,734
553,174
7,690,909
(8,324,011)
(20,685,787)
2015
2017 -18
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$7,690,909
0
7,690,909
(7,690,909)
($0)
0
0
(8,324,011)
(16,014,920)
2016
2018 -19
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
0
0
$0
0
0
(8,324,011)
(8,324,011)
2017
2019 -20
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
0
0
$0
0
0
(8,324,011)
(8,324,011)
2018
2020 -21
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
0
0
$0
0
0
(8,324,011)
(8,324,011)
2019
2021 -22
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
0
0
$0
0
0
(8,324,011)
(8,324,011)
2020
2022 -23
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
0
0
$0
0
0
(8,324,011)
(8,324,011)
2021
2023 -24
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
0
0
$0
0
0
(8,324,011)
(8,324,011)
2022
2024 -25
$4,225,174
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,778
$0
0
0
0
$0
0
0
(8,324,011)
(8,324,011)
2023
2025 -26
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
0
0
$0
0
0
(8,324,011)
(8,324,011)
2024
2026 -27
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
0
0
$0
0
0
(8,324,011)
(8,324,011)
2025
2027 -28
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
0
0
$0
0
0
(8,324,011)
(8,324,011)
2026
2028 -29
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
0
0
$0
0
0
(8,324,011)
(8,324,011)
2027
2029 -30
$329,784
$3,040,093
$2,804,968
$1,961,766
$8,136,611
$0
0
0
0
$0
0
0
(4,855,667)
(4,855,667)
2028
2030 -31
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$0
0
0
0
$0
0
0
0
2029
2031 -32
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$0
0
0
0
$0
0
0
0
2030
2032 -33
$2,804,961
$1,961,766
$4,766,727
$0
0
0
0
$0
0
0
0
2031
2033 -34 on
$1,961,772
$1,961,772
$0
0
0
0
$0
0
0
0
Total
$54,927,238
$5,606,216
$54,721,674
$50,489,417
$35,311,794
$201,056,339
$89,621,000
($124,232,816)
$4,232,816
(121,391,821)
(245,624,637)
Total Debt Service
(121,391,821)
Less Initial Principal
85,000,000
Total UAAL & Debt
($160,624.637)
Savings Compared to Baseline
(S40.431.714)
2/22/2012
$85 Million Revenue Bonds @ 20 Years plus $35 Million Cash Payments
Actuarial Fiscal Year
Calendar Year
Applied to
12009 -10 UAAL
2010 -11 UAAL Increase
2011 -12 UAAL Increase
2012 -13 UAAL Increase
2013 -14 UAAL Increase
Total Payment
UAAL Balance
UAAL Increase
Adj UAAL Balance
UAAL Payment
UAAL Less Payment
Interest
Ending Balance
Cost of Debt
Total Annual Expense
2010
2012 -13
$4,225,172
$4,225,172
$30,379,000
6,104,000
36,483,000
(4,225,172)
$32,257,828
2,499,982
34,757,810
(4,225,172)
2011
2013 -14
$4,225,172
$329,777
$4,554,949
$34,757,810
3,296,000
38,053,810
(4,554,949)
$33,498,861
2,596,162
36,095,022
(4,554,949)
2012
2014 -15
$4,225,172
$329,777
$3,040,093
$7,595,042
$36,095,022
31,239,235
67,334,257
(85,000,000)
($17,665,743)
(1,369,095)
(19,034,838)
(85,000,000)
2013
2015 -16
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
($19,034,838)
28,823,145
9,788,307
(10,400,010)
($611,703)
(47,407)
(659,110)
(7,201,136)
(17,601,146)
2014
2016 -17
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
($659,110)
20,158,620
19,499,510
(12,361,776)
$7,137,734
553,174
7,690,909
(7,201,136)
(19,562,912)
2015
2017 -18
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$7,690,909
0
7,690,909
(7,690,909)
($0)
0
0
(7,201,136)
(14,892,045)
2016
2018 -19
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
0
0
0
0
$0
0
0
(7,201,136)
(7,201,136)
2017
2019 -20
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
0
0
0
0
$0
0
0
(7,201,136)
(7,201,136)
2018
2020 -21
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
0
0
0
0
$0
0
0
(7,201,136)
(7,201,136)
2019
2021 -22
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
0
0
$0
0
0
(7,201,136)
(7,201,136)
2020
2022 -23
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
0
0
$0
0
0
(7,201,136)
(7,201,136)
2021
2023 -24
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
0
0
$0
0
0
(7,201,136)
(7,201,136)
2022
2024 -25
$4,225,174
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,778
$0
0
0
0
$0
0
0
(7,201,136)
(7,201,136)
2023
2025 -26
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
0
0
$0
0
0
(7,201,136)
(7,201,136)
2024
2026 -27
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
0
0
$0
0
0
(7,201,136)
(7,201,136)
2025
2027 -28
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
0
0
$0
0
0
(7,201,136)
(7,201,136)
2026
2028 -29
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
0
0
$0
0
0
(7,201,136)
(7,201,136)
2027
2029 -30
$329,784
$3,040,093
$2,804,968
$1,961,766
$8,136,611
$0
0
0
0
$0
0
0
(7,201,136)
(7,201,136)
2028
2030 -31
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$0
0
0
0
$0
0
0
(7,201,136)
(7,201,136)
2029
2031 -32
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$0
0
0
0
$0
0
0
(7,201,136)
(7,201,136)
2030
2032 -33
$2,804,961
$1,961,766
$4,766,727
$0
0
0
0
$0
0
0
(7,201,136)
(7,201,136)
2031
2033 -34 on
$1,961,772
$1,961,772
$0
0
0
0
$0
0
0
(11,401,802)
(11,401,802)
Total
$54,927,238
$5,606,216
$54,721,674
$50,489,417
$35,311,794
$201,056,339
$89,621,000
($124,232,816)
$4,232,816
(141,022,250)
(265,255,066)
Total Debt Service (141,022,250)
Less Initial Principal 85,000,000
Total UAAL & Debt ($180,255,066)
Savings Compared to Baseline ($20,801,285)
2/22/2012
$85 Million Revenue Bonds @ 30 Years plus $35 Million Cash Payments
Actuarial Fiscal Year
Calendar Year Applied to 2009 -10 UAAL 2010 -11 UAAL Increase 2011 -12 UAAL Increasi
Balance Cost of Debt Total Annual
2010
2012 -13
$4,225,172
$4,225,172
$30,379,000
6,104,000
36,483,000
(4,225,172)
$32,257,828
2,499,982
34,757,810
(4,225,172)
2011
2013 -14
$4,225,172
$329,777
$4,554,949
$34,757,810
3,296,000
38,053,810
(4,554,949)
$33,498,861
2,596,162
36,095,022
(4,554,949)
2012
2014 -15
$4,225,172
$329,777
$3,040,093
$7,595,042
$36,095,022
31,239,235
67,334,257
(85,000,000)
($17,665,743)
(1,369,095)
(19,034,838)
(85,000,000)
2013
2015 -16
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
($19,034,838)
28,823,145
9,788,307
(10,400,010)
($611,703)
(47,407)
(659,110)
(6,385,085)
(16,785,095)
2014
2016 -17
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
($659,110)
20,158,620
19,499,510
(12,361,776)
$7,137,734
553,174
7,690,909
(6,385,085)
(18,746,861)
2015
2017 -18
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$7,690,909
0
7,690,909
(7,690,909)
($0)
(0)
(0)
(6,385,085)
(14,075,994)
2016
2018 -19
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
0
0
0
0
($0)
(0)
0
(6,385,085)
(6,385,085)
2017
2019 -20
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
0
0
0
0
($0)
(0)
0
(6,385,085)
(6,385,085)
2018
2020 -21
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
0
0
0
$0
0
0
(6,385,085)
(6,385,085)
2019
2021 -22
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
0
$0
0
0
(6,385,085)
(6,385,085)
2020
2022 -23
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
0
$0
0
0
(6,385,085)
(6,385,085)
2021
2023 -24
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
0
$0
0
0
(6,385,085)
(6,385,085)
2022
2024 -25
$4,225,174
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,778
$0
0
0
$0
0
0
(6,385,085)
(6,385,085)
2023
2025 -26
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
0
$0
0
0
(6,385,085)
(6,385,085)
2024
2026 -27
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
0
$0
0
0
(6,385,085)
(6,385,085)
2025
2027 -28
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
0
$0
0
0
(6,385,085)
(6,385,085)
2026
2028 -29
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
0
$0
0
0
(6,385,085)
(6,385,085)
2027
2029 -30
$329,784
$3,040,093
$2,804,968
$1,961,766
$8,136,611
$0
0
0
$0
0
0
(6,385,085)
(6,385,085)
2028
2030 -31
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$0
0
0
$0
0
0
(6,385,085)
(6,385,085)
2029
2031 -32
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$0
0
0
$0
0
0
(6,385,085)
(6,385,085)
2030
2032 -33
$2,804,961
$1,961,766
$4,766,727
$0
0
0
$0
0
0
(6,385,085)
(6,385,085)
2031
2033 -34
$0
0
0
$0
0
0
(6,385,085)
(6,385,085)
2032
2034 -35
0
$0
0
0
(6,385,085)
(6,385,085)
2033
2035 -36
0
$0
0
0
(6,385,085)
(6,385,085)
2034
2036 -37
0
$0
0
0
(6,385,085)
(6,385,085)
2035
2037 -38
0
$0
0
0
(6,385,085)
(6,385,085)
2036
2038 -39
0
$0
0
0
(6,385,085)
(6,385,085)
2037
2039 -40
0
$0
0
0
(6,385,085)
(6,385,085)
2038
2040 -41
0
$0
0
0
(6,385,085)
(6,385,085)
2039
2041 -42
0
$0
0
0
(6,385,085)
(6,385,085)
2040
2042 -43
0
$0
0
0
(16,494,805)
(16,494,805)
Total
$54,927,238
$5,606,216
$54,721,674
$50,489,417
$33,350,022
$199,094,567
$89,621,000
($124,232,816)
$4,232,816
(188,892,100)
(313,124,916)
Total Debt Service
(188,892,100)
Less Initial Principal
85,000,000
Total UAAL 8 Debt
($228,124,916)
Savings Compared to Baseline
$27,068,565
2/22/2012
$90 Million Revenue Bonds @ 15 Years plus $30 Million Cash Payments
Actuarial Fiscal Year
Calendar Year
Applied to
12009 -10 UAAL
2010 -11 UAAL Increase
2011 -12 UAAL Increase
2012 -13 UAAL Increase
2013 -14 UAAL Increase
Total Payment
UAAL Balance
UAAL Increase
Adj UAAL Balance
UAAL Payment
UAAL Less Payment
Interest
Ending Balance
Cost of Debt
Total Annual Expense
2010
2012 -13
$4,225,172
$4,225,172
$30,379,000
6,104,000
36,483,000
(4,225,172)
$32,257,828
2,499,982
34,757,810
(4,225,172)
2011
2013 -14
$4,225,172
$329,777
$4,554,949
$34,757,810
3,296,000
38,053,810
(4,554,949)
$33,498,861
2,596,162
36,095,022
(4,554,949)
2012
2014 -15
$4,225,172
$329,777
$3,040,093
$7,595,042
$36,095,022
31,239,235
67,334,257
(90,000,000)
($22,665,743)
(1,756,595)
(24,422,338)
(90,000,000)
2013
2015 -16
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
($24,422,338)
28,823,145
4,400,807
(10,400,010)
($5,999,203)
(464,938)
(6,464,141)
(8,804,687)
(19,204,697)
2014
2016 -17
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
($6,464,141)
20,158,620
13,694,479
(12,361,776)
$1,332,703
103,284
1,435,988
(8,804,687)
(21,166,463)
2015
2017 -18
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$1,435,988
0
1,435,988
(1,435,988)
($0)
0
0
(8,804,687)
(10,240,675)
2016
2018 -19
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
0
0
$0
0
0
(8,804,687)
(8,804,687)
2017
2019 -20
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
0
0
$0
0
0
(8,804,687)
(8,804,687)
2018
2020 -21
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
0
0
$0
0
0
(8,804,687)
(8,804,687)
2019
2021 -22
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
0
0
$0
0
0
(8,804,687)
(8,804,687)
2020
2022 -23
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
0
0
$0
0
0
(8,804,687)
(8,804,687)
2021
2023 -24
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
0
0
$0
0
0
(8,804,687)
(8,804,687)
2022
2024 -25
$4,225,174
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,778
$0
0
0
0
$0
0
0
(8,804,687)
(8,804,687)
2023
2025 -26
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
0
0
$0
0
0
(8,804,687)
(8,804,687)
2024
2026 -27
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
0
0
$0
0
0
(8,804,687)
(8,804,687)
2025
2027 -28
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
0
0
$0
0
0
(8,804,687)
(8,804,687)
2026
2028 -29
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
0
0
$0
0
0
(8,804,687)
(8,804,687)
2027
2029 -30
$329,784
$3,040,093
$2,804,968
$1,961,766
$8,136,611
$0
0
0
0
$0
0
0
(5,136,070)
(5,136,070)
2028
2030 -31
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$0
0
0
0
$0
0
0
0
2029
2031 -32
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$0
0
0
0
$0
0
0
0
2030
2032 -33
$2,804,961
$1,961,766
$4,766,727
$0
0
0
0
$0
0
0
0
2031
2033 -34 on
$1,961,772
$1,961,772
$0
0
0
0
$0
0
0
0
Total
$54,927,238
$5,606,216
$54,721,674
$50,489,417
$35,311,794
$201,056,339
$89,621,000
($122,977,895)
$2,977,895
(128,401,688)
(251,379,583)
Total Debt Service
(128,401,688)
Less Initial Principal
85,000,000
Total UAAL & Debt
($166,379,583)
Savings Compared to Baseline
($34,676,768)
2/22/2012
$90 Million Revenue Bonds @ 20 Years plus $30 Million Cash Payments
Actuarial Fiscal Year
Calendar Year
Applied to
12009 -10 UAAL
2010 -11 UAAL Increase
2011 -12 UAAL Increase
2012 -13 UAAL Increase
2013 -14 UAAL Increase
Total Payment
UAAL Balance
UAAL Increase
Adj UAAL Balance
UAAL Payment
UAAL Less Payment
Interest
Ending Balance
Cost of Debt
Total Annual Expense
2010
2012 -13
$4,225,172
$4,225,172
$30,379,000
6,104,000
36,483,000
(4,225,172)
$32,257,828
2,499,982
34,757,810
(4,225,172)
2011
2013 -14
$4,225,172
$329,777
$4,554,949
$34,757,810
3,296,000
38,053,810
(4,554,949)
$33,498,861
2,596,162
36,095,022
(4,554,949)
2012
2014 -15
$4,225,172
$329,777
$3,040,093
$7,595,042
$36,095,022
31,239,235
67,334,257
(90,000,000)
($22,665,743)
(1,756,595)
(24,422,338)
(90,000,000)
2013
2015 -16
$4,225,172
$329,777
$3,040,093
$2,804,968
$10,400,010
($24,422,338)
28,823,145
4,400,807
(10,400,010)
($5,999,203)
(464,938)
(6,464,141)
(7,600,951)
(18,000,961)
2014
2016 -17
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
($6,464,141)
20,158,620
13,694,479
(12,361,776)
$1,332,703
103,284
1,435,988
(7,600,951)
(19,962,727)
2015
2017 -18
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$1,435,988
0
1,435,988
(1,435,988)
($0)
(0)
(0)
(7,600,951)
(9,036,939)
2016
2018 -19
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
0
0
0
0
$0
0
0
(7,600,951)
(7,600,951)
2017
2019 -20
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
0
0
0
0
$0
0
0
(7,600,951)
(7,600,951)
2018
2020 -21
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
0
0
0
0
$0
0
0
(7,600,951)
(7,600,951)
2019
2021 -22
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
0
0
$0
0
0
(7,600,951)
(7,600,951)
2020
2022 -23
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
0
0
$0
0
0
(7,600,951)
(7,600,951)
2021
2023 -24
$4,225,172
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
0
0
$0
0
0
(7,600,951)
(7,600,951)
2022
2024 -25
$4,225,174
$329,777
$3,040,093
$2,804,968
$1,961,766
$12,361,778
$0
0
0
0
$0
0
0
(7,600,951)
(7,600,951)
2023
2025 -26
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
0
0
$0
0
0
(7,600,951)
(7,600,951)
2024
2026 -27
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
0
0
$0
0
0
(7,600,951)
(7,600,951)
2025
2027 -28
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
0
0
$0
0
0
(7,600,951)
(7,600,951)
2026
2028 -29
$329,777
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
0
0
$0
0
0
(7,600,951)
(7,600,951)
2027
2029 -30
$329,784
$3,040,093
$2,804,968
$1,961,766
$8,136,611
$0
0
0
0
$0
0
0
(7,600,951)
(7,600,951)
2028
2030 -31
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$0
0
0
0
$0
0
0
(7,600,951)
(7,600,951)
2029
2031 -32
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$0
0
0
0
$0
0
0
(7,600,951)
(7,600,951)
2030
2032 -33
$2,804,961
$1,961,766
$4,766,727
$0
0
0
0
$0
0
0
(7,600,951)
(7,600,951)
2031
2033 -34 on
$1,961,772
$1,961,772
$0
0
0
0
$0
0
0
(12,034,836)
(12,034,836)
Total
$54,927,238
$5,606,216
$54,721,674
$50,489,417
$35,311,794
$201,056,339
$89,621,000
($122,977,895)
$2,977,895
(148,851,954)
(271,829,849)
Total Debt Service
(148,851,954)
Less Initial Principal
85,000,000
Total UAAL & Debt
($186,829,849)
Savings Compared
to Baseline
($14,226,502)
2/22/2012
$90 Million Revenue Bonds @ 30 Years plus $30 Million Cash Payments
Actuarial Fiscal Year
Calendar Year Applied to
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
Total
2012 -13
2013 -14
2014 -15
2015 -16
2016 -17
2017 -18
2018 -19
2019 -20
2020 -21
2021 -22
2022 -23
2023 -24
2024 -25
2025 -26
2026 -27
2027 -28
2028 -29
2029 -30
2030 -31
2031 -32
2032 -33
2033 -34
2034 -35
2035 -36
2036 -37
2037 -38
2038 -39
2039 -40
2040 -41
2041 -42
2042 -43
IAAL 2010 -11 UAAL Incree
$4,225,172
$4,225,172
$4,225,172
$4,225,172
$4,225,172
$4,225,172
$4,225,172
$4,225,172
$4,225,172
$4,225,172
$4,225,172
$4,225,172
$4,225,174
$329,777
$329,777
$329,777
$329,777
$329,777
$329,777
$329,777
$329,777
$329,777
$329,777
$329,777
$329,777
$329,777
$329,777
$329,777
$329,777
$329,784
2011 -12 UAAL Increase
2012 -13 UAAL Increase
2013 -14 UAAL Increase
Total Payment
UAAL Balance
UAAL Increase
Adj UAAL Balance
UAAL Payment
UAAL Less Payment
Interest
Ending Balance
Cost of Debt
Total Annual Expense
$4,225,172
$30,379,000
6,104,000
36,483,000
(4,225,172)
$32,257,828
2,499,982
34,757,810
(4,225,172)
$4,554,949
$34,757,810
3,296,000
38,053,810
(4,554,949)
$33,498,861
2,596,162
36,095,022
(4,554,949)
$3,040,093
$7,595,042
$36,095,022
31,239,235
67,334,257
(90,000,000)
($22,665,743)
(1,756,595)
(24,422,338)
(90,000,000)
$3,040,093
$2,804,968
$10,400,010
($24,422,338)
28,823,145
4,400,807
(10,400,010)
($5,999,203)
(464,938)
(6,464,141)
(6,718,430)
(17,118,440)
$3,040,093
$2,804,968
$1,961,766
$12,361,776
($6,464,141)
20,158,620
13,694,479
(12,361,776)
$1,332,703
103,284
1,435,988
(6,718,430)
(19,080,206)
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$1,435,988
0
1,435,988
(1,435,988)
($0)
0
0
(6,718,430)
(8,154,418)
$3,040,093
$2,804,968
$1,961,766
$12,361,776
0
0
0
$0
0
0
(6,718,430)
(6,718,430)
$3,040,093
$2,804,968
$1,961,766
$12,361,776
0
0
0
$0
0
0
(6,718,430)
(6,718,430)
$3,040,093
$2,804,968
$1,961,766
$12,361,776
0
0
0
$0
0
0
(6,718,430)
(6,718,430)
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
0
$0
0
0
(6,718,430)
(6,718,430)
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
0
$0
0
0
(6,718,430)
(6,718,430)
$3,040,093
$2,804,968
$1,961,766
$12,361,776
$0
0
0
$0
0
0
(6,718,430)
(6,718,430)
$3,040,093
$2,804,968
$1,961,766
$12,361,778
$0
0
0
$0
0
0
(6,718,430)
(6,718,430)
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
0
$0
0
0
(6,718,430)
(6,718,430)
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
0
$0
0
0
(6,718,430)
(6,718,430)
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
0
$0
0
0
(6,718,430)
(6,718,430)
$3,040,093
$2,804,968
$1,961,766
$8,136,604
$0
0
0
$0
0
0
(6,718,430)
(6,718,430)
$3,040,093
$2,804,968
$1,961,766
$8,136,611
$0
0
0
$0
0
0
(6,718,430)
(6,718,430)
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$0
0
0
$0
0
0
(6,718,430)
(6,718,430)
$3,040,093
$2,804,968
$1,961,766
$7,806,827
$0
0
0
$0
0
0
(6,718,430)
(6,718,430)
$2,804,961
$1,961,766
$4,766,727
$0
0
0
$0
0
0
(6,718,430)
(6,718,430)
$0
0
0
$0
0
0
(6,718,430)
(6,718,430)
0
$0
0
0
(6,718,430)
(6,718,430)
0
$0
0
0
(6,718,430)
(6,718,430)
0
$0
0
0
(6,718,430)
(6,718,430)
0
$0
0
0
(6,718,430)
(6,718,430)
0
$0
0
0
(6,718,430)
(6,718,430)
0
$0
0
0
(6,718,430)
(6,718,430)
0
$0
0
0
(6,718,430)
(6,718,430)
0
$0
0
0
(6,718,430)
(6,718,430)
0
$0
0
0
(17.355.953)
(17.355.953)
721,674 $50,489,417
199.094, 567
Total Debt Service (198,753,563)
Less Initial Principal 90,000,000
Total UAAL 8 Debt ($231,731,458)
Savings Compared to Baseline ($231,731,458)
2/22/2012
Central Contra Costa Sanitary District
Sewer Service Charge Impact Analysis
BASE LINE - CCCERA ANNUAL PAYMENTS <S100 Million>
Fiscal Year
UAAL Payment
Ending
RUE's
Swr Svc
Swr Svc
CCCERA
Swr Svc
Swr Svc
Swr Svc
Sewer Svc
Sewer Svc
Applied to
Payment
Balance
165,000
Ch Impact
Ch Adj
Normal Cost
Chg Impact
Chg Adj
Chg Total Adj
Chg Total Impact
Ch Total
2012 -1 d
(4,22b,1 12)
d4, /b /,bl U
164,000
525.76
$6,500,214
S39.6-4
S65.40
S65.40
$371.00
2013 -14
(4,554,949)
36,095,022
165,000
$27.61
$1.84
$7,260,159
$44.00
$4.37
$6.21
$71.61
$377.21
2014 -15
(7,595,042)
64,369,005
166,000
$45.75
$18.15
$7,420,783
$44.70
$0.70
$18.85
$90.46
$396.06
2015 -16
(10,400,010)
89,208,530
167,000
$62.28
$16.52
$7,578,256
$45.38
$0.68
$17.20
$107.65
$413.26
2016 -17
(10,400,010)
84,916,181
168,000
$61.90
-$0.37
$7,586,928
$45.16
-$0.22
-$0.59
$107.07
$412.67
2017 -18
(10,400,010)
80,291,174
169,000
$61.54
-$0.37
$7,538,870
$44.61
-$0.55
-$0.92
$106.15
$411.75
2018 -19
(10,400,010)
75,307,729
170,000
$61.18
-$0.36
$7,509,585
$44.17
-$0.43
-$0.80
$105.35
$410.95
2019 -20
(10,400,010)
69,938,067
171,000
$60.82
-$0.36
$7,538,149
$44.08
-$0.09
-$0.45
$104.90
$410.50
2020 -21
(10,400,010)
64,152,257
172,000
$60.47
-$0.35
$7,566,856
$43.99
-$0.09
-$0.44
$104.46
$410.06
2021 -22
(10,400,010)
57,918,046
173,000
$60.12
-$0.35
$7,595,707
$43.91
-$0.09
-$0.44
$104.02
$409.62
2022 -23
(10,400,010)
51,200,684
174,000
$59.77
-$0.35
$7,624,701
$43.82
-$0.09
-$0.43
$103.59
$409.19
2023 -24
(10,400,010)
43,962,726
175,000
$59.43
-$0.34
$7,653,675
$43.74
-$0.08
-$0.43
$103.16
$408.77
2024 -25
(10,400,012)
36,163,824
176,000
$59.09
-$0.34
$7,682,759
$43.65
-$0.08
-$0.42
$102.74
$408.34
2025 -26
(6,174,838)
32,313,133
177,000
$34.89
- $24.20
$7,711,953
$43.57
-$0.08
- $24.29
$78.46
$384.06
2026 -27
(6,174,838)
28,164,013
178,000
$34.69
-$0.20
$7,741,259
$43.49
-$0.08
-$0.28
$78.18
$383.78
2027 -28
(6,174,838)
23,693,336
179,000
$34.50
-$0.19
$7,770,676
$43.41
-$0.08
-$0.27
$77.91
$383.51
2028 -29
(6,174,838)
18,876,181
180,000
$34.30
-$0.19
$7,800,204
$43.33
-$0.08
-$0.27
$77.64
$383.24
2029 -30
(6,174,845)
13,685,690
181,000
$34.12
-$0.19
$7,829,845
$43.26
-$0.08
-$0.27
$77.37
$382.98
2030 -31
(5,845,061)
8,448,277
182,000
$32.12
-$2.00
$7,859,598
$43.18
-$0.07
-$2.07
$75.30
$380.90
2031 -32
(5,845,061)
2,804,966
183,000
$31.94
-$0.18
$7,889,465
$43.11
-$0.07
-$0.25
$75.05
$380.65
2032 -33
(2,804,966)
0
184,000
$15.24
- $16.70
$7,919,445
$43.04
-$0.07
- $16.77
$58.28
$363.89
2033 -34
185,000
$0.00
- $15.24
$7,949,539
$42.97
-$0.07
- $15.31
$42.97
$348.57
(5165,744,550)
Central Contra Costa Sanitary District
Sewer Service Charge Impact Analysis
BASE LINE - CCCERA ANNUAL PAYMENTS <S120 Million>
Fiscal Year
UAAL Payment
Ending
RUE's
Swr Svc
Swr Svc
CCCERA
Swr Svc
Swr Svc
S�vr Svc
Sewer Svc
Sewer Svc
Applied to
Payment
Balance
165,000
Ch Impact
Ch Adj
Normal Cost
Ch Impact
Ch Adj
Chg Total Adj
Chg Total Impact
Chg Total
2012 -13
(4,225,172)
34,757,810
164,000
$25.76
$6,500,214
S39.64
565.40
$65.40
5371.00
2013 -14
(4,554,949)
36,095,022
165,000
$27.61
$1.84
$7,260,159
$44.00
$4.37
$6.21
$71.61
$377.21
2014 -15
(7,595,042)
64,369,005
166,000
$45.75
$18.15
$7,420,783
$44.70
$0.70
$18.85
$90.46
$396.06
2015 -16
(10,400,010)
89,208,530
167,000
$62.28
$16.52
$7,578,256
$45.38
$0.68
$17.20
$107.65
$413.26
2016 -17
(12,361,776)
104,523,291
168,000
$73.58
$11.31
$7,586,928
$45.16
-$0.22
$11.09
$118.74
$424.34
2017 -18
(12,361,776)
99,304,032
169,000
$73.15
-$0.44
$7,538,870
$44.61
-$0.55
-$0.99
$117.76
$423.36
2018 -19
(12,361,776)
93,680,281
170,000
$72.72
-$0.43
$7,509,585
$44.17
-$0.43
-$0.86
$116.89
$422.49
2019 -20
(12,361,776)
87,620,689
171,000
$72.29
-$0.43
$7,538,149
$44.08
-$0.09
-$0.52
$116.37
$421.98
2020 -21
(12,361,776)
81,091,479
172,000
$71.87
-$0.42
$7,566.856
$43.99
-$0.09
-$0.51
$115.86
$421.47
2021 -22
(12,361,776)
74,056,255
173,000
$71.46
-$0.42
$7,595,707
$43.91
-$0.09
-$0.50
$115.36
$420.96
2022 -23
(12,361,776)
66,475,801
174,000
$71.04
-$0.41
$7,624,701
$43.82
-$0.09
-$0.50
$114.86
$420.47
2023 -24
(12,361,776)
58,307,862
175,000
$70.64
-$0.41
$7,653,675
$43.74
-$0.08
-$0.49
$114.37
$419.98
2024 -25
(12,361,778)
49,506,906
176,000
$70.24
-$0.40
$7,682,759
$43.65
-$0.08
-$0.48
$113.89
$419.49
2025 -26
(8,136,604)
44,576,500
177,000
$45.97
- $24.27
$7,711,953
$43.57
-$0.08
- $24.35
$89.54
$395.14
2026 -27
(8,136,604)
39,263,988
178,000
$45.71
-$0.26
$7,741,259
$43.49
-$0.08
-$0.34
$89.20
$394.80
2027 -28
(8,136,604)
33,539,756
179,000
$45.46
-$0.26
$7,770,676
$43.41
-$0.08
-$0.33
$88.87
$394.47
2028 -29
(8,136,604)
27,371,897
180,000
$45.20
-$0.25
$7,800,204
$43.33
-$0.08
-$0.33
$88.54
$394.14
2029 -30
(8,136,611)
20,726,020
181,000
$44.95
-$0.25
$7,829,845
$43.26
-$0.08
-$0.33
$88.21
$393.81
2030 -31
(7,806,827)
13,920,431
182,000
$42.89
-$2.06
$7,859,598
$43.18
-$0.07
-$2.13
$86.08
$391.68
2031 -32
(7,806,827)
6,587,408
183,000
$42.66
-$0.23
$7,889,465
$43.11
-$0.07
-$0.31
$85.77
$391.37
2032 -33
(4,766,727)
1,961,784
184,000
$25.91
- $16.75
$7,919,445
$43.04
-$0.07
- $16.83
$68.95
$374.55
2033 -34
(1,961,784)
0
185,000
$10.60
- $15.30
$7,949,539
$42.97
-$0.07
- $15.37
$53.57
$359.18
(S201,056,351)
Central Contra Costa Sanitary District
Sewer Service Charge Impact Analysis
S10 SEWER SERVICE CHARGE
Fiscal Year
UAAL Payment
SSC
Ending
UAAL Total
RUE's
Swr Svc
Swr Svc
CCCERA
Swr Svc
Swr Svc
Swr Svc
Sewer Svc
Sewer Svc
Applied to
Payment
Contribution
Balance
Payment
Chg Impact
Chg Adi
Normal Cost
Chg Impact
Chg Adj
Chg Total Adj
Chg
Total Impact
Chg Total
2012 -13
(4,225.172)
34,757,810
(4,225,172)
164,000
S25.76
$6,500,214
S39.64
$65.40
S371.00
2013 -14
(4,554,949)
($1,650,1100)
34,317,147
(6,204,949)
165,000
$37.61
$11.84
$7,260,159
$44.00
$4.37
$16.21
$81.61
$387.21
2014 -15
(7,595,042)
($1,660,000)
60,664,694
(9,255,042)
166,000
$55.75
$18.15
$7,420,783
$44.70
$0.70
$18.85
$100.46,
$406.06
2015 -16
(10,400,010)
($1,670,000)
83,417,711
(12,070,010)
167,000
$72.28
$16.52
$7,578,256
$45.38
$0.68
$17.20
$117.65
$423.26
2016 -17
(12.361,776)
($1,680,000)
96,473,483
(14,041,776)
168,000
$83.58
$11.31
$7,586,928
$45.16
-$0.22
$11.09
$128.74
$434.34
2017 -18
(12,361,776)
($1,690,000)
88,809,389
(14,051,776)
169,000
$83.15
-$0.44
$7,538,870
$44.61
-$0.55
-$0.99
$127.76
$433.36
2018 -19
(12,361,776)
($1,700,000)
80,540,553
(14,061,776)
170,000
$82.72
-$0.43
$7,509,585
$44.17
-$0.43
-$0.86
$126.89
$432.49
2019 -20
(12,361,776)
($1,710,000)
71,620,108
(14,071,776)
171,000
$82.29
-$0.43
$7,538,149
$44.08
-$0.09
-$0.52
$126.37
$431.98
2020 -21
(12,361,776)
($1,720,000)
61,997,552
(14,081,776)
172,000
$81.87
-$0.42
$7,566,856
$43.99
-$0.09
-$0.51
$125.86
$431.47
2021 -22
(12,361,776)
($1,730,000)
51,618,474
(14,091,776)
173,000
$81.46
-$0.42
$7,595,707
$43.91
-$0.09
-$0.50
$125.36
$430.96
2022 -23
(12,361,776)
($1,740,000)
40,424,242
(14,101,776)
174,000
$81.04
-$0.41
$7,624,701
$43.82
-$0.09
-$0.50
$124.86
$430.47
2023 -24
(12,361,776)
($1,750,000)
28,351,682
(14,111,776)
175,000
$80.64
-$0.41
$7,653,675
$43.74
-$0.08
-$0.49
$124.37
$429.98
2024 -25
(12,361,778)
($1,760,000)
15,332,722
(14,121,778)
176,000
$80.24
-$0.40
$7,682,759
$43.65
-$0.08
-$0.48
$123.89
$429.49
2025 -26
(8,136,604)
($1,770,000)
5,846,642
(9,906,604)
177,000
$55.97
- $24.27
$7,711,953
$43.57
-$0.08
- $24.35
$99.54
$405.14
2026 -27
(5,846,642)
($0)
(5,846,642)
178,000
$32.85
- $23.12
$7,741,259
$43.49
-$0.08
- $23.20
$76.34
$381.94
2027 -28
($0)
0
179,000
$0.00
- $32.85
$7,770,676
$43.41
-$0.08
- $32.92
$43.41
$349.01
2028 -29
($0)
0
180,000
$0.00
$0.00
$7,800,204
$43.33
-$0.08
-$0.08
$43.33
$348.94
2029 -30
($1)
0
181,000
$0.00
$0.00
$7,829,845
$43.26
-$0.08
-$0.08
$43.26
$348.86
2030 -31
($1)
0
182,000
$0.00
$0.00
$7,859,598
$43.18
-$0.07
-$0.07
$43.18
$348.79
2031 -32
($1)
0
183,000
$0.00
$0.00
$7,889,465
$43.11
-$0.07
-$0.07
$43.11
$348.71
2032 -33
($1)
0
184,000
$0.00
$0.00
$7,919,445
$43.04
-$0.07
-$0.07
$43.04
$348.64
2033 -34
($1)
0
185,000
$0.00
$0.00
$7,949,539
$42.97
-$0.07
-$0.07
$42.97
$348.57
($152.014.405)
($17,250,000)
(5174,244,405)
Central Contra Costa Sanitary District
Sewer Service Charge Impact Analysis
$20 ANNUAL INCREASE SEWER SERVICE CHARGE
Fiscal Year
UAAL Payment
Y
SSC
Ending
9
UAAL Total
RUE's
Swr Svc
Swr Svc
CCCERA
Swr Svc
Swr Svc
Swr Svc
Sewer Svc
Sewer Svc
Applied to
Payment
Contribution
Balance
Payment
Chg Impact
Chg Adj
Normal Cost I
Chg Impact
Chg Adj
Chg Total Adj
Chg
Total Impact)
Chg Total
2012 -13
(4,225,172)
34,757,810
(4,225,172)
164,000
S25.76
$6.500.214
S39.64
S65.40
S371.00
2013 -14
(4,554,949)
($3,300,000)
32,539,272
(7,854,949)
165,000
$47.61
$21.84
$7,260,159
$44.00
$4.37
$26.21
$91.61
$397.21
2014 -15
(7,595,042)
($3,320,000)
56.960,384
(10,915,042)
166,000
$65.75
$18.15
$7,420,783
$44.70
$0.70
$18.85
$110.46
$416.06
2015 -16
(10,400,010)
($3,340,000)
77,626,892
(13,740,010)
167,000
$82.28
$16.52
$7,578,256
$45.38
$0.68
$17.20
$127.65
$433.26
2016 -17
(12,361,776)
($3,360,000)
88,423,675
(15,721,776)
168,000
$93.58
$11.31
$7,586,928
$45.16
-$0.22
$11.09
$138.74
$444.34
2017 -18
(12,361,776)
($3,380,000)
78,314,746
(15,741,776)
169,000
$93.15
-$0.44
$7,538,870
$44.61
-$0.55
-$0.99
$137.76
$443.36
2018 -19
(12,361,776)
($3,400,000)
67,400,826
(15,761,776)
170,000
$92.72
-$0.43
$7,509,585
$44.17
-$0.43
-$0.86
$136.89
$442.49
2019 -20
(12,361,776)
($3,420,000)
55,619,526
(15,781,776)
171,000
$92.29
-$0.43
$7,538,149
$44.08
-$0.09
-$0.52
$136.37
$441.98
2020 -21
(12,361,776)
($3,440,000)
42,903,626
(15,801,776)
172,000
$91.87
-$0.42
$7,566,856
$43.99
-$0.09
-$0.51
$135.86
$441.47
2021 -22
(12,361,776)
($3,460,000)
29,180,693
(15,821,776)
173,000
$91.46
-$0.42
$7,595,707
$43.91
-$0.09
-$0.50
$135.36
$440.96
2022 -23
(12,361,776)
($3,480,000)
14,372,683
(15,841,776)
174,000
$91.04
-$0.41
$7,624,701
$43.82
-$0.09
-$0.50
$134.86
$440.47
2023 -24
(12,361,776)
($2,010,907)
( )
(14,372,683)
175,000
$82.13
-$8.92
$7,653,675
$43.74
-$0.08
-$9.00
$125.86
$431.47
2024 -25
0
0
0
176,000
$0.00
- $82.13
$7,682,759
$43.65
-$0.08
- $82.21
$43.65
$349.25
2025 -26
0
0
177,000
$0.00
$0.00
$7,711,953
$43.57
-$0.08
-$0.08
$43.57
$349.17
2026 -27
0
0
178,000
$0.00
$0.00
$7,741,259
$43.49
-$0.08
-$0.08
$43.49
$349.09
2027 -28
0
0
179,000
$0.00
$0.00
$7,770,676
$43.41
-$0.08
-$0.08
$43.41
$349.01
2028 -29
0
0
180,000
$0.00
$0.00
$7,800,204
$43.33
-$0.08
-$0.08
$43.33
$348.94
2029 -30
0
0
181,000
$0.00
$0.00
$7,829,845
$43.26
-$0.08
-$0.08
$43.26
$348.86
2030 -31
0
0
182,000
$0.00
$0.00
$7,859,598
$43.18
-$0.07
-$0.07
$43.18
$348.79
2031 -32
0
0
183,000
$0.00
$0.00
$7,889,465
$43.11
-$0.07
-$0.07
$43.11
$348.71
2032 -33
0
0
184,000
$0.00
$0.00
$7,919,445
$43.04
-$0.07
-$0.07
$43.04
$348.64
2033 -34
0
0
185,000
$0.00
$0.00
$7,949,539
$42.97
-$0.07
-$0.07
$42.97
$348.57
($125,669.381)
($25,950.907)
($161,580,288)
Central Contra Costa Sanitary District
Sewer Service Charge Impact Analysis
$75 Million Revenue Bonds @ 15 Years plus $45 Million Cash Pavments
Fiscal Year
UAAL
UAAL
BOND
UAAL & DEBT RUE's
Swr Svc
Swr Svc CCCERA Swr Svc
Swr Svc Swr Svc
Sewer Svc
Sewer Svc
Applied to
Payment
Less Payment
Payment
PAYMENTS
Ch Impact
I Chq Ad' I Normal Cost I Chg Impact
I Chg Ad' I Chg Total Ad"
I Chg Total Impact
I Chg Total
2012 -13
(4,225,172)
$32,257,828
(4,225,172)
164,000
$25.76
$6,500,214
$39.64
$65.40
S371.00
2013 -14
(4,554,949)
$33,498,861
(4,554,949)
165,000
$27.61
$1.84
$7,260,159
$44.00
$4.37
$6.21
$71.61
$377.21
2014 -15
(75,000,000)
($7,665,743)
(75,000,000)
166,000
$27.61
$0.00
$7,420,783
$44.70
$0.70
$0.70
$72.31
$377.91
2015 -16
(10.400,010)
$10,163,297
($7,400,964)
(17,800,974)
167,000
$106.59
$78.99
$7,578,256
$45.38
$0.68
$79.66
$151.97
$457.57
2016 -17
(12,361,776)
$18,747,797
($7,400,964)
(19,762,740)
168,000
$117.64
$11.04
$7,586,928
$45.16
-$0.22
$10.82
$162.80
$468.40
2017 -18
(12,361,776)
$7,838,975
($7,400,964)
(19,762,740)
169,000
$116.94
-$0.70
$7,538,870
$44.61
-$0.55
-$1.25
$161.55
$467.15
2018 -19
(8,446,496)
($0)
($7,400,964)
(15,847,460)
170,000
$93.22
- $23.72
$7,509,585
$44.17
-$0.43
- $24.15
$137.39
$443.00
2019 -20
$0
($7,400,964)
(7,400,964)
171,000
$43.28
- $49.94
$7,538,149
$44.08
-$0.09
- $50.03
$87.36
$392.96
2020 -21
$0
($7,400,964)
(7,400,964)
172,000
$43.03
-$0.25
$7,566,856
$43.99
-$0.09
-$0.34
$87.02
$392.62
2021 -22
$0
($7,400,964)
(7,400,964)
173,000
$42.78
-$0.25
$7,595,707
$43.91
-$0.09
-$0.34
$86.69
$392.29
2022 -23
$0
($7,400,964)
(7,400,964)
174,000
$42.53
-$0.25
$7,624,701
$43.82
-$0.09
-$0.33
$86.35
$391.96
2023 -24
$0
($7,400,964)
(7,400,964)
175,000
$42.29
-$0.24
$7,653,675
$43.74
-$0.08
-$0.33
$86.03
$391.63
2024 -25
$0
($7,400,964)
(7,400,964)
176,000
$42.05
-$0.24
$7,682,759
$43.65
-$0.08
-$0.32
$85.70
$391.30
2025 -26
$0
($7,400,964)
(7,400,964)
177,000
$41.81
-$0.24
$7,711,953
$43.57
-$0.08
-$0.32
$85.38
$390.99
2026 -27
$0
($7,400,964)
(7,400,964)
178,000
$41.58
-$0.23
$7,741,259
$43.49
-$0.08
-$0.32
$85.07
$390.67
2027 -28
$0
($7,400,964)
(7,400,964)
179,000
$41.35
-$0.23
$7,770,676
$43.41
-$0.08
-$0.31
$84.76
$390.36
2028 -29
$0
($7,400,964)
(7,400,964)
180,000
$41.12
-$0.23
$7,800,204
$43.33
-$0.08
-$0.31
$84.45
$390.05
2029 -30
$0
($4,317,233)
(4,317,233)
181,000
$23.85
- $17.26
$7,829,845
$43.26
-$0.08
- $17.34
$67.11
$372.71
2030 -31
$0
0
182,000
$0.00
- $23.85
$7,859,598
$43.18
-$0.07
- $23.93
$43.18
$348.79
2031 -32
$0
0
183,000
$0.00
$0.00
$7,889,465
$43.11
-$0.07
-$0.07
$43.11
$348.71
2032 -33
$0
0
184,000
$0.00
$0.00
$7,919,445
$43.04
-$0.07
-$0.07
$43.04
$348.64
2033 -34
$0
0
185,000
$0.00
$0.00
$7,949,539
$42.97
-$0.07
-$0.07
$42.97
$348.57
($127,350,179)
(107,930,729)
(235,280,908)
Central Contra Costa Sanitary District
Sewer Service Charge Impact Analysis
$75 Million Revenue Bonds @ 20 Years plus $45 Million Cash Payments
Fiscal Year
UAAL
UAAL
BOND
UAAL & DEBT
RUE's
Swr Svc
Swr Svc
CCCERA
Swr Svc
Swr Svc
Swr Svc
Sewer Svc
Sewer Svc
Applied to
Payment
Less Payment
Payment
PAYMENTS
165,000
Ch Impact
Ch Ad'
Normal Cost
Ch Impact
Ch Ad'
Ch Total Ad'
Ch Total Im ct
Cho Total
LUIZ -16
(4,225,172)
$32,257,828
(4.225,172)
164,000
$25.76
$6,500,214
$39.64
$65.40
S371.00
2013 -14
(4,554,949)
$33,498,861
(4,554,949)
165,000
$27.61
$1.84
$7,260,159
$44.00
$4.37
$6.21
$71.61
$377.21
2014 -15
(75,000,000)
($7,665,743)
(75,000,000)
166,000
$27.61
$0.00
$7,420,783
$44.70
$0.70
$0.70
$72.31
$377.91
2015 -16
(10,400,010)
$10,163,297
($6,401,167)
(16,801,177)
167,000
$100.61
$73.00
$7,578,256
$45.38
$0.68
$73.68
$145.98
$451.59
2016 -17
(12,361,776)
$18,747,797
($6,401,167)
(18,762,943)
168,000
$111.68
$11.08
$7,586,928
$45.16
-$0.22
$10.86
$156.84
$462.45
2017 -18
(12,361,776)
$7,838,975
($6,401,167)
(18,762,943)
169,000
$111.02
-$0.66
$7,538,870
$44.61
-$0.55
-$1.21
$155.63
$461.23
2018 -19
(8,446,496)
($0)
($6,401,167)
(14,847,663)
170,000
$87.34
- $23.68
$7,509,585
$44.17
-$0.43
- $24.12
$131.51
$437.11
2019 -20
($0)
($6,401,167)
(6,401,167)
171,000
$37.43
- $49.91
$7,538,149
$44.08
-$0.09
- $50.00
$81.52
$387.12
2020 -21
$0
($6,401,167)
(6,401,167)
172,000
$37.22
-$0.22
$7,566,856
$43.99
-$0.09
-$0.31
$81.21
$386.81
2021 -22
$0
($6,401,167)
(6,401,167)
173,000
$37.00
-$0.22
$7,595,707
$43.91
-$0.09
-$0.30
$80.91
$386.51
2022 -23
$0
($6,401,167)
(6,401,167)
174,000
$36.79
-$0.21
$7,624,701
$43.82
-$0.09
-$0.30
$80.61
$386.21
2023 -24
$0
($6,401,167)
(6,401,167)
175,000
$36.58
-$0.21
$7,653,675
$43.74
-$0.08
-$0.30
$80.31
$385.91
2024 -25
$0
($6,401,167)
(6,401,167)
176,000
$36.37
-$0.21
$7,682,759
$43.65
-$0.08
-$0.29
$80.02
$385.62
2025 -26
$0
($6,401,167)
(6,401,167)
177,000
$36.16
-$0.21
$7,711,953
$43.57
-$0.08
-$0.29
$79.74
$385.34
2026 -27
$0
($6,401,167)
(6,401,167)
178,000
$35.96
-$0.20
$7,741,259
$43.49
-$0.08
-$0.28
$79.45
$385.05
2027 -28
$0
($6.401,167)
(6,401,167)
179,000
$35.76
-$0.20
$7,770,676
$43.41
-$0.08
-$0.28
$79.17
$384.77
2028 -29
$0
($6,401,167)
(6,401,167)
180,000
$35.56
-$0.20
$7,800,204
$43.33
-$0.08
-$0.28
$78.90
$384.50
2029 -30
$0
($6,401,167)
(6,401,167)
181,000
$35.37
-$0.20
$7,829,845
$43.26
-$0.08
-$0.27
$78.62
$384.23
2030 -31
$0
($6,401,167)
(6,401,167)
182,000
$35.17
-$0.19
$7,859,598
$43.18
-$0.07
-$0.27
$78.36
$383.96
2031 -32
$0
($6,401,167)
(6,401,167)
183,000
$34.98
-$0.19
$7,889,465
$43.11
-$0.07
-$0.26
$78.09
$383.69
2032 -33
$0
($6,401,167)
(6,401,167)
184,000
$34.79
-$0.19
$7,919,445
$43.04
-$0.07
-$0.26
$77.83
$383.43
2033 -34
$0
($10,135,182)
(10,135,182)
185,000
$54.78
$20.00
$7,949,539
$42.97
-$0.07
$19.93
$97.76
$403.36
($127,350,179)
($125,356,188)
(252,706,367)
Central Contra Costa Sanitary District
Sewer Service Charge Impact Analysis
$75 Million Revenue Bonds @ 30 Years plus $45 Million Cash Payments
Fiscal Year
UAAL
UAAL
BOND
UAAL &DEBT
RUE's
Swr Svc
Swr Svc
CCCERA
Swr Svc
Swr Svc
Swr Svc
Sewer Svc
Sewer Svc
Applied to
Payment
Less Payment
Payment
PAYMENTS
165,000
Ch Im act
Chg Adj
Normal Cost
Ch Im act
Chg Adj
Ch Total Adj
Ch Total Im act
Ch Total
2012 -13
(4,225,172)
$32.257,828
(4,225,172)
164,000
S25.76
$6,500,214
$39.64
S65.40
S371.00
2013 -14
(4,554,949)
$33,498,861
(4,554,949)
165,000
$27.61
$1.84
$7,260,159
$44.00
$4.37
$6.21
$71.61
$377.21
2014 -15
(75,000,000)
($7,665,743)
(75,000,000)
166,000
$27.61
$0.00
$7,420,783
$44.70
$0.70
$0.70
$72.31
$377.91
2015 -16
(10,400,010)
$10,163,297
($5,710,271)
(16,110,281)
167,000
$96.47
$68.86
$7,578,256
$45.38
$0.68
$69.54
$141.85
$447.45
2016 -17
(12,361,776)
$18,747,797
($5,710,271)
(18,072,047)
168,000
$107.57
$11.10
$7,586,928
$45.16
-$0.22
$10.88
$152.73
$458.33
2017 -18
(12,361,776)
$7,838,975
($5,710,271)
(18,072,047)
169,000
$106.94
-$0.64
$7,538,870
$44.61
-$0.55
-$1.19
$151.54
$457.15
2018 -19
(8,446,496)
($0)
($5,710,271)
(14,156,767)
170,000
$83.28
- $23.66
$7,509,585
$44.17
-$0.43
- $24.09
$127.45
$433.05
2019 -20
($0)
($5,710,271)
(5,710,271)
171,000
$33.39
- $49.88
$7,538,149
$44.08
-$0.09
- $49.97
$77.48
$383.08
2020 -21
$0
($5,710,271)
(5,710,271)
172,000
$33.20
-$0.19
$7,566,856
$43.99
-$0.09
-$0.28
$77.19
$382.79
2021 -22
$0
($5,710,271)
(5,710,271)
173,000
$33.01
-$0.19
$7,595,707
$43.91
-$0.09
-$0.28
$76.91
$382.51
2022 -23
$0
($5,710,271)
(5,710,271)
174,000
$32.82
-$0.19
$7,624,701
$43.82
-$0.09
-$0.28
$76.64
$382.24
2023 -24
$0
($5,710,271)
(5,710,271)
175,000
$32.63
-$0.19
$7,653,675
$43.74
-$0.08
-$0.27
$76.37
$381.97
2024 -25
$0
($5,710,271)
(5,710,271)
176,000
$32.44
-$0.19
$7,682,759
$43.65
-$0.08
-$0.27
$76.10
$381.70
2025 -26
$0
($5,710,271)
(5,710,271)
177,000
$32.26
-$0.18
$7,711,953
$43.57
-$0.08
-$0.26
$75.83
$381.43
2026 -27
$0
($5,710,271)
(5,710,271)
178,000
$32.08
-$0.18
$7,741,259
$43.49
-$0.08
-$0.26
$75.57
$381.17
2027 -28
$0
($5,710,271)
(5,710,271)
179,000
$31.90
-$0.18
$7,770,676
$43.41
-$0.08
-$0.26
$75.31
$380.91
2028 -29
$0
($5,710,271)
(5,710,271)
180,000
$31.72
-$0.18
$7,800,204
$43.33
-$0.08
-$0.25
$75.06
$380.66
2029 -30
$0
($5,710,271)
(5,710,271)
181,000
$31.55
-$0.18
$7,829,845
$43.26
-$0.08
-$0.25
$74.81
$380.41
2030 -31
$0
($5,710,271)
(5,710,271)
182,000
$31.38
-$0.17
$7,859,598
$43.18
-$0.07
-$0.25
$74.56
$380.16
2031 -32
$0
($5,710,271)
(5,710,271)
183,000
$31.20
-$0.17
$7,889,465
$43.11
-$0.07
-$0.24
$74.32
$379.92
2032 -33
$0
($5,710,271)
(5,710,271)
184,000
$31.03
-$0.17
$7,919,445
$43.04
-$0.07
-$0.24
$74.07
$379.68
2033 -34
($5,710,271)
(5,710,271)
185,000
$30.87
-$0.17
$7,949,539
$42.97
-$0.07
-$0.24
$73.84
$379.44
2034 -35
($5,710,271)
(5,710,271)
186,000
$30.70
-$0.17
$7,979,747
$42.90
-$0.07
-$0.23
$73.60
$379.20
2035 -36
($5,710,271)
(5,710,271)
187,000
$30.54
-$0.16
$8,010,070
$42.83
-$0.07
-$0.23
$73.37
$378.97
2036 -37
($5,710,271)
(5,710,271)
188,000
$30.37
-$0.16
$8,040,508
$42.77
-$0.07
-$0.23
$73.14
$378.74
2037 -38
($5,710,271)
(5,710,271)
189,000
$30.21
-$0.16
$8,071,062
$42.70
-$0.06
-$0.23
$72.92
$378.52
2038 -39
($5,710,271)
(5,710,271)
190,000
$30.05
-$0.16
$8,101,732
$42.64
-$0.06
-$0.22
$72.69
$378.30
2039 -40
($5,710,271)
(5,710,271)
191.000
$29.90
-$0.16
$8,132,519
$42.58
-$0.06
-$0.22
$72.48
$378.08
2040 -41
($5,710,271)
(5,710,271)
192,000
$29.74
-$0.16
$8,163,422
$42.52
-$0.06
-$0.22
$72.26
$377.86
2041 -42
($5,710,271)
(5,710,271)
193,000
$29.59
-$0.15
$8,194,443
$42.46
-$0.06
-$0.21
$72.05
$377.65
2042 -43
($14,751,525)
(14,751,525)
194,000
$76.04
$46.45
$8,225.582
$42.40
-$0.06
$46.39
$118.44
$424.04
($127,350,179)
($168,928,842)
(296,279,021)
Central Contra Costa Sanitary District
Sewer Service Charge Impact Analysis
S85 Million Revenue Bonds @ 15 Years plus $35 Million Cash Payments
Fiscal Year
UAAL
UAAL
BOND
UAAL & DEBT
RUE`s
Swr Svc
I Swr Svc
CCCERA
Swr Svc
Swr Svc
Swr Svc
Sewer Svc
Sewer Svc
A
Applied to
Payment
m
Less Pa ent
Payment
PAYMENTS
165,000
Ch Impact
Ch Adj
Normal Cost
Ch Impact
Ch Adj
Chq Total Adj
Chg Total Impact
I Chg Total
2012 -13
(4,215,1 12)
$32,25/,828
(4,225,172)
164,000
S25.76
$6,500,214
$39.64
S65.40
S371.00
2013 -14
(4,554,949)
$33,498,861
(4,554,949)
165,000
$27.61
$1.84
$7,260,159
$44.00
$4.37
$6.21
$71.61
$377.21
2014 -15
(85,000,000)
($17,665.743)
(85,000,000)
166,000
$27.61
$0.00
$7,420,783
$44.70
$0.70
$0.70
$72.31
$377.91
2015 -16
(10,400,010)
($611,703)
($8,324,011)
(18,724,021)
167,000
$112.12
$84.51
$7,578,256
$45.38
$0.68
$85.19
$157.50
$463.10
2016 -17
(12,361,776)
$7,137,734
($8,324,011)
(20,685,787)
168,000
$123.13
$11.01
$7,586,928
$45.16
-$0.22
$10.79
$168.29
$473.89
2017 -18
(7,690,909)
($0)
($8,324,011)
(16,014,920)
169,000
$94.76
- $28.37
$7,538,870
$44.61
-$0.55
- $28.92
$139.37
$444.97
2018 -19
0
$0
($8,324,011)
(8,324,011)
170,000
$48.96
- $45.80
$7,509,585
$44.17
-$0.43
- $46.23
$93.14
$398.74
2019 -20
0
$0
($8,324,011)
(8,324,011)
171,000
$48.68
-$0.29
$7,538,149
$44.08
-$0.09
-$0.38
$92.76
$398.36
2020 -21
$0
($8,324,011)
(8,324,011)
172,000
$48.40
-$0.28
$7,566,856
$43.99
-$0.09
-$0.37
$92.39
$397.99
2021 -22
$0
($8,324,011)
(8,324,011)
173,000
$48.12
-$0.28
$7,595,707
$43.91
-$0.09
-$0.37
$92.02
$397.62
2022 -23
$0
($8,324,011)
(8,324,011)
174,000
$47.84
-$0.28
$7,624,701
$43.82
-$0.09
-$0.36
$91.66
$397.26
2023 -24
$0
($8,324,011)
(8,324,011)
175,000
$47.57
-$0.27
$7,653,675
$43.74
-$0.08
-$0.36
$91.30
$396.90
2024 -25
$0
($8,324,011)
(8,324,011)
176,000
$47.30
-$0.27
$7,682,759
$43.65
-$0.08
-$0.35
$90.95
$396.55
2025 -26
$0
($8,324,011)
(8,324,011)
177,000
$47.03
-$0.27
$7,711,953
$43.57
-$0.08
-$0.35
$90.60
$396.20
2026 -27
$0
($8,324,011)
(8,324,011)
178.000
$46.76
-$0.26
$7,741,259
$43.49
-$0.08
-$0.34
$90.25
$395.86
2027 -28
$0
($8,324,011)
(8,324,011)
179,000
$46.50
-$0.26
$7,770,676
$43.41
-$0.08
-$0.34
$89.91
$395.52
2028 -29
$0
($8,324,011)
(8,324,011)
180,000
$46.24
-$0.26
$7,800,204
$43.33
-$0.08
-$0.34
$89.58
$395.18
2029 -30
$0
($4,855,667)
(4,855,667)
181,000
$26.83
- $19.42
$7,829,845
$43.26
-$0.08
- $19.49
$70.09
$375.69
2030 -31
$0
0
182,000
$0.00
- $26.83
$7,859,598
$43.18
-$0.07
- $26.90
$43.18
$348.79
2031 -32
$0
0
183,000
$0.00
$0.00
$7,889,465
$43.11
-$0.07
-$0.07
$43.11
$348.71
2032 -33
$0
0
184,000
$0.00
$0.00
$7,919,445
$43.04
-$0.07
-$0.07
$43.04
$348.64
2033 -34
$0
0
185,000
$0.00
$0.00
$7,949,539
$42.97
-$0.07
-$0.07
$42.97
$348.57
(5124,232,816)
(5121,391,821)
(245,624,637)
Central Contra Costa Sanitary District
Sewer Service Charge Impact Analysis
$85 Million Revenue Bonds @ 20 Years plus $35 Million Cash Payments
Fiscal Year
UAAL
UAAL
BOND
UAAL & DEBT
I
RUE's
Swr Svc
Swr Svc
I
CCCERA
I
Swr Svc
I Swr Svc
Swr Svc
Sewer Svc
Sewer Svc
Applied to
Payment
Less Payment
Payment
PAYMENTS
165,000
Chg Impact
Chq Adj
Normal Cost
I Chq Impact
I Chg Adj
I Chg Total Adj
I Chq Total Im act
Chg Total
2012 -13
(4,225,1 /2)
$32,257,828
(4,225,172)
164,000
- 525.76
$6,500,214
S39.64
S13.87
S371.00
2013 -14
(4,554,949)
$33,498,861
(4,554,949)
165,000
- $27.61
-$1.84
$7,260,159
$44.00
$4.37
$2.52
$16.40
$373.52
2014 -15
(85,000,000)
($17,665,743)
(85,000,000)
166,000
- $27.61
$0.00
$7,420,783
$44.70
$0.70
$0.70
$17.10
$374.23
2015 -16
(10,400,010)
($611,703)
($7,201,136)
(17,601,146)
167,000
- $105.40
- $77.79
$7,578,256
$45.38
$0.68
- $77.12
- $60.02
$297.11
2016 -17
(12,361,776)
$7,137,734
($7,201,136)
(19,562,912)
168,000
- $116.45
- $11.05
$7,586,928
$45.16
-$0.22
- $11.27
- $71.29
$285.84
2017 -18
(7,690,909)
($0)
($7,201,136)
(14,892,045)
169,000
- $88.12
$28.33
$7,538,870
$44.61
-$0.55
$27.78
- $43.51
$313.62
2018 -19
($0)
($7,201,136)
(7,201,136)
170,000
$42.36
$130.48
$7,509,585
$44.17
-$0.43
$130.04
$86.53
$443.66
2019 -20
($0)
($7,201,136)
(7,201,136)
171,000
$42.11
-$0.25
$7,538,149
$44.08
-$0.09
-$0.34
$86.19
$443.32
2020 -21
$0
($7,201,136)
(7,201,136)
172,000
$41.87
-$0.24
$7,566,856
$43.99
-$0.09
-$0.33
$85.86
$442.99
2021 -22
$0
($7,201,136)
(7,201,136)
173,000
$41.63
-$0.24
$7,595,707
$43.91
-$0.09
-$0.33
$85.53
$442.66
2022 -23
$0
($7,201,136)
(7,201,136)
174.000
$41.39
-$0.24
$7,624,701
$43.82
-$0.09
-$0.32
$85.21
$442.33
2023 -24
$0
($7,201,136)
(7,201,136)
175,000
$41.15
-$0.24
$7,653,675
$43.74
-$0.08
$0.32
$84.88
$442.01
2024 -25
$0
($7,201,136)
(7,201,136)
176,000
$40.92
-$0.23
$7,682,759
$43.65
-$0.08
-$0.32
$84.57
$441.70
2025 -26
$0
($7,201,136)
(7,201,136)
177,000
$40.68
-$0.23
$7,711,953
$43.57
-$0.08
-$0.31
$84.25
$441.38
2026 -27
$0
($7,201,136)
(7,201,136)
178,000
$40.46
-$0.23
$7,741,259
$43.49
-$0.08
-$0.31
$83.95
$441.07
2027 -28
$0
($7,201,136)
(7,201,136)
179,000
$40.23
-$0.23
$7,770,676
$43.41
-$0.08
-$0.30
$83.64
$440.77
2028 -29
$0
($7,201,136)
(7,201,136)
180.000
$40.01
-$0.22
$7,800,204
$43.33
-$0.08
-$0.30
$83.34
$440.47
2029 -30
$0
($7,201,136)
(7,201,136)
181,000
$39.79
-$0.22
$7,829,845
$43.26
-$0.08
-$0.30
$83.04
$440.17
2030 -31
$0
($7,201,136)
(7,201,136)
182,000
$39.57
-$0.22
$7,859,598
$43.18
-$0.07
-$0.29
$82.75
$439.88
2031 -32
$0
($7,201,136)
(7,201,136)
183,000
$39.35
-$0.22
$7,889,465
$43.11
-$0.07
-$0.29
$82.46
$439.59
2032 -33
$0
($7,201,136)
(7,201,136)
184,000
$39.14
-$0.21
$7,919.445
$43.04
-$0.07
-$0.29
$82.18
$439.30
2033 -34
$0
($11,401,802)
(11,401,802)
185,000
$61.63
$22.49
$7,949,539
$42.97
-$0.07
$22.42
$104.60
$461.73
($124,232,816)
($141,022,250)
(265.255.066)
Central Contra Costa Sanitary District
Sewer Service Charge Impact Analysis
$85 Million Revenue Bonds @ 30 Years plus $35 Million Cash Payments
Fiscal Year
UAAL
UAAL
BOND
UAAL & DEBT
RUE's
Swr Svc
Swr Svc
S6,500,214
Swr Svc
Swr Svc Swr Svc
Sewer Svc
Sewer Svc
Applied to
Payment
Less-Payment
Payment
PAYMENTS
(4,554,949)
I Ch Im act
Chg Adj
1-CCCERA
Normal Cost
Ch Impact
Chg Adj Chg Total Adj
Chg Total Impactl Impact
Chg Total
2012 -13
(4.225.172)
$32,257,828
(4.225,172)
164,000
$25.76
S6,500,214
539.64
565.40
S371.00
2013 -14
(4,554,949)
$33,498,861
(4,554,949)
165,000
$27.61
$1.84
$7,260,159
$44.00
$4.37
$6.21
S71.61
$377.21
2014 -15
(85,000,000)
($17,665,743)
(85,000,000)
166,000
$27.61
$0.00
$7,420,783
$44.70
$0.70
$0.70
$72.31
$377.91
2015 -16
(10,400,010)
($611,703)
($6,385,085)
(16,785,095)
167,000
$100.51
$72.90
$7,578,256
$45.38
$0.68
$73.58
$145.89
$451.49
2016 -17
(12,361,776)
$7,137,734
($6,385,085)
(18,746,861)
168,000
$111.59
$11.08
$7,586,928
$45.16
-$0.22
$10.86
$156.75
$462.35
2017 -18
(7,690,909)
($0)
($6,385,085)
(14,075,994)
169,000
$83.29
- $28.30
$7,538,870
$44.61
-$0.55
- $28.85
$127.90
$433.50
2018 -19
($0)
($6,385,085)
(6,385,085)
170,000
$37.56
- $45.73
$7,509,585
$44.17
-$0.43
- $46.17
$81.73
$387.33
2019 -20
($0)
($6,385,085)
(6,385,085)
171,000
$37.34
-$0.22
$7,538,149
$44.08
-$0.09
-$0.31
$81.42
$387.02
2020 -21
$0
($6,385,085)
(6,385,085)
172,000
$37.12
-$0.22
$7,566.856
$43.99
-$0.09
-$0.31
$81.12
$386.72
2021 -22
$0
($6,385,085)
(6.385.085)
173,000
$36.91
-$0.21
$7,595,707
$43.91
-$0.09
-$0.30
$80.81
$386.42
2022 -23
$0
($6,385,085)
(6,385,085)
174,000
$36.70
-$0.21
$7,624,701
$43.82
-$0.09
-$0.30
$80.52
$386.12
2023 -24
$0
($6,385,085)
(6,385,085)
175,000
$36.49
-$0.21
$7,653,675
$43.74
-$0.08
$0.29
$80.22
$385.82
2024 -25
$0
($6,385,085)
(6,385,085)
176.000
$36.28
-$0.21
$7,682,759
$43.65
-$0.08
-$0.29
$79.93
$385.53
2025 -26
$0
($6,385,085)
(6,385,085)
177,000
$36.07
-$0.20
$7,711,953
$43.57
-$0.08
-$0.29
$79.64
$385.25
2026 -27
$0
($6,385,085)
(6,385,085)
178,000
$35.87
-$0.20
$7,741,259
$43.49
-$0.08
-$0.28
$79.36
$384.96
2027 -28
$0
($6,385,085)
(6,385,085)
179,000
$35.67
-$0.20
$7,770,676
$43.41
-$0.08
-$0.28
$79.08
$384.68
2028 -29
$0
($6,385,085)
(6,385,085)
180,000
$35.47
-$0.20
$7,800,204
$43.33
-$0.08
-$0.28
$78.81
$384.41
2029 -30
$0
($6,385.085)
(6,385,085)
181,000
$35.28
-$0.20
$7,829,845
$43.26
-$0.08
-$0.27
$78.54
$384.14
2030 -31
$0
($6,385,085)
(6,385,085)
182,000
$35.08
-$0.19
$7,859,598
$43.18
-$0.07
-$0.27
$78.27
$383.87
2031 -32
$0
($6,385,085)
(6,385,085)
183,000
$34.89
-$0.19
$7,889,465
$43.11
-$0.07
-$0.26
$78.00
$383.60
2032 -33
$0
($6,385,085)
(6,385,085)
184,000
$34.70
-$0.19
$7,919,445
$43.04
-$0.07
-$0.26
$77.74
$383.34
2033 -34
$0
($6,385,085)
(6,385,085)
185,000
$34.51
-$0.19
$7,949,539
$42.97
-$0.07
$0.26
$77.48
$383.09
2034 -35
($6,385,085)
(6,385,085)
186,000
$34.33
-$0.19
$7,979,747
$42.90
-$0.07
-$0.25
$77.23
$382.83
2035 -36
($6,385,085)
(6,385,085)
187,000
$34.14
-$0.18
$8,010,070
$42.83
-$0.07
-$0.25
$76.98
$382.58
2036 -37
($6,385,085)
(6,385,085)
188,000
$33.96
-$0.18
$8,040,508
$42.77
-$0.07
-$0.25
$76.73
$382.33
2037 -38
($6,385,085)
(6,385,085)
189,000
$33.78
-$0.18
$8,071,062
$42.70
-$0.06
-$0.24
$76.49
$382.09
2038 -39
($6,385,085)
(6,385,085)
190,000
$33.61
-$0.18
$8,101,732
$42.64
-$0.06
-$0.24
$76.25
$381.85
2039 -40
($6,385,085)
(6,385,085)
191,000
$33.43
-$0.18
$8,132,519
$42.58
-$0.06
-$0.24
$76.01
$381.61
2040 -41
($6.385,085)
(6,385,085)
192,000
$33.26
-$0.17
$8,163,422
$42.52
-$0.06
-$0.23
$75.77
$381.37
2041 -42
($6,385,085)
(6.385,085)
193,000
$33.08
-$0.17
$8,194,443
$42.46
-$0.06
-$0.23
$75.54
$381.14
2042 -43
($16,494,805)
(16,494,805)
194,000
$85.02
$51.94
$8,225,582
$42.40
-$0.06
$51.88
$127.42
$433.03
($124,232,816)
($188,892,100)
(313,124,916)
Central Contra Costa Sanitary District
Sewer Service Charge Impact Analysis
S90 Million Revenue Bonds @ 15 Years plus 530 Million Cash Pavments
Fiscal Year
UAAL
UAAL
BOND
UAAL & DEBT F RUE's
Swr Svc
Swr Svc
CCCERA
Swr Svc
Swr Svc Swr Svc
Sewer Svc Sewer Svc
Applied to
Payment
Less Pa ment
Payment
PAYMENTS
Ch Impac t
Chg Adj
Normal Cost
Chg Impact
I Chg Adi I Chg Total Adi
I Chg Total Impactl Chg Total
eu IG- 13
k4,LLJ. 1 /Z)
�3z,ZOi,uza
(4,225,172)
164,000
- 525.16
56,500,214
539.64
S13.87
S371.00
2013 -14
(4.554,949)
$33,498,861
(4,554,949)
165,000
- $27.61
-$1.84
$7,260,159
$44.00
$4.37
$2.52
$16.40
$373.52
2014 -15
(90,000,000)
($22,665,743)
(90,000,000)
166,000
- $27.61
$0.00
$7,420,783
$44.70
$0.70
$0.70
$17.10
$374.23
2015 -16
(10,400,010)
($5,999,203)
($8,804,687)
(19,204,697)
167,000
- $115.00
- $87.39
$7,578,256
$45.38
$0.68
- $86.72
- $69.62
$287.51
2016 -17
(12,361,776)
$1,332,703
($8,804,687)
(21,166,463)
168,000
- $125.99
- $10.99
$7,586,928
$45.16
-$0.22
- $11.21
- $80.83
$276.30
2017 -18
(1,435,988)
0
($8,804,687)
(10,240,675)
169,000
$60.60
$186.59
$7,538,870
$44.61
-$0.55
$186.03
$105.20
$462.33
2018 -19
0
0
($8,804,687)
(8,804,687)
170,000
$51.79
-$8.80
$7,509,585
$44.17
-$0.43
-$9.24
$95.97
$453.09
2019 -20
0
($8,804,687)
(8,804,687)
171,000
$51.49
-$0.30
$7,538,149
$44.08
-$0.09
-$0.39
$95.57
$452.70
2020 -21
$0
($8,804.687)
(8,804,687)
172,000
$51.19
-$0.30
$7,566,856
$43.99
-$0.09
-$0.39
$95.18
$452.31
2021 -22
$0
($8,804,687)
(8,804,687)
173,000
$50.89
-$0.30
$7,595.707
$43.91
-$0.09
-$0.38
$94.80
$451.93
2022 -23
$0
($8,804,687)
(8,804,687)
174,000
$50.60
-$0.29
$7,624,701
$43.82
-$0.09
-$0.38
$94.42
$451.55
2023 -24
$0
($8,804,687)
(8,804,687)
175,000
$50.31
-$0.29
$7,653,675
$43.74
-$0.08
-$0.37
$94.05
$451.18
2024 -25
$0
($8,804,687)
(8,804,687)
176,000
$50.03
-$0.29
$7,682,759
$43.65
-$0.08
-$0.37
$93.68
$450.81
2025 -26
$0
($8,804,687)
(8,804,687)
177,000
$49.74
-$0.28
$7,711,953
$43.57
-$0.08
-$0.36
$93.31
$450.44
2026 -27
$0
($8,804.687)
(8,804,687)
178,000
$49.46
-$0.28
$7,741,259
$43.49
-$0.08
-$0.36
$92.95
$450.08
2027 -28
$0
($8,804,687)
(8,804,687)
179,000
$49.19
-$0.28
$7,770,676
$43.41
-$0.08
-$0.35
$92.60
$449.73
2028 -29
$0
($8,804.687)
(8,804,687)
180,000
$48.91
-$0.27
$7,800,204
$43.33
-$0.08
-$0.35
$92.25
$449.38
2029 -30
$0
($5,136,070)
(5,136,070)
181,000
$28.38
- $20.54
$7,829,845
$43.26
-$0.08
- $20.61
$71.63
$428.76
2030 -31
$0
0
182,000
$0.00
- $28.38
$7,859,598
$43.18
-$0.07
- $28.45
$43.18
$400.31
2031 -32
$0
0
183,000
$0.00
$0.00
$7,889,465
$43.11
-$0.07
-$0.07
$43.11
$400.24
2032 -33
$0
0
184,000
$0.00
$0.00
$7,919,445
$43.04
-$0.07
-$0.07
$43.04
$400.17
2033 -34
$0
0
185,000
$0.00
$0.00
$7,949,539
$42.97
-$0.07
-$0.07
$42.97
$400.10
($122,977,895)
($128,401,688)
(251,379,583)
Central Contra Costa Sanitary District
Sewer Service Charge Impact Analysis
$90 Million Revenue Bonds @ 20 Years plus $30 Million Cash Payments
Fiscal Year
UAAL
UAAL
BOND
UAAL & DEBT RUE's
Swr Svc
Swr Svc
CCCERA Swr Svc Swr Svc Swr Svc
Sewer Svc Sewer Svc
Applied to
Payment
Less Pa ment
Payment
PAYMENTS
Ch Impact
Ch Ad'
Normal Cost C h9 Impact Chq Adjj Chjg Total Adj
Chq Total Impactl Impact Chg Total
2012 -13
.. - I72)
$32,257,828
(4,225,172)
164,000
- $25.76
$6,500,214
$39.64
$13.87
$371.00
2013 -14
(4,554,949)
$33,498,861
(4,554,949)
165,000
- $27.61
-$1.84
$7,260,159
$44.00
$4.37
$2.52
$16.40
$373.52
2014 -15
(90,000,000)
($22,665,743)
(90,000,000)
166,000
- $27.61
$0.00
$7,420,783
$44.70
$0.70
$0.70
$17.10
$374.23
2015 -16
(10,400,010)
($5,999,203)
($7,600,951)
(18,000,961)
167,000
- $107.79
- $80.18
$7,578,256
$45.38
$0.68
- $79.51
- $62.41
$294.72
2016 -17
(12,361,776)
$1,332,703
($7,600,951)
(19,962,727)
168,000
- $118.83
- $11.04
$7,586,928
$45.16
-$0.22
- $11.25
- $73.67
$283.46
2017 -18
(1,435,988)
0
($7,600,951)
(9,036,939)
169,000
$53.47
$172.30
$7,538,870
$44.61
-$0.55
$171.75
$98.08
$455.21
2018 -19
0
($7,600,951)
(7,600,951)
170,000
$44.71
-$8.76
$7,509,585
$44.17
-$0.43
-$9.20
$88.89
$446.01
2019 -20
0
($7,600,951)
(7,600,951)
171,000
$44.45
-$0.26
$7,538,149
$44.08
-$0.09
-$0.35
$88.53
$445.66
2020 -21
$0
($7,600,951)
(7,600,951)
172,000
$44.19
-$0.26
$7,566,856
$43.99
-$0.09
-$0.35
$88.18
$445.31
2021 -22
$0
($7,600,951)
(7,600,951)
173,000
$43.94
-$0.26
$7,595,707
$43.91
-$0.09
-$0.34
$87.84
$444.97
2022 -23
$0
($7,600,951)
(7,600,951)
174,000
$43.68
-$0.25
$7,624,701
$43.82
-$0.09
-$0.34
$87.50
$444.63
2023 -24
$0
($7,600,951)
(7,600,951)
175,000
$43.43
-$0.25
$7,653,675
$43.74
-$0.08
-$0.33
$87.17
$444.30
2024 -25
$0
($7,600,951)
(7,600,951)
176,000
$43.19
-$0.25
$7,682,759
$43.65
-$0.08
-$0.33
$86.84
$443.97
2025 -26
$0
($7,600,951)
(7,600,951)
177,000
$42.94
-$0.24
$7,711,953
$43.57
-$0.08
-$0.33
$86.51
$443.64
2026 -27
$0
($7,600,951)
(7,600,951)
178,000
$42.70
-$0.24
$7,741,259
$43.49
-$0.08
-$0.32
$86.19
$443.32
2027 -28
$0
($7,600,951)
(7,600,951)
179,000
$42.46
-$0.24
$7,770,676
$43.41
-$0.08
-$0.32
$85.88
$443.00
2028 -29
$0
($7,600,951)
(7,600,951)
180,000
$42.23
-$0.24
$7,800,204
$43.33
-$0.08
-$0.31
$85.56
$442.69
2029 -30
$0
($7,600,951)
(7,600,951)
181,000
$41.99
-$0.23
$7,829,845
$43.26
-$0.08
-$0.31
$85.25
$442.38
2030 -31
$0
($7,600,951)
(7,600,951)
182,000
$41.76
-$0.23
$7,859,598
$43.18
-$0.07
-$0.30
$84.95
$442.08
2031 -32
$0
($7,600,951)
(7,600,951)
183,000
$41.54
-$0.23
$7,889,465
$43.11
-$0.07
-$0.30
$84.65
$441.77
2032 -33
$0
($7,600,951)
(7,600,951)
184,000
$41.31
-$0.23
$7,919,445
$43.04
-$0.07
-$0.30
$84.35
$441.48
2033 -34
$0
($12,034,836)
(12,034,836)
185,000
$65.05
$23.74
$7,949,539
$42.97
-$0.07
$23.67
$108.02
$465.15
($122,977,895)
($148,851,954)
(271,829,849)
Central Contra Costa Sanitary District
Sewer Service Charge Impact Analysis
S90 Million Revenue Bonds @ 30 Years plus $30 Million Cash Payments
Fiscal Year
UAAL
I
UAAL
FLess
BOND
UAAL & DEBT
I
RUE's
Swr Svc
Swr Svc
CCCERA
Swr Svc
Swr Svc
Swr Svc
Sewer Svc
Sewer Svc
Applied to
Payment
Payment
Payment
PAYMENTS
165.000
Chg Impact
I Chq Adj
Normal Cost
Chq Im act
Chg Adj
Ch Total Adj
jChq Total Impactl Impact
Chq Total
2012 -13
(4,225,172)
S32,257,828
(4,225,172)
164,000
525.76
$6,500,214
S39.64
565.40
S371.00
2013 -14
(4,554,949)
$33,498,861
(4,554,949)
165.000
$27.61
$1.84
$7,260,159
$44.00
$4.37
$6.21
$71.61
$377.21
2014 -15
(90,000,000)
($22,665,743)
(90,000,000)
166,000
$27.61
$0.00
$7,420,783
$44.70
$0.70
$0.70
$72.31
$377.91
2015 -16
(10,400,010)
($5,999,203)
($6,718,430)
(17,118,440)
167,000
$102.51
$74.90
$7,578,256
$45.38
$0.68
$75.58
$147.88
$453.49
2016 -17
(12,361,776)
$1,332,703
($6,718,430)
(19,080,206)
168,000
$113.57
$11.07
$7,586,928
$45.16
-$0.22
$10.85
$158.73
$464.33
2017 -18
(1,435,988)
0.00
($6,718,430)
(8,154,418)
169,000
$48.25
- $65.32
$7,538,870
$44.61
-$0.55
- $65.87
$92.86
$398.46
2018 -19
0
($6,718,430)
(6,718,430)
170,000
$39.52
-$8.73
$7,509,585
$44.17
-$0.43
-$9.17
$83.69
$389.30
2019 -20
0
($6,718,430)
(6,718,430)
171,000
$39.29
-$0.23
$7,538,149
$44.08
-$0.09
-$0.32
$83.37
$388.97
2020 -21
0
($6,718,430)
(6,718,430)
172,000
$39.06
-$0.23
$7,566,856
$43.99
-$0.09
-$0.32
$83.05
$388.66
2021 -22
0
($6,718,430)
(6,718,430)
173,000
$38.83
-$0.23
$7,595,707
$43.91
-$0.09
-$0.31
$82.74
$388.34
2022 -23
0
($6,718,430)
(6,718,430)
174,000
$38.61
-$0.22
$7,624,701
$43.82
-$0.09
-$0.31
$82.43
$388.03
2023 -24
0
($6,718,430)
(6,718,430)
175,000
$38.39
-$0.22
$7,653,675
$43.74
-$0.08
-$0.31
$82.13
$387.73
2024 -25
0
($6,718,430)
(6,718,430)
176,000
$38.17
-$0.22
$7,682,759
$43.65
-$0.08
-$0.30
$81.82
$387.43
2025 -26
0
($6,718,430)
(6,718,430)
177,000
$37.96
-$0.22
$7,711,953
$43.57
-$0.08
-$0.30
$81.53
$387.13
2026 -27
0
($6,718,430)
(6,718,430)
178,000
$37.74
-$0.21
$7,741,259
$43.49
-$0.08
-$0.29
$81.23
$386.84
2027 -28
0
($6,718,430)
(6,718,430)
179,000
$37.53
-$0.21
$7,770,676
$43.41
-$0.08
-$0.29
$80.94
$386.55
2028 -29
0
($6,718,430)
(6,718,430)
180,000
$37.32
-$0.21
$7,800,204
$43.33
-$0.08
-$0.29
$80.66
$386.26
2029 -30
0
($6,718,430)
(6,718,430)
181,000
$37.12
-$0.21
$7,829,845
$43.26
-$0.08
-$0.28
$80.38
$385.98
2030 -31
0
($6,718,430)
(6,718,430)
182,000
$36.91
-$0.20
$7,859,598
$43.18
-$0.07
-$0.28
$80.10
$385.70
2031 -32
0
($6,718,430)
(6,718,430)
183,000
$36.71
-$0.20
$7,889,465
$43.11
-$0.07
-$0.27
$79.82
$385.43
2032 -33
0
($6,718,430)
(6,718,430)
184,000
$36.51
-$0.20
$7,919,445
$43.04
-$0.07
-$0.27
$79.55
$385.15
2033 -34
0
($6,718,430)
(6,718,430)
185,000
$36.32
-$0.20
$7,949,539
$42.97
-$0.07
-$0.27
$79.29
$384.89
2034 -35
($6,718,430)
(6,718,430)
186,000
$36.12
-$0.20
$7,979,747
$42.90
-$0.07
-$0.26
$79.02
$384.62
2035 -36
($6,718,430)
(6,718,430)
187,000
$35.93
-$0.19
$8,010,070
$42.83
-$0.07
-$0.26
$78.76
$384.36
2036 -37
($6,718,430)
(6,718,430)
188,000
$35.74
-$0.19
$8.040,508
$42.77
-$0.07
-$0.26
$78.50
$384.11
2037 -38
($6,718,430)
(6,718,430)
189,000
$35.55
-$0.19
$8,071,062
$42.70
-$0.06
-$0.25
$78.25
$383.85
2038 -39
($6,718,430)
(6,718,430)
190,000
$35.36
-$0.19
$8,101,732
$42.64
-$0.06
-$0.25
$78.00
$383.60
2039 -40
($6,718,430)
(6,718,430)
191,000
$35.18
-$0.19
$8,132,519
$42.58
-$0.06
-$0.25
$77.75
$383.35
2040 -41
($6,718,430)
(6,718,430)
192,000
$34.99
-$0.18
$8,163,422
$42.52
-$0.06
-$0.24
$77.51
$383.11
2041 -42
($6,718,430)
(6,718,430)
193,000
$34.81
-$0.18
$8,194,443
$42.46
-$0.06
-$0.24
$77.27
$382.87
2042 -43
($17,355,953)
(17,355,953)
194,000
$89.46
$54.65
$8,225,582
$42.40
- $0.06
$54.59
$131.86
$437.46
($122,977,895)
($198,753,563)
(321,731,458)
Central Contra Costa Sanitary District
2012 Financing Alternatives
Pension Obligation Bonds vs. Revenue Bonds
Bond Statistics Alternative 1
Tax - Status Tax - Exempt
Financing Term Length 15 years
Principal Amount $75,590,000
Estimated True Interest Cost �'� 3.20%
Total Debt Service $107,930,729
Average Annual Debt Service $7,400,964
Alternative 1
$75 Million Net Proceeds
Alternative 2
Taxable
15 years
$84,305,000
4.64%
$120,069,213
$8,233,317
Alternative 3
Tax - Exempt
20 years
$75,520,000
3.84%
$125,356,188
$6,401,167
$85 Million Net Proceeds
Alternative 2 Alternative 3
Tax - Status
Tax- Exempt
Taxable
Tax - Exempt
Financing Term Length
15 years
15 years
20 years
Principal Amount
$85,245,000
$95,520,000
$85,520,000
Estimated True Interest Cost (1)
3.12%
4.64%
3.82%
Total Debt Service
$121,391,821
$135,693,314
$141,022,250
Average Annual Debt Service
$8,324,011
$9,304,684
$7,201,136
Alternative 1
Tax - Status Tax - Exempt
Financing Term Length 15 years
Principal Amount $90,270,000
Estimated True Interest Cost �'� 3.12%
Total Debt Service $128,401,688
Average Annual Debt Service $8,804,687
(1) Based on interest rates as of November 22, 2011.
$90 Million Net Proceeds
Alternative 2 Alternative 3
Taxable
15 years
$101,125,000
4.63%
$143,504,769
$9,840,327
Tax - Exempt
20 years
$90,520,000
3.81%
$148,851,954
$7,600,951
Alternative 4
Taxable
20 years
$84,305,000
5.42%
$145,654,271
$7,437,665
Alternative 4
Taxable
20 years
$95,520,000
5.41%
$163,875,590
$8,368,115
Alternative 4
Taxable
20 years
$101,125,000
5.40%
$172,985,250
$8,833,289
Central Contra Costa Sanitary District
2012 Financing Alternatives
Pension Obligation Bonds
(1) Based on interest rates as of November 22, 2011.
$30 Million Net Proceeds
Bond Statistics
Alternative 1
Alternative 2
Alternative 3
Tax - Status
Taxable
Taxable
Taxable
Financing Term Length
15 years
20 years
30 years
Principal Amount
$33,860,000
$33,860,000
$33,860,000
Estimated True Interest Cost (1)
4.73%
5.60%
6.19%
Total Debt Service
$49,786,153
$62,320,752
$85,364,443
Average Annual Debt Service
$3,413,908
$3,182,336
$2,885,559
$35 Million Net Proceeds
Alternative 1
Alternative 2
Alternative 3
Tax - Status
Taxable
Taxable
Taxable
Financing Term Length
15 years
20 years
30 years
Principal Amount
$39,465,000
$39,465,000
$39,465,000
Estimated True Interest Cost (1)
4.71%
5.56%
6.19%
Total Debt Service
$57,594,029
$71,685,843
$99,493,267
Average Annual Debt Service
$3,949,305
$3,660,554
$3,363,153
$40 Million Net Proceeds
Alternative 1
Alternative 2
Alternative 3
Tax- Status
Taxable
Taxable
Taxable
Financing Term Length
15 years
20 years
30 years
Principal Amount
$45,070,000
$45,070,000
$45,070,000
Estimated True Interest Cost
4.69%
5.53%
6.19%
Total Debt Service
$65,403,574
$81,053,643
$113,039,855
Average Annual Debt Service
$4,484,817
$4,138,909
$3,821,066
$45 Million Net Proceeds
Alternative 1
Alternative 2
Alternative 3
Tax- Status
Taxable
Taxable
Taxable
Financing Term Length
15 years
20 years
30 years
Principal Amount
$50,675,000
$50,675,000
$50,675,000
Estimated True Interest Cost (1)
4.68%
5.51%
6.18%
Total Debt Service
$73,213,279
$90,422,091
$126,323,048
Average Annual Debt Service
$5,020,339
$4,617,298
$4,270,075
(1) Based on interest rates as of November 22, 2011.
Bond Statistics
Tax - Status
Financing Term Length
Principal Amount
Estimated True Interest Cost
Total Debt Service
Average Annual Debt Service
Tax - Status
Financing Term Length
Principal Amount
Estimated True Interest Cost
Total Debt Service
Average Annual Debt Service
Central Contra Costa Sanitary District
2012 Financing Alternatives
Pension Obligation Bonds vs. Revenue Bonds
Alternative 1
Tax - Exempt
15 years
$101,690,000
3.29%
$144,450,506
$9,819,143
Alternative 1
Tax - Exempt
15 years
$121,875,000
3.28%
$172,400,739
$11,719,083
(1) Based on interest rates as of October 21, 2011.
$100 Million Net Proceeds
Alternative 2
Taxable
15 years
$112,335,000
4.87%
$161,922,220
$11,006,797
Alternative 3
Tax - Exempt
20 years
$101,680,000
3.91%
$166,927,207
$8,468,686
$120 Million Net Proceeds
Alternative 2
Taxable
15 years
$134,755,000
4.86%
$193,458,577
$13,150,507
Alternative 3
Tax - Exempt
20 years
$121,905,000
3.89%
$198,718,808
$10,081,563
Alternative 4
Taxable
20 years
$112,335,000
5.65%
$196,411,399
$9,964,502
Alternative 4
Taxable
20 years
$134,755,000
5.63%
$233,686,777
$11,855,586
Attachment L
o Central Contra Costa Sanitary District
Outstanding and Estimated Debt Service Coverage
$30 ($120 Million Net Proceeds - 15 Year Financing)
$45 mm Taxable and $75mm Tax Exempt
$25
2010 Net Revenue: -$24 million
$20
$15
1�1I()
$011..I.III CJ
N_ M n 2 [� 00 T O — N r It v'; �__ t— x M � v O� O
N N N N N N N N N N M M M M M M M M M M c}'
O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O
N N N N N
■ Outstanding DS 13 15 -Year Tax - Exempt ■ 15 -Year Taxable
SOURCES AND USES OF FUNDS
Central Contra Costa Sanitary District
2012 Revenue Bonds
Tax - Exempt and Taxable Aa1 /AAA Interest Rates as of 11 -22 -11
$120 Million Net Proceeds
15 -Year Financing Term Length
---------------------------------
---------------------------------
Dated Date 02/01/2012
Delivery Date 02/01/2012
Sources:
Bond Proceeds:
Par Amount 125,465,000.00
Premium 9,205,809.85
134,670,809.85
Uses:
Project Fund Deposits:
Project Fund 120,000,000.00
Other Fund Deposits:
Debt Service Reserve Fund 13,467,080.99
Delivery Date Expenses:
Cost of Issuance 200,000.00
Underwriter's Discount 1,003,720.00
1,203,720.00
Other Uses of Funds:
Rounding - To COI Account 8.86
134,670,809.85
Notes:
1. Assumes tax - exempt Aal /AAA interest rates as of November 22, 2011.
2. Cash- funded debt service reserve fund.
3. Cost of Issuance and Underwriter's Discount estimated at $200K and 0.8 %, respectively.
Jan 26, 2012 1:47 pm Prepared by Stone & Youngberg (Finance 6.022 Central Contra Costa San Dis 2 ... :PENSION- 45 -75) Page 1
BOND SUMMARY STATISTICS
Central Contra Costa Sanitary District
2012 Revenue Bonds
Tax - Exempt and Taxable Aal /AAA Interest Rates as of 11 -22 -11
$120 Million Net Proceeds
15 -Year Financing Term Length
Dated Date
02/01/2012
Delivery Date
02/01/2012
First Coupon
09/01/2012
Last Maturity
09/01/2026
Arbitrage Yield 3.464720%
True Interest Cost (TIC) 3.643709%
Net Interest Cost (NIC) 3.836265%
All -In TIC 3.664062%
Average Coupon 4.559373%
Average Life (years) 9.041
Duration of Issue (years) 7.493
Par Amount
125,465,000.00
Bond Proceeds
134,670,809.85
Total Interest
51,716,193.67
Net Interest
43,514,103.82
Total Debt Service
177,181,193.67
Maximum Annual Debt Service
13,695,457.00
Average Annual Debt Service
12,149,567.57
Underwriter's Fees (per $1000)
Average Takedown
Other Fee 8.000000
Total Underwriter's Discount 8.000000
Bid Price 106.537353
Par
Bond Component Value
Average
Price Coupon
Average
Life
Taxable 47,050,000.00
100.000 4.560%
9.039
Serial Bond 78,415,000.00
111.740 4.559%
9.041
125,465,000.00
9.041
Jan 26, 2012 1:47 pm Prepared by Stone & Youngberg (Finance 6.022 Central Contra Costa San Dis 2 ... :PENSION- 45_75) Page 2
Par Value
• Accrued Interest
• Premium (Discount)
- Underwriter's Discount
- Cost of Issuance Expense
- Other Amounts
Target Value
Target Date
Yield
BOND SUMMARY STATISTICS
Central Contra Costa Sanitary District
2012 Revenue Bonds
---------------------------------
- ---------------------------------
Tax- Exempt and Taxable Aal /AAA Interest Rates as of 11 -22 -11
$120 Million Net Proceeds
15 -Year Financing Term Length
TIC
125,465,000.00
9,205,809.85
- 1,003,720.00
133,667,089.85
02/01 /2012
3.643709%
All -In
TIC
125,465,000.00
9,205,809.85
- 1,003,720.00
- 200,000.00
133,467,089.85
02/01/2012
3.664062%
Arbitrage
Yield
125,465,000.00
9,205,809.85
134,670,809.85
02/01/2012
3.464720%
Jan 26, 2012 1:47 pm Prepared by Stone & Youngberg (Finance 6.022 Central Contra Costa San Dis 2 ... :PENSION- 45 -75) Page 3
BOND PRICING
Central Contra Costa Sanitary District
2012 Revenue Bonds
Tax - Exempt and Taxable Aal /AAA Interest Rates as of 11 -22 -11
$120 Million Net Proceeds
15 -Year Financing Term Length
Maturity
260,000
1.860%
1.860%
100.000
Yield to
Bond Component Date
Amount
Rate
Yield
Price
Maturity
Serial Bond:
2.550%
100.000
09/01/2015
2,745,000
2.760%
09/01/2012
445,000
2.000%
0.300%
100.989
3.160%
09/01/2013
3,285,000
2.000%
0.520%
102.330
100.000
09/01/2014
3,335,000
3.000%
0.750%
105.745
09/01/2019
09/01/2015
4,560,000
3.000%
1.080%
106.730
3,325,000
09/01/2016
4,695,000
3.000%
1.340%
107.354
4.440%
09/01/2017
4,830,000
4.000%
1.640%
112.541
4.640%
09/01/2018
5,015,000
4.000%
1.960%
112.540
100.000
09/01/2019
5,330,000
4.000%
2.320%
111.619
09/01/2025
09/01/2020
5,545,000
4.000%
2.610%
110.625
4,880,000
09/01/2021
5,780,000
4.000%
2.820%
109.846
09/01/2022
6,000,000
5.000%
2.980%
118.217
09/01/2023
6,300,000
5.000%
3.160%
116.439 C
3.282%
09/01/2024
7,385,000
5.000%
3.330%
114.790 C
3.534%
09/01/2025
7,760,000
5.000%
3.470%
113.452 C
3.728%
09/01/2026
8,150,000
5.000%
3.590%
112.321 C
3.885%
78,415,000
Taxable:
09/01/2012
260,000
1.860%
1.860%
100.000
09/01/2013
1,960,000
2.260%
2.260%
100.000
09/01/2014
2,010,000
2.550%
2.550%
100.000
09/01/2015
2,745,000
2.760%
2.760%
100.000
09/01/2016
2,820,000
3.160%
3.160%
100.000
09/01/2017
2,910,000
3.420%
3.420%
100.000
09/01/2018
3,015,000
3.770%
3.770%
100.000
09/01/2019
3,200,000
3.940%
3.940%
100.000
09/01/2020
3,325,000
4.190%
4.190%
100.000
09/01/2021
3,450,000
4.440%
4.440%
100.000
09/01/2022
3,610,000
4.640%
4.640%
100.000
09/01/2023
3,785,000
4.840%
4.840%
100.000
09/01/2024
4,430,000
4.990%
4.990%
100.000
09/01/2025
4,650,000
5.090%
5.090%
100.000
09/01/2026
4,880,000
5.190%
5.190%
100.000
47,050,000
125,465,000
Jan 26, 2012 1:47 pm Prepared by Stone & Youngberg (Finance 6.022 Central Contra Costa San Dis 2 ... :PENSION- 45_75) Page 4
BOND PRICING
Central Contra Costa Sanitary District
2012 Revenue Bonds
Tax - Exempt and Taxable Aal /AAA Interest Rates as of 11 -22 -11
$120 Million Net Proceeds
15 -Year Financing Term Length
---------------------------------
---------------------------------
Dated Date
Delivery Date
First Coupon
Par Amount
Premium
Production
Underwriter's Discount
Purchase Price
Accrued Interest
Net Proceeds
02/01/2012
02/01 /2012
09/01/2012
125,465,000.00
9,205,809.85
134,670,809.85 107.337353%
- 1,003,720.00 - 0.800000%
133,667,089.85 106.537353%
133,667,089.85
Jan 26, 2012 1:47 pm Prepared by Stone & Youngberg (Finance 6.022 Central Contra Costa San Dis 2 ... :PENSION-45-75) Page 5
DETAILED BOND DEBT SERVICE
Central Contra Costa Sanitary District
2012 Revenue Bonds
---------------------------------
---------------------------------
Tax- Exempt and Taxable Aal /AAA Interest Rates as of 11 -22 -11
$120 Million Net Proceeds
15 -Year Financing Term Length
---------------------------------
---------------------------------
Dated Date 02/01/2012
Delivery Date 02/01/2012
Serial Bond (EXEMPT)
Period
Ending Principal Coupon Interest Debt Service
09/01/2012
445,000
2.000%
1,920,362.50
2,365,362.50
09/01/2013
3,285,000
2.000%
3,283,150.00
6,568,150.00
09/01/2014
3,335,000
3.000%
3,217,450.00
6,552,450.00
09/01/2015
4,560,000
3.000%
3,117,400.00
7,677,400.00
09/01/2016
4,695,000
3.000%
2,980,600.00
7,675,600.00
09/01/2017
4,830,000
4.000%
2,839,750.00
7,669,750.00
09/01/2018
5,015,000
4.000%
2,646,550.00
7,661,550.00
09/01/2019
5,330,000
4.000%
2,445,950.00
7,775,950.00
09/01/2020
5,545,000
4.000%
2,232,750.00
7,777,750.00
09/01/2021
5,780,000
4.000%
2,010,950.00
7,790,950.00
09/01/2022
6,000,000
5.000%
1,779,750.00
7,779,750.00
09/01/2023
6,300,000
5.000%
1,479,750.00
7,779,750.00
09/01/2024
7,385,000
5.000%
1,164,750.00
8,549,750.00
09/01/2025
7,760,000
5.000%
795,500.00
8,555,500.00
09/01/2026
8,150,000
5.000%
407,500.00
8,557,500.00
78,415,000
32,322,162.50
110,737,162.50
Jan 26, 2012 1:47 pm Prepared by Stone & Youngberg (Finance 6.022 Central Contra Costa San Dis 2 ... :PENSION- 45_75) Page 6
DETAILED BOND DEBT SERVICE
Central Contra Costa Sanitary District
2012 Revenue Bonds
---------------------------------
---------------------------------
Tax- Exempt and Taxable Aal /AAA Interest Rates as of 11 -22 -11
$120 Million Net Proceeds
15 -Year Financing Term Length
Dated Date 02/01/2012
Delivery Date 02/01/2012
Taxable (TAX)
Period
Ending
Principal
Coupon
Interest
Debt Service
09/01/2012
260,000
1.860%
1,142,597.17
1,402,597.17
09/01/2013
1,960,000
2.260%
1,953,902.00
3,913,902.00
09/01/2014
2,010,000
2.550%
1,909,606.00
3,919,606.00
09/01/2015
2,745,000
2.760%
1,858,351.00
4,603,351.00
09/01/2016
2,820,000
3.160%
1,782,589.00
4,602,589.00
09/01/2017
2,910,000
3.420%
1,693,477.00
4,603,477.00
09/01/2018
3,015,000
3.770%
1,593,955.00
4,608,955.00
09/01/2019
3,200,000
3.940%
1,480,289.50
4,680,289.50
09/01/2020
3,325,000
4.190%
1,354,209.50
4,679,209.50
09/01/2021
3,450,000
4.440%
1,214,892.00
4,664,892.00
09/01/2022
3,610,000
4.640%
1,061,712.00
4,671,712.00
09/01/2023
3,785,000
4.840%
894,208.00
4,679,208.00
09/01/2024
4,430,000
4.990%
711,014.00
5,141,014.00
09/01/2025
4,650,000
5.090%
489,957.00
5,139,957.00
09/01/2026.
4,880,000
5.190%
253,272.00
5,133,272.00
47,050,000 19,394,031.17 66,444,031.17
Jan 26, 2012 1:47 pm Prepared by Stone & Youngberg (Finance 6.022 Central Contra Costa San Dis 2 ... :PENSION- 45 -75) Page 7
AGGREGATE DEBT SERVICE
Central Contra Costa Sanitary District
2012 Revenue Bonds
Tax - Exempt and Taxable Aal /AAA Interest Rates as of 11 -22 -11
$120 Million Net Proceeds
15 -Year Financing Term Length
---------------------------------
---------------------------------
2012 Revenue Water
Period Bonds (15 year Reclamation Aggregate
Ending term) Loan 2009A DS 2009B DS Debt Service
09/01/2012
3,767,959.67
187,119
774,046.00
4,676,750
9,405,874.67
09/01/2013
10,482,052.00
187,119
774,046.00
4,683,600
16,126,817.00
09/01/2014
10,472,056.00
187,119
774,046.00
4,694,300
16,127,521.00
09/01/2015
12,280,751.00
187,119
774,046.00
2,884,700
16,126,616.00
09/01/2016
12,278,189.00
187,119
774,046.00
2,886,300
16,125,654.00
09/01/2017
12,273,227.00
187,119
774,046.00
2,889,300
16,123,692.00
09/01/2018
12,270,505.00
187,119
774,046.00
2,892,150
16,123,820.00
09/01/2019
12,456,239.50
774,046.00
2,892,950
16,123,235.50
09/01/2020
12,456,959.50
2,434,046.00
1,234,750
16,125,755.50
09/01/2021
12,455,842.00
2,432,938.00
1,238,750
16,127,530.00
09/01/2022
12,451,462.00
2,433,298.88
1,240,250
16,125,010.88
09/01/2023
12,458,958.00
2,429,842.62
1,239,000
16,127,800.62
09/01/2024
13,690,764.00
2,433,048.62
16,123,812.62
09/01/2025
13,695,457.00
2,432,468.38
16,127,925.38
09/01/2026
13,690,772.00
2,433,382.74
16,124,154.74
09/01/2027
2,430,678.24
2,430,678.24
09/01/2028
2,429,354.88
2,429,354.88
09/01/2029
2,429,199.74
2,429,199.74
177,181,193.67
1,309,833
30,510,626.10
33,452,800
242,454,452.77
Jan 26, 2012 1:47 pm Prepared by Stone & Youngberg (Finance 6.022 Central Contra Costa San Dis 2 ... :PENSION-45-75) Page 8
BOND SOLUTION
125,465,000 177,181,194 57,984,026 235,165,220 359,377,800 124,212,580
Jan 26, 2012 1:47 pm Prepared by Stone & Youngberg (Finance 6.022 Central Contra Costa San Dis 2012:PENSION- 45 -75) Page 9
Central Contra Costa Sanitary District
2012 Revenue Bonds
---------------------------------
Tax- Exempt and Taxable Aal /AAA Interest Rates as of 11 -22 -11
$120 Million Net Proceeds
---------------------------------
15 -Year Financing Term Length
Period
Proposed
Proposed
Existing
Total Adj
Revenue
Unused
Debt Sery
Ending
Principal
Debt Service
Debt Service
Debt Service
Constraints
Revenues
Coverage
09/01/2012
705,000
3,767,960
5,637,915
9,405,875
23,958,520
14,552,645
254.71868%
09/01/2013
5,245,000
10,482,052
5,644,765
16,126,817
23,958,520
7,831,703
148.56323%
09/01/2014
5,345,000
10,472,056
5,655,465
16,127,521
23,958,520
7,830,999
148.55674%
09/01/2015
7,305,000
12,280,751
3,845,865
16,126,616
23,958,520
7,831,904
148.56508%
09/01/2016
7,515,000
12,278,189
3,847,465
16,125,654
23,958,520
7,832,866
148.57394%
09/01/2017
7,740,000
12,273,227
3,850,465
16,123,692
23,958,520
7,834,828
148.59202%
09/01/2018
8,030,000
12,270,505
3,853,315
16,123,820
23,958,520
7,834,700
148.59084%
09/01/2019
8,530,000
12,456,240
3,666,996
16,123,236
23,958,520
7,835,285
148.59623%
09/01/2020
8,870,000
12,456,960
3,668,796
16,125,756
23,958,520
7,832,765
148.57301%
09/01/2021
9,230,000
12,455,842
3,671,688
16,127,530
23,958,520
7,830,990
148.55666%
09/01/2022
9,610,000
12,451,462
3,673,549
16,125,011
23,958,520
7,833,509
148.57987%
09/01/2023
10,085,000
12,458,958
3,668,843
16,127,801
23,958,520
7,830,719
148.55417%
09/01/2024
11,815,000
13,690,764
2,433,049
16,123,813
23,958,520
7,834,707
148.59091%
09/01/2025
12,410,000
13,695,457
2,432,468
16,127,925
23,958,520
7,830,595
148.55302%
09/01/2026
13,030,000
13,690,772
2,433,383
16,124,155
23,958,520
7,834,365
148.58776%
125,465,000 177,181,194 57,984,026 235,165,220 359,377,800 124,212,580
Jan 26, 2012 1:47 pm Prepared by Stone & Youngberg (Finance 6.022 Central Contra Costa San Dis 2012:PENSION- 45 -75) Page 9
C
0
$30
$25
$20
$15
$10
$0
Central Contra Costa Sanitary District
Outstanding and Estimated Debt Service Coverage
Attachment M
Tr ��
I- 00 a O N M 't - O I- 00 Q, O w ON �0 �
Cq O O O O O O O O O O O O O O O O O O O O O O O O O O O O tt
N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N
■ Outstanding DS ■ 15 -Year Tax - Exempt ■ 15 -Year Taxable
SOURCES AND USES OF FUNDS
Central Contra Costa Sanitary District
2012 Revenue Bonds
Tax - Exempt and Taxable Aal /AAA Interest Rates as of 11 -22 -11
$120 Million Net Proceeds
15 -Year Financing Term Length
Dated Date 02/01/2012
Delivery Date 02/01/2012
Sources:
Bond Proceeds:
Par Amount 124,320,000.00
Premium 10,343,235.65
134,663,235.65
Uses:
Project Fund Deposits:
Project Fund 120,000,000.00
Other Fund Deposits:
Debt Service Reserve Fund 13,466,323.57
Delivery Date Expenses:
Cost of Issuance 200,000.00
Underwriter's Discount 994,560.00
1,194,560.00
Other Uses of Funds:
Rounding - To COI Account 2,352.08
134,663,235.65
Notes:
1. Assumes tax - exempt Aal /AAA interest rates as of November 22, 2011.
2. Cash - funded debt service reserve fund.
3. Cost of Issuance and Underwriter's Discount estimated at $200K and 0.8%, respectively.
Jan 26, 2012 1:49 pm Prepared by Stone & Youngberg (Finance 6.022 Central Contra Costa San Dis 2 ... :PENSION-35_85) Page 1
BOND SUMMARY STATISTICS
Central Contra Costa Sanitary District
2012 Revenue Bonds
---------------------------------
---------------------------------
Tax- Exempt and Taxable Aal /AAA Interest Rates as of 11 -22 -11
$120 Million Net Proceeds
15 -Year Financing Term Length
---------------------------------
---------------------------------
Dated Date
02/01/2012
Delivery Date
02/01/2012
First Coupon
09/01/2012
Last Maturity
09/01/2026
Arbitrage Yield 3.324078%
True Interest Cost (TIC) 3.520517%
Net Interest Cost (NIC) 3.728485%
All -In TIC 3.540791%
Average Coupon 4.559689%
Average Life (years) 9.047
Duration of Issue (years) 7.518
Par Amount
124,320,000.00
Bond Proceeds
134,663,235.65
Total Interest
51,283,505.17
Net Interest
41,934,829.52
Total Debt Service
175,603,505.17
Maximum Annual Debt Service
13,583,663.00
Average Annual Debt Service
12,041,383.21
Underwriter's Fees (per $1000)
Average Takedown
Other Fee
8.000000
Total Underwriter's Discount 8.000000
Bid Price 107.519848
Par
Bond Component Value Price
Average
Coupon
Average
Life
Taxable 36,270,000.00 100.000
4.561%
9.045
Serial Bond 88,050,000.00 111.747
4.559%
9.048
124,320,000.00
9.047
Jan 26, 2012 1:49 pm Prepared by Stone & Youngberg (Finance 6.022 Central Contra Costa San Dis 2 ... :PENSION- 35_85) Page 2
Par Value
• Accrued Interest
• Premium (Discount)
- Underwriter's Discount
- Cost of Issuance Expense
- Other Amounts
Target Value
Target Date
Yield
BOND SUMMARY STATISTICS
Central Contra Costa Sanitary District
2012 Revenue Bonds
Tax - Exempt and Taxable Aal /AAA Interest Rates as of 11 -22 -11
$120 Million Net Proceeds
15 -Year Financing Term Length
---------------------------------
---------------------------------
All -In Arbitrage
TIC TIC Yield
124,320,000.00
10,343,235.65
- 994,560.00
133,668,675.65
02/01/2012
3.520517%
124,320,000.00
10,343,235.65
- 994,560.00
- 200,000.00
133,468,675.65
02/01/2012
3.540791%
124,320,000.00
10,343,235.65
134,663,235.65
02/01/2012
3.324078%
Jan 26, 2012 1:49 pm Prepared by Stone & Youngberg (Finance 6.022 Central Contra Costa San Dis 2 ... :PENSION- 35_85) Page 3
BOND PRICING
Central Contra Costa Sanitary District
2012 Revenue Bonds
Tax - Exempt and Taxable Aal /AAA Interest Rates as of 11 -22 -11
$120 Million Net Proceeds
15 -Year Financing Term Length
Maturity
Bond Component Date
Amount
Rate
Yield
Price
Yield to
Maturity
Serial Bond:
09/01/2012
475,000
2.000%
0.300%
100.989
09/01/2013
3,665,000
2.000%
0.520%
102.330
09/01/2014
3,730,000
3.000%
0.750%
105.745
09/01/2015
5,125,000
3.000%
1.080%
106.730
09/01/2016
5,275,000
3.000%
1.340%
107.354
09/01/2017
5,420,000
4.000%
1.640%
112.541
09/01/2018
5,635,000
4.000%
1.960%
112.540
09/01/2019
5,995,000
4.000%
2.320%
111.619
09/01/2020
6,235,000
4.000%
2.610%
110.625
09/01/2021
6,490,000
4.000%
2.820%
109.846
09/01/2022
6,740,000
5.000%
2.980%
118.217
09/01/2023
7,080,000
5.000%
3.160%
116.439 C
3.282%
09/01/2024
8,305,000
5.000%
3.330%
114.790 C
3.534%
09/01/2025
8,720,000
5.000%
3.470%
113.452 C
3.728%
09/01/2026
9,160,000
5.000%
3.590%
112.321 C
3.885%
88,050,000
Taxable:
09/01/2012
195,000
1.860%
1.860%
100.000
09/01/2013
1,510,000
2.260%
2.260%
100.000
09/01/2014
1,545,000
2.550%
2.550%
100.000
09/01/2015
2,110,000
2.760%
2.760%
100.000
09/01/2016
2,170,000
3.160%
3.160%
100.000
09/01/2017
2,250,000
3.420%
3.420%
100.000
09/01/2018
2,325,000
3.770%
3.770%
100.000
09/01/2019
2,465,000
3.940%
3.940%
100.000
09/01/2020
2,560,000
4.190%
4.190%
100.000
09/01/2021
2,660,000
4.440%
4.440%
100.000
09/01/2022
2,785,000
4.640%
4.640%
100.000
09/01/2023
2,915,000
4.840%
4.840%
100.000
09/01/2024
3,420,000
4.990%
4.990%
100.000
09/01/2025
3,590,000
5.090%
5.090%
100.000
09/01/2026
3,770,000
5.190%
5.190%
100.000
36,270,000
124,320,000
Jan 26, 2012 1:49 pm Prepared by Stone & Youngberg (Finance 6.022 Central Contra Costa San Dis 2 ... :PENSION- 35_85) Page 4
BOND PRICING
Central Contra Costa Sanitary District
2012 Revenue Bonds
---------------------------------
---------------------------------
Tax- Exempt and Taxable Aal /AAA Interest Rates as of 11 -22 -11
$120 Million Net Proceeds
15 -Year Financing Term Length
---------------------------------
---------------------------------
Dated Date
Delivery Date
First Coupon
Par Amount
Premium
Production
Underwriter's Discount
Purchase Price
Accrued Interest
Net Proceeds
02/01/2012
02/01/2012
09/01/2012
124,320,000.00
10,343,235.65
134,663,235.65 108.319848%
- 994,560.00 - 0.800000%
133,668,675.65 107.519848%
133,668,675.65
Jan 26, 2012 1:49 pm Prepared by Stone & Youngberg (Finance 6.022 Central Contra Costa San Dis 2 ... :PENSION- 35_85) Page 5
DETAILED BOND DEBT SERVICE
Central Contra Costa Sanitary District
2012 Revenue Bonds
Tax - Exempt and Taxable Aal /AAA Interest Rates as of 11 -22 -11
$120 Million Net Proceeds
15 -Year Financing Term Length
Dated Date 02/01/2012
Delivery Date 02/01/2012
Serial Bond (EXEMPT)
Period
Ending
Principal
Coupon
Interest
Debt Service
09/01/2012
475,000
2.000%
2,157,137.50
2,632,137.50
09/01/2013
3,665,000
2.000%
3,688,450.00
7,353,450.00
09/01/2014
3,730,000
3.000%
3,615,150.00
7,345,150.00
09/01/2015
5,125,000
3.000%
3,503,250.00
8,628,250.00
09/01/2016
5,275,000
3.000%
3,349,500.00
8,624,500.00
09/01/2017
5,420,000
4.000%
3,191,250.00
8,611,250.00
09/01/2018
5,635,000
4.000%
2,974,450.00
8,609,450.00
09/01/2019
5,995,000
4.000%
2,749,050.00
8,744,050.00
09/01/2020
6,235,000
4.000%
2,509,250.00
8,744,250.00
09/01/2021
6,490,000
4.000%
2,259,850.00
8,749,850.00
09/01/2022
6,740,000
5.000%
2,000,250.00
8,740,250.00
09/01/2023
7,080,000
5.000%
1,663,250.00
8,743,250.00
09/01/2024
8,305,000
5.000%
1,309,250.00
9,614,250.00
09/01/2025
8,720,000
5.000%
894,000.00
9,614,000.00
09/01/2026
9,160,000
5.000%
458,000.00
9,618,000.00
88,050,000 36,322,087.50 124,372,087.50
Jan 26, 2012 1:49 pm Prepared by Stone & Youngberg (Finance 6.022 Central Contra Costa San Dis 2 ... :PENSION- 35_85) Page 6
DETAILED BOND DEBT SERVICE
Central Contra Costa Sanitary District
2012 Revenue Bonds
---------------------------------
Tax - Exempt and Taxable Aal /AAA Interest Rates as of 11 -22 -11
$120 Million Net Proceeds
15 -Year Financing Term Length
Dated Date 02/01/2012
Delivery Date 02/01/2012
Taxable (TAX)
Period
Ending
Principal
Coupon
Interest
Debt Service
09/01/2012
195,000
1.860%
881,073.67
1,076,073.67
09/01/2013
1,510,000
2.260%
1,506,785.00
3,016,785.00
09/01/2014
1,545,000
2.550%
1,472,659.00
3,017,659.00
09/01/2015
2,110,000
2.760%
1,433,261.50
3,543,261.50
09/01/2016
2,170,000
3.160%
1,375,025.50
3,545,025.50
09/01/2017
2,250,000
3.420%
1,306,453.50
3,556,453.50
09/01/2018
2,325,000
3.770%
1,229,503.50
3,554,503.50
09/01/2019
2,465,000
3.940%
1,141,851.00
3,606,851.00
09/01/2020
2,560,000
4.190%
1,044,730.00
3,604,730.00
09/01/2021
2,660,000
4.440%
937,466.00
3,597,466.00
09/01/2022
2,785,000
4.640%
819,362.00
3,604,362.00
09/01/2023
2,915,000
4.840%
690,138.00
3,605,138.00
09/01/2024
3,420,000
4.990%
549,052.00
3,969,052.00
09/01/2025
3,590,000
5.090%
378,394.00
3,968,394.00
09/01/2026
3,770,000
5.190%
195,663.00
3,965,663.00
36,270,000 14,961,417.67 51,231,417.67
Jan 26, 2012 1:49 pm Prepared by Stone & Youngberg (Finance 6.022 Central Contra Costa San Dis 2 ... :PENSION- 35_85) Page 7
AGGREGATE DEBT SERVICE
Jan 26, 2012 1:49 pm Prepared by Stone & Youngberg (Finance 6.022 Central Contra Costa San Dis 2 ... :PENSION-35-85) Page 8
Central Contra Costa Sanitary District
2012 Revenue Bonds
---------------------------------
Tax- Exempt and Taxable Aal /AAA Interest Rates as of 11 -22 -11
$120 Million
Net Proceeds
---------------------------------
---------------------------------
15 -Year Financing Term Length
2012 Revenue
Water
Period
Bonds (15 year
Reclamation
Aggregate
Ending
term)
Loan
2009A DS
2009B DS
Debt Service
09/01 /2012
3,708,211.17
187,119
774,046.00
4,676,750
9,346,126.17
09/01/2013
10,370,235.00
187,119
774,046.00
4,683,600
16,015,000.00
09/01/2014
10,362,809.00
187,119
774,046.00
4,694,300
16,018,274.00
09/01/2015
12,171,511.50
187,119
774,046.00
2,884,700
16,017,376.50
09/01/2016
12,169,525.50
187,119
774,046.00
2,886,300
16,016,990.50
09/01/2017
12,167,703.50
187,119
774,046.00
2,889,300
16,018,168.50
09/01/2018
12,163,953.50
187,119
774,046.00
2,892,150
16,017,268.50
09/01/2019
12,350,901.00
774,046.00
2,892,950
16,017,897.00
09/01/2020
12,348,980.00
2,434,046.00
1,234,750
16,017,776.00
09/01/2021
12,347,316.00
2,432,938.00
1,238,750
16,019,004.00
09/01/2022
12,344,612.00
2,433,298.88
1,240,250
16,018,160.88
09/01/2023
12,348,388.00
2,429,842.62
1,239,000
16,017,230.62
09/01/2024
13,583,302.00
2,433,048.62
16,016,350.62
09/01/2025
13,582,394.00
2,432,468.38
16,014,862.38
09/01/2026
13,583,663.00
2,433,382.74
16,017,045.74
09/01/2027
2,430,678.24
2,430,678.24
09/01/2028
2,429,354.88
2,429,354.88
09/01/2029
2,429,199.74
2,429,199.74
175,603,505.17
1,309,833
30,510,626.10
33,452,800
240,876,764.27
Jan 26, 2012 1:49 pm Prepared by Stone & Youngberg (Finance 6.022 Central Contra Costa San Dis 2 ... :PENSION-35-85) Page 8
BOND SOLUTION
Central Contra Costa Sanitary District
2012 Revenue Bonds
---------------------------------
---------------------------------
Tax- Exempt and Taxable Aal /AAA Interest Rates as of 11 -22 -11
$120 Million Net Proceeds
15 -Year Financing Term Length
---------------------------------
---------------------------------
Period
Proposed
Proposed
Existing
Total Adj
Revenue
Unused
Debt Sery
Ending
Principal
Debt Service
Debt Service
Debt Service
Constraints
Revenues
Coverage
09/01/2012
670,000
3,708,211
5,637,915
9,346,126
23,958,520
14,612,394
256.34706%
09/01/2013
5,175,000
10,370,235
5,644,765
16,015,000
23,958,520
7,943,520
149.60050%
09/01/2014
5,275,000
10,362,809
5,655,465
16,018,274
23,958,520
7,940,246
149.56992%
09/01/2015
7,235,000
12,171,512
3,845,865
16,017,377
23,958,520
7,941,144
149.57830%
09/01/2016
7,445,000
12,169,526
3,847,465
16,016,991
23,958,520
7,941,530
149.58191%
09/01/2017
7,670,000
12,167,704
3,850,465
16,018,169
23,958,520
7,940,352
149.57091%
09/01/2018
7,960,000
12,163,954
3,853,315
16,017,269
23,958,520
7,941,252
149.57931%
09/01/2019
8,460,000
12,350,901
3,666,996
16,017,897
23,958,520
7,940,623
.149.57344%
09/01/2020
8,795,000
12,348,980
3,668,796
16,017,776
23,958,520
7,940,744
149.57457%
09/01/2021
9,150,000
12,347,316
3,671,688
16,019,004
23,958,520
7,939,516
149.56311%
09/01/2022
9,525,000
12,344,612
3,673,549
16,018,161
23,958,520
7,940,359
149.57098%
09/01/2023
9,995,000
12,348,388
3,668,843
16,017,231
23,958,520
7,941,289
149.57967%
09/01/2024
11,725,000
13,583,302
2,433,049
16,016,351
23,958,520
7,942,169
149.58788%
09/01/2025
12,310,000
13,582,394
2,432,468
16,014,862
23,958,520
7,943,658
149.60179%
09/01/2026
12,930,000
13,583,663
2,433,383
16,017,046
23,958,520
7,941,474
149.58139%
124,320,000
175,603,505
57,984,026
233,587,531
359,377,800
125,790,269
Jan 26, 2012 1:49 pm Prepared by Stone & Youngberg (Finance 6.022 Central Contra Costa San Dis 2012:PENSION- 35 -85) Page 9
S75 Million Revenue Bonds C? 15 Years plus $45 Million Cash Payments +S10 Rate Increase
Fiscal Year
Applied to
)Total Payment
UAAL Balance
UAAL Increase
Adi UAAL Balance
UAAL Payment
UAAL Less Payment
SSC Contribution
UAAL less SSC
Interest
Ending Balance
Cost of Debt
Total Annual Expense
RUES
Swr Svc Chq Impact
Swr Svc Chq Chq
Swr Svc Chg
2012 -13
$4,225,172
$30,379,000
6,104,000
36,483,000
(4,225,172)
$32,257,828
$32,257,828
2.499,982
34,757,810
(4,225,172)
164,000
$25.76
$371.00
2013 -14
$4,554,949
$34,757,810
3,296.000
38,053,810
(4.554,949)
$33,498,861
($1,650,000)
$31,848,861
2,468,287
34,317,147
(6.204,949)
165.000
$37.61
$11.84
$382.84
2014 -15
$7,595,042
$34,317,147
31,239,235
65,556,382
(75,000,000)
(59.443,618)
(51,660,000)
($11,103,618)
(860.530)
(11.964 148)
(1,660,000)
166,000
$10.00
(S:�7(,1)
$355.24
2015 -16
$10,400,010
($11,964,148)
28.823,145
16,858,997
(10,400,010)
56,458,987
($1.670.000)
$4,788.987
371,146
5,160,133
($2,277,582)
(14,347,592)
167,000
$85.91
$75.91
$431.15
2016 -17
$12,361.776
$5,160,133
20.158.620
25,318,753
(12,361,776)
$12,956,977
(S1,680,000)
$11,276,977
873,966
12.150,943
($5.485.800)
(19.527,576)
168.000
$116.24
$30.32
$461.47
2017.18
$12,361,776
512,150,943
0
12,150,943
(12.150,943)
$0
$0
$0
0
0
($5,474,000)
(17,624,943)
169,000
$104.29
($11.95)
$449.53
2018 -19
$12,361,776
$0
0
0
$0
$0
$0
0
0
($7,287.750)
(7,287.750)
170,000
$42.87
($61.42)
$388.11
2019 -20
$12,361,776
$0
0
0
0
$0
$0
$0
0
0
($7284'950)
(7,284,950)
171.000
$42.60
($0.27)
$387.84
2020 -21
$12.361,776
$0
0
0
0
$0
$0
$0
0
0
($7.283.400)
(7,283,400)
172,000
$42.35
($0.26)
5387.58
2021 -22
$12,361,776
$0
0
0
0
$0
$0
50
0
0
($7,277,800)
(7,277,800)
173,000
$42.07
($0.28)
$387.30
2022 -23
$12,361,776
$0
0
0
0
$0
$0
$0
0
0
($7,465,200)
(7,465.200)
174,000
$42.90
$0.84
$388.14
2023 -24
$12,361,776
$0
0
0
0
$0
$0
50
0
0
(57.462.600)
(7,462.600)
175.000
$42.64
($0.26)
$387.88
2024 -25
$12,361,778
50
0
0
0
$0
$0
$0
0
0
($7,462,000)
(7,462,000)
176,000
$42.40
($0.25)
$387.63
2025 -26
$8.136.604
$0
0
0
0
$0
50
$0
0
0
($7,458,000)
(7,458,000)
177,000
$42.14
($0.26)
$387.37
2026 -27
$8,136,604
$0
0
0
0
$0
$0
$0
0
0
($7,463,500)
(7,463,500)
178.000
$41.93
(5011)
$387.17
2027 -28
$8,136,604
$0
0
0
0
$0
$0
5o
0
0
($8.699,500)
(8.699,500)
179,000
$48.60
$6.67
$393.84
2028 -29
$8,136.604
$0
0
0
0
$0
$0
$0
0
0
($8.698.750)
(8,698,750)
180.000
$48.33
($0.27)
$393.56
2029 -30
$8,136,611
50
0
0
0
$0
SO
50
0
0
($8.699.250)
(8,699,250)
181,000
$48.06
($0.26)
5393.30
2030 -31
$7,806,827
$0
0
0
0
$0
$0
50
0
0
0
182,000
$0.00
($4806)
$345.24
2031 -32
$7,806,827
$0
0
0
0
$0
$0
$0
0
0
0
183,000
$0.00
$0.00
$345.24
2032.33
$4,766,727
$0
0
0
0
$0
$0
50
0
0
0
184,000
$0.00
$0.00
$345.24
2033 -34
$1,961.772
$0
0
0
0
$0
$0
$0
0
0
0
185,000
$0.00
$0.00
$345.24
$201.056.339
$89.621.000
(S 118.692,850)
($1.680.000)
$5.352.850
(105.780.082)
(156,132,932)
186,000
Total Savings
(S44.923A 19)
$75 Million Revenue Bonds @ 15 Years plus $45 Million Cash Payments +$30 Rate Increase
Fiscal Year
_ Applied to
(Total Payment
UAAL Balance
UAAL Increase
Adl UAAL Balance
UAAL Payment
UAAL Less Payment
SSC Contribution
UAAL less SSC
Interest
Ending Balance
Cost of Debt
Total Annual Expense
RUE's
Swr Svc Chg Impact
Swr Svc Chg Chq
Swr Svc Chg
2012 -13
$4,225.172
$30,379,000
6,104,000
36,483,000
(4,225,172)
$32,257,828
$32,257,828
2,499.982
34,757,810
(4.225,172)
164,000
525.76
5371.00
2013 -14
$4,554,949
$34,757,810
3,296,000
38,053,810
(4,554,949)
$33,498,861
($4,950,000)
$28,548,861
2,212,537
30,761,397
(9,504,949)
165,000
$57.61
$31.84
$402.84
2014 -15
$7.595,042
$30,761,397
31,239,235
62,000,632
(75,000,000)
($12,999,368)
($4,980,000)
($17,979,368)
(1,393.401)
(19,372,769)
(4,980,000)
166.000
$30.00
($27.61)
$375.24
2015 -16
510,400,010
($19,372.769)
28,823,145
9,450,376
(10,400,010)
(5949,634)
($5.010.000)
(55.959,634)
(461,872)
(6,421,505)
($2,277,582)
(17,687,592)
167,000
$105.91
$75.91
$451.15
2016 -17
$12,361,776
(S6.421,505)
20.158.620
13,737,115
(12,361,776)
$1,375,339
($1,375.339)
(SO)
(0)
(0)
($5.485,800)
(19.222,915)
168,000
$114.42
$8.51
S459.66
2017 -18
$12,361,776
(SO)
0
(0)
0
($0)
$0
(SO)
(0)
(0)
($5,474,000)
(5,474,000)
169,000
$32.39
($82.03)
$377.63
2018 -19
512,361,776
(SO)
0
(G1
($0)
$0
($0)
(0)
(0)
($7,287,750)
(7,287,750)
170,000
542.87
$10.48
$388.11
2019 -20
$12,361,776
$0
0
0
0
$0
50
$0
0
0
($7,284,950)
(7,284.950)
171,000
$42.60
($027)
$387.84
2020 -21
$12.361,776
$0
0
0
0
$0
SO
$0
0
0
($7,283,400)
(7,283,400)
172,000
$42.35
($0.26)
$387.58
2021 -22
$12,361,776
$0
0
0
0
$0
50
$0
0
0
($7,277,800)
(7,277,800)
173,000
$42.07
($0.28)
$387.30
2022 -23
$12,361,776
$0
0
0
0
SO
$0
SO
0
0
($7,465,200)
(7,465,200)
174,000
$42.90
$0.84
$388.14
2023 -24
$12.361,776
50
0
0
0
SO
SO
$0
0
0
($7,462,600)
(7.462.600)
175,000
$42.64
($0.26)
$387.88
2024 -25
512,361,778
$0
0
0
0
$0
$0
50
0
0
($7,462,000)
(7,462,000)
176,000
$42.40
($015)
$387.63
2025 -26
$8,136,604
$0
0
0
0
$0
$0
$0
0
0
(57,458.000)
(7,458.000)
177,000
$42.14
($0.26)
$387.37
2026 -27
$8,136,604
$0
0
0
0
$0
$0
50
0
0
($7,463,500)
(7,463.500)
178,000
$41.93
($0.21)
$387.17
2027.28
58,136.604
$0
0
0
0
$0
$0
$0
0
0
($8,699,500)
(8,699,500)
179,000
$48.60
$6.67
$393.84
2028 -29
S8.136.604
$0
0
0
0
$0
$0
$0
0
0
($8,698.750)
(8,698,750)
180,000
548.33
($0.27)
$393.56
2029 -30
$8,136,611
$0
0
0
0
50
$0
$0
0
0
(58.699,250)
(8,699,250)
181,000
548.06
($026)
$393.30
2030 -31
57,806.827
$0
0
0
0
s0
$0
SO
0
0
0
182,000
$0.00
($4806)
$345.24
2031 -32
$7,806,827
$0
0
0
0
SO
$0
$0
0
0
0
183,000
$0.00
50.00
$345.24
2032 -33
54,766,727
$0
0
0
0
$0
$0
$0
0
0
0
184,000
$0.00
$0.00
$345.24
2033 -34
$1,961,772
$0
0
0
0
SO
$0
$0
0
0
0
185,000
50.00
$0.00
$345.24
5201.056.339
$89.621,000
(5106.541,907)
3'.31 ±i
$2.857,246
(105.780.082)
(153.637.328)
186.000
Total Savings
($47,419.023)
$75 Million Revenue Bonds @ 15 Years plus $45 Million Cash Payments +$60 Rate Increase
Fiscal Year
Applied to
ITotal Payment
UAAL Balance
UAAL Increase
Ad1 UAAL Balance
UAAL Payment
UAAL Less Payment
SSC Contribution
UAAL less SSC
Interest
Ending Balance
Cost of Debt
Total Annual Expense
RUE's
Swr Svc Chg Impact
Swr Svc Chg Chg
Swr Svc Chg
2012 -13
$4,225,172
$30,379,000
6.104,000
36,483,000
(4,225,172)
$32,257,828
$32,257,828
2.499,982
34,757,810
(4,225.172)
164,000
$25.76
$25.76
$371.00
2013 -14
$4,554,949
$34,757,810
3,296,000
38,053,810
(4.554,949)
$33,498,861
($9.9()0,W0)
$23,598,861
1,828,912
25,427,772
(14,454,949)
165,000
$87.61
$61.84
$432.84
2014 -15
$7,595,042
$25,427,772
31,239,235
56,667,007
(75,000,000)
($18,332,993)
($9.960,000)
($28,292,993)
(2,192,707)
(30,485,700)
(9,960.000)
166.000
$60.00
$147.61
$580.45
2015.16
$10.400.010
($30,485.700)
28.823.145
(1,662,555)
(10.400,010)
($12,062,565)
$0
($12.062.565)
(934,849)
(12,997,413)
($2,277,582)
(12,677,592)
167,000
$75.91
$15.91
$596.36
2016 -17
$12,361,776
($12.997,413)
20,158,620
7,161,207
(7,161,207)
($0)
$0
($0)
(0)
(0)
($5,485,800)
(12,647.007)
168.000
$75.28
$151.19
$747.56
2017 -18
$12,361,776
(SO)
0
(0)
0
($0)
$0
($0)
(0)
(0)
($5.474,000)
(5,474,000)
169,000
$32.39
$107.67
$855.23
2018.19
$12.361,776
$0
0
0
0
$0
$0
$0
0
0
($7,287.750)
(7,287,750)
170,000
$42.87
$10.48
$865.70
2019 -20
$12.361,776
$0
0
0
0
$0
$0
$0
0
0
($7,284,950)
(7,284,950)
171.000
$42.60
$85.47
$951.18
2020.21
$12,361,776
$0
0
0
0
$0
$0
$0
0
0
($7,283,400)
(7,283,400)
172,000
$42.35
$84.95
$1,036.12
2021 -22
$12,361,776
$0
0
0
0
$0
$0
$0
0
0
($7.277,800)
(7.277,800)
173,000
$42.07
$84.41
$1,120.54
2022.23
$12,361,776
$0
0
0
0
$0
$0
$0
0
0
($7,465,200)
(7,465,200)
174,000
$42.90
$0.84
$1,121.37
2023 -24
$12,361,776
$0
0
0
0
$0
$0
$0
0
0
($7,462,600)
(7,462,600)
175.000
$42.64
$85.55
$1,206.92
2024 -25
$12,361,778
$0
0
0
0
$0
$0
SO
0
0
($7,462,000)
(7,462,000)
176,000
$42.40
$85.04
$1,291.96
2025 -26
$8,136,604
$0
0
0
0
$0
$0
$0
0
0
($7,458.000)
(7.458,000)
177,000
$42.14
$84.53
$1,376.49
2026.27
$8,136.604
$0
0
0
0
$0
$0
$0
0
0
($7,463,500)
(7,463,500)
178,000
$41.93
$84.07
$1,460.56
2027 -28
$8,136,604
$0
0
0
0
$0
SO
$0
0
0
($8,699,500)
(8,699,500)
179.000
$48.60
$6.67
$1,467.23
2028 -29
$8,136.604
$0
0
0
0
$0
$0
$0
0
0
($8,698,750)
(8,698,750)
180.000
$48.33
$96.93
$1,564.16
2029 -30
$8,136,611
SO
0
0
0
$0
$0
$0
0
0
($8,699,250)
(8,699,250)
181,000
548.06
$96.39
$1,660.54
2030 -31
$7,806,827
SO
0
0
0
$0
SO
$0
0
0
0
182,000
$0.00
$48.06
$1,708.61
2031 -32
$7,806.827
SO
0
0
0
$0
SO
SO
0
0
0
183,000
$0.00
$0.00
$1,708.61
2032 -33
$4,766,727
$0
0
0
0
$0
SO
$0
0
0
0
184,000
$0.00
$0.00
$1,708.61
2033.34
$1,961.772
SO
0
0
0
$0
$0
$0
0
0
0
185,000
$0.00
$0.00
$1,708.61
$201,056,339
$89.621.000
(5101,341,338)
$0
$1,2.01,338
(105,780.082)
(151,981,420)
186,000
Total Savings
($49.074,931)
SECTION 2: Valuation Results for the Contra Costa County Employees' Retirement Association
D. RECOMMENDED CONTRIBUTION
Employer contributions consist of two components:
Normal Cost The annual contribution rate that, if paid annually from a member's first year of
membership through the year of retirement, would accumulate to the amount
necessary to fully fund the member's retirement- related benefits. Accumulation
includes annual crediting of interest at the assumed investment earning rate. The
contribution rate is expressed as a level percentage of the member's compensation.
Contribution to the Uttfiruded
Actuarial Accrued Liabilio) (UAAL) The annual contribution rate that, if paid annually over the UAAL amortization
period, would accumulate to the amount necessary to fiilly fund the UAAL.
Accumulation includes annual crediting of interest at the assumed investment earning
rate. The contribution (or rate credit in the case of a negative UAAL ) is calculated to
remain as a level percentage of fiuture active member payroll (including payroll for
new members as they enter the Association) assuming a constant number of active
members. In order to remain as a level percentage of payroll, amortization payments
(credits) are scheduled to increase at the combined annual inflation and "across the
board" salary increase rate of 4.25% along with expected payroll. The remaining
balance of the December 31, 2007 UAAL is being amortized over a 12 -year declining
period as of December 31, 2010. Any change in the UAAL that arises at each
valuation after December 31, 2007 is amortized over its own separate declining 18-
year period.
Employer Conlrihulion Rates The current employer contribution rates are shown in Charts 14 -A for members with
membership dates before January 1, 2011 and 14 -B for members with membership
dates oil or alter January 1, 2011. The recommended employer contributions are
provided on Charts 15 -A for members with membership dates before January 1,
2011 and 15 -B for members with membership dates on or after January 1, 2011.
County contribution rates also include the Superior Court.
The demographics of members with membership dates on or after January 1, 2011 are
assumed to be the same as for the members included in the December 31, 2009 and
2010 valuations, respectively.
la
SEGAL
�
SECTION 2: Valuation Results for the Contra Costa County Employees' Retirement Association
The amortization cost for the UAAL for members with membership dates before
January 1, 2011 has been expressed as a percentage of total future payroll, including
members with membership dates on or after January I, 2011. This has been done in
order to continue the open group level percent of payroll amortization methodology
for the UAAL associated with members with membership dates before January 1,
2011. It is also consistent with the methodology applied when Safety Tier C was
implemented.
Member Conli-rbutions Articles 6 and 6.8 of the 1937 Act define the methodology to be used in the
calculation of member basic contribution rates for General and Safety members,
respectively. The basic contribution rate is determined as that percentage of
compensation which if paid annually from a member's first year of membership
through the prescribed retirement age would accumulate to the amount necessary to
find a prescribed annuity.
The annuity is equal to:
> 1/120 of one year Final Average Salary per year of service at age 55 for General
Tier 1 and Tier 3 Non - enhanced members
> 1 /100 of one year Final Average Salary per year of service at age 50 for Safety
Tier A Non - enhanced members
> 1/120 of one year Final Average Salary per year of service at age 60 for General
Tier I and Tier 3 Enhanced members
> I /100 of one year Final Average Salary per year of service at age 50 for Safety
Tier A Enhanced
> 1/100 of three year Final Average Salary per year of service at age 50 for Safety
Tier C Enhanced members
Member contributions are accumulated at an annual interest rate adopted annually by
the Board. The County is now paying 50% of the members' basic contributions on a
nonrefimdable basis. For illustration purposes only, the rates shown in Charts 14 and
15 include the 50% employer subvention of members' basic contributions for all
employers (except for Safety Districts). Districts pay varying portions, up to 100 %, of
the members' basic contributions on a nonrefundable basis. Members also pay 50%
15
'*SEGAL
SECTION 2: Valuation Results for the Contra Costa County Employees' Retirement Association
of the cost -of- living benefit. For most Safety Tier A employers, Safety members also
subvert a portion of the employer rate, currently up to 9% of compensation
(depending on their MOU). This is not reflected in Charts 14 and 15. The age
specific contribution rates are provided in Appendix A for members with membership
dates before January I, 2011 and Appendix B for members with membership dates on
or after January 1, 2011.
For determining the cost of the basic benefit (i.e. non -COLA component), the cost of
this pay element is currently recognized in the valuation as an employer only cost and
does not affect member contribution rates. The terminal pay assumptions are only
used in establishing cost -of- living member contributions.
Cost Sharing A djustinents Starting with the December 31, 2009 Actuarial Valuation, the Board took action to
depool CCCERA's assets, liabilities and normal cost by employer when determining
employer contribution rates. The Board action included a review of experienceback to
December 31, 2002. This did not involve recalculation of any employer rates prior to
December 31, 2009. However, it did involve reflecting the separate experience of the
employers in each individual cost group back from December 3 I, 2002 through
December 31, 2009. The cost groups are detailed on pages 18 and 19. In addition, the
Board action called for a discontinuation of certain cost sharing adjustments for both
member and employer contribution rates for General Tier I and Safety Tier A. Even
under the depooting stricture, there are a few remaining cost sharing arrangements.
Here is a summary of the cost sharing arrangements:
> Smaller employers (less than 50 active members) will be pooled with the
applicable County tier. Safety members from the East Contra Costa Fire
Protection District will be pooled with Safety members of file Contra Costa
County Fire Protection District.
> Due to a statutory requirement, the Superior Court will continue to be pooled with
the County regardless of how many members the Court has.
> UAAL costs are pooled between Cost Group #I and Cost Group #2 which
represent General County and Small Districts for Tiers 1 and 3. UAAL costs are
also pooled for Cost Groups #7 and #9 which are Safety County. Tiers A and C.
-"�SEGAL 16
SECTION 2: Valuation Results for the Contra Costa County Employees' Retirement Association
01lierAdjustments Other adjustments made in the determination of rates are as follows:
> Adjustments are made to some UAAL amounts for the County, the Contra Costa
County Fire Protection District (CCCFPD) and the Moraga- Orinda Fire District
( Moraga) to account for Pension Obligation Bonds (POBs) and any other special
contributions that they previously made. These adjustments serve to reduce the
UAAL contribution rate for these employers. The outstanding balance of these
adjustments as of December 31, 2010 is as follows:
County,General Moraga General CCCFPD Safety
Basic $239,247,742 $421,323 $68,672,752
COL $191,711,619 $244,531 $52,372,916
'�T' SEGAL 17