Local Government Water and Wastewater Debt in North Carolina
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1 Local Government Water and Wastewater Debt in North Carolina Jeff Hughes Environmental Finance Center at the University of North Carolina
2 Infrastructure Needs $384.2 billion in U.S. water infrastructure needs over the next 20 years North Carolina needs: $10 billion in drinking water infrastructure $6.6 billion in wastewater infrastructure
3 How utilities finance capital projects The most common method for financing capital projects is through debt. Water and wastewater projects are the dominant debt drivers among local governments. In 2013, local NC governments had $32 billion of outstanding debt, $8 billion of which is for water and wastewater debt.
4 Debt and Debt Trends in NC Local government utility debt has been increasing steadily over time: $6.7 billion outstanding debt in 2008 $8.0 billion outstanding debt in 2013 State government debt was nearly equal to local government water and wastewater debt in 2012.
5 Types of Utility Debt Wall Street bond issues Vehicle loans from community banks Debt is often categorized by the method of securitization
6 Types of Utility Debt General Obligation Requires a majority vote in a bond referendum Sold as general obligation bonds on the commercial capital markets Serves as the primary form of securitization that the U.S. Department of Agriculture s Rural Development Water and Wastewater Loan program uses Utilities issuing general obligation debt pledge their tax raising authority Most utilities rely on revenues from rates to retire debt, even if they have legally pledged their tax authority
7 Types of Utility Debt Revenue Bonds The security behind this type of debt consists of the utilities legal authority to generate (and if needed raise) user fees and rates Utilities pledge their rate setting authority This type of debt is becoming more common as utilities increasingly turn away from general obligation debt
8 Types of Utility Debt Installment Purchases Utilities are allowed to pledge their assets as security for loans More typical for smaller utilities While lenders do not want to take over a water utility s assets, they assume that utilities will do everything within their power to make sure lenders are never close to having to take over water tanks, treatment plants, etc.
9 NC outstanding water and sewer debt by bond type as of June 30, 2012 Revenue & General Notes $87,529,000 1% Purchase Agreements $414,064,391 5% General Obligation Backed (includes USDA) 19% Revenue Backed State Revolving Programs $783,081,699 10% Revenue Bonds (includes USDA) $5,265,859,581 65% Data analyzed by the University of North Carolina Environmental Finance Center. Data Source: North Carolina Department of State Treasurer State and Local Government Finance Division
10 Debt Issuance Trends Revenue bonds account for the vast majority of the total outstanding utility debt. The distribution of debt issuance, however, has changed drastically over the last few decades. Reliance on general obligation bonds has been decreasing Reliance on revenue bonds, installment purchases, and short-term revenue and general notes has been increasing
11 Percent of Outstanding Debt by Bond Value Issuance Type Trends for NC Water and Wastewater Utilities 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% State Revolving Loans & Bond Loans Purchase Agreements Revenue & General Notes Revenue Bonds General Obligation Bonds Data analyzed by the University of North Carolina Environmental Finance Center. Data Source: North Carolina Department of State Treasurer State and Local Government Finance Division
12 Debt Issuance Trends Revenue bonds accounted for 57% of new debt issuances in 2011 Installment purchases became increasingly popular beginning in 1997, when they accounted for 18% of debt issuance. They have since stayed above 10% of issuances
13 Debt Issuance Trends: Subsidized Debt Public infrastructure funding is also moving towards subsidized debt: Drinking water state revolving fund (DWSRF) Clean water state revolving fund (CWSRF) Federal government s USDA Rural Development Water and Waste Disposal Loan and Direct Grant Program
14 NC Outstanding Debt Although NC aggregate outstanding debt continues to grow, most of the outstanding debt will be retired relatively soon Based on linear payments to maturity date, there will be a 50% reduction in outstanding debt by 2019
15 Outstanding Debt Billions Projected reduction in debt for existing debt issuances as of 6/30/ Year Data analyzed by the University of North Carolina Environmental Finance Center. Data Source: North Carolina Department of State Treasurer State and Local Government Finance Division
16 NC water and sewer debt allocation among local government owned utilities as of June 30, 2012 City of Charlotte 22% All Other Utilities 54% City of Raleigh 10% City of Winston Salem 6% City of Greensboro 4% Cape Fear Public Utility Authority 4% Data analyzed by the University of North Carolina Environmental Finance Center. Data Source: North Carolina Department of State Treasurer State and Local Government Finance Division. North Carolina State debt not included in debt totals.
17 NC Outstanding Debt While these utilities have significant debt, it is typically spread out over a large customer base. Charlotte-Mecklenburg Utilities carries nearly 25% of the state debt, but are far from having the largest long-term debt per account 23% of the 498 NC water utilities have no outstanding debt as of June, 2012 Of the 308 NC utilities with available debt data, 8 have monthly water bills for 5,000 gallons over $50
18 Long-term Debt per Account Thousands Long-term debt per account in 2012 vs. water bill at 5,000 gallons for 308 NC water utilities $10 $8 $6 $4 $2 $0 $0 $10 $20 $30 $40 $50 $60 $70 Water Bill at 5,000 gal Data analyzed by the University of North Carolina Environmental Finance Center. Data Source: North Carolina Department of State Treasurer State and Local Government Finance Division and the U.S. Environmental Protection Agency SDWIS
19 Communicating Benefits of Subsidized Loans sidized-funding-benefits-calculator
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