State Revolving Fund (SRF) Simulation Model : User Manual (Version 2)


r/EPA
United States
Environmental
Protection
Agency
Office of Municipal
Pollution Control
Planning and Analysis
Division (WH-546)
Washington, DC 20460
May 1987
             STATE REVOLVING FUND
             SIMULATION MODEL
             USER GUIDE

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STATE REVOLVING FUND (SRF)
SIMULATION MODEL
USER MANUAL
(VERSION 2)
May, 1987
PREPARED BY
Roy F. Weston, Inc.
955 L1 Enfant Plaza, SH, 6th Floor
Washington, D.C. 20024
under Contract #68-01-6920
FOR
Environmental Protection Agency
Office of Municipal Pollution Control
Planning and Analysis Division
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DISCLAIMER ON SRF MODEL SOFTWARE RESULTS
The Environmental Protection Agency does not endorse any of the hardware or
software merchandise nor the companies associated with those products
mentioned in this report. Any reference to merchandise or manufacturers in
this manual Is merely for Illustrative purposes.
The State Revolving Fund (SRF) Model software serves as an analytical tool for
evaluating basic factors and criteria involved in establishing a State
revolving loan fund. It is not a discrete accounting tool mentioned in this
report and the results of the model are directly reflective of (1) th
assumptions made and (2) the quality of data entered by the user. In
addition, every factor that can affect the operation of an SRF has not been
Included in the model. Therefore, results generated in this model should only
serve as a general indicator of how well an SRF may operate.
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Purpose and Contents of the User Manu4l
Background on State Revolving Funds .
Overview of the SRF Model
Requirements and Conditions for Use of
The SRF Model Concept
Introduction
Defining the Scope and Assumptions of an SRF.
Documenting Model t puts
Filling Out Data Entry 1orksheets
Getting Started at the PC
Performing Data Entry
Entering Data in the Program File.
Entering Data in the Project File.
Accessing SRF Model Reports
Program File Reports
Graphics Capability
Project File Reports
Hardware Printing Options
Interpreting Model Results
User Support
7
7
7
14
14
14
17
19
22
25
25
26
27
27
28
29
1. State Revolving Loan Fund: Capitalization and Cash Flow.
2. SRF Model Software Helpful Reminders
3. Program File Data Entry Routines
APPENDICES
A. Data Entry 1orksheets .
B. SRF Model Reports
TABLE OF CONTENTS
PAGE
CHAPTER 1: DESCRIPTION OF STATE REVOLVING FUNDS (SRF) AND THE
ANALYTICAL MODEL . . . . . . 1
the
CHAPTER 2: USING THE SRF MODEL. .
Model
4
4
6
FIGURES
3
8
20
A—l
B—i
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CHAPTER 1
DESCRIPTION OF STATE REVOLVING FUNDS AND THE ANALYTICAL MODEL
PURPOSE AND CONTENTS OF THE USER MANUAL
This manual accompanies a computer software model, contained in Lotus 1—2—3
files PROGRAM.NK1 and PROJECT.WK1, which simulates the operation of a State
revolving fund (SRF). It can also be used to model other kinds of financial
assistance programs such as bond pools and bond banks. The first chapter
provides an overview of State revolving funds and the role of the model in
planning an SRF. Chapter 2 goes a step further to help users understand what
the model has to offer and how it can be used.
The manual explains how to use the model as a tool in planning and managing an
SRF. It includes step—by—step Instructions for using the SRF software to
design a State assistance program, and for conducting simulations to show
different funding and operating scenarios for such a program. Using the SRF
Model enables financial planners to map out a program which best fits
anticipated needs and economic conditions in their own States.
BACKGROUND ON STATE REVOLVING FUNDS
The Clean Water Act of 1972 and the Environmental Protection Agency’s National
Municipal Policy require local governments to meet certain water quality
standards by July 1, 1988. Many States realize that In order to improve the
quality of water resources for environmental, health, and economic development
reasons, they will need to increase construction of new plants or upgrade
existing facilities for the treatment of wastewater.
Financing such needed construction is proving increasingly more difficult,
however, as federal assistance for such programs continues to decline. The
Environmental Protection Agency’s Construction Grants program, specifically
devoted to funding the construction of wastewater facilities, will be phased
out over the next four years, though capitalization funds will be available
until 1991. Therefore, the requirements to comply with water quality
standards, combined with a decline in previously available federal funds, has
left States and localities with the problem of developing strategies and
identifying funding sources to meet wastewater treatment needs. Local
governments usually cannot afford to expend the entire amount needed for these
improvements and are reluctant to increase user fees and taxes. Local
governments have also found that borrowing money on their own is often
prohibitively expensive, given their lack of market experience and the small
size of their bond issues.
Many States have established financial assistance programs to help localities
pay for needed capital improvements. Bond pools, bond banks, and revolving
loan funds have all proved to be popular assistance programs. Bond banks and
bond pools typically aggregate the bond issues of several municipalities into
a single State bond issue. The interest rate paid on the State bonds becomes
the rate that municipalities must pay on their loans. The loan repayments are
dedicated to paying the debt service on the bonds. Legislative appropriations
often are used to capitalize these programs in the initial stages. Several
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States use revenues from specific taxes, such as dedicated sewer and water,
excise, mineral severance, inheritance, and tobacco taxes.
These financing approaches yield an advantage over local financing programs b
gaining access to larger quantities of funds at more reasonable terms.
State’s credit rating Is usually higher than that of local governments,
particularly small ones, which allows borrowing at lower interest costs.
Borrowing costs for municipalities are lowered even further through the use of
a State’s supervisory and administrative resources, and through savings on th’e
costs of underwriting and marketing the bond Issues.
A revolving fund may issue debt in a similar fashion to the bond pool or bond
bank, but is designed to be the basis for an ongoing program. The monies
repaid to the fund by municipalities are lent out again (“revolved”) to those
applicants with wastewater treatment construction needs. Revolving loan funds
generally require an initial capitalization of “seed money” from which loans
to municipalities are made. A revolving fund is subsequently capitalized from
repayments on existing loans and investment income; Figure 1 illustrates the
flow of a limited supply of money in and out of the revolving fund. The
equity capital of the revolving fund is replenished by loan repayments that
consist of both the initial loan principal and interest, thus providing for a
continually available source of new loan funds. The revolving feature allows
a fund to be set up as a long—term, committed source of revenu .e s for
wastewater treatment construction. A revolving fund has significant
advantages as a financing mechanism:
• The predictability of revolving fund revenues increases the
certainty of project funding, and allows State and local governments
to plan over the long term.
• The growth of revolving fund revenues over the long term enables
States to plan for future wastewater treatment and collection needs.
• A revolving fund provides States with the means to achieve long—term
self—sufficiency despite the decline in Federal dollars since it
establishes a future State—level source of funds.
The amount of money initially available to a revolving fund depends on the
degree of leveraging used. The SRF may use the bond market to leverage funds,
but the need to maintain funds in reserve and pay principal and interest on
bonds will reduce the amount of repayment monies that can be used to make new
loans. The monies in the SRF will grow over time as a function of several
factors: net earnings from bond proceeds, interest rate charged on loans to
local governments, interest earned from short—term investment of funds, loan
maturities, and loan defaults. Many State programs can acquire additional
loan monies by using instruments such as bond insurance and interest—rate
buydowns which reduce costs.
Several States currently use revolving loan funds to assist localities in
financing wastewater treatment including California, Georgia, Montana, New
Jersey, Ohio, Oklahoma, Utah, Virginia, Nashingtion, Nest Virginia, and
Wyoming. For further information on alternative State financial assistance
programs, the following publications are available from the Environmental
Protection Agency’s Office of Municipal Pollution Control (OMPC): Study C
the Future Federal Role in Municipal kiasfewater Treatment (December, 1984
State Alternative Financing Programs for Nastewater Treatment (January,
1986).
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FIGURE 1
STATE REVOLVING LOAN FUND:
Capitalization and Cash Flow
State
oProoriat or.s
(and other 5)
Bor Proceeds
t Service
..vo ;r NC
LOAN FUND
Bond
Holders
C
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Planning and designing a revolving fund is a complex task. Even if individual
factors can be anticipated (initial sources of capitalization, total funding
needs, future market interest rates, loan default rate, inflation, etc.), it
may be difficult to understand, much less predict, how these factors wil’
interact with each other and influence the financial health of an SRF. Th
model is designed to help the user consider the Impacts of these factors by
simulating SRF operations over a 20—year period. Given the assumptions made
by the user regarding financial and economic conditions in a particular State,
the model can provide helpful criteria in the decision to establish an SRF or
another type of financial assistanc program, and at what level to initially
capitalize the fund.
OVERVIEW OF THE SRF MODEL
The SRF Model Software Package is not designed to serve as an accounting or
financial management model——it is primarily intended for use as an analytical
tool for planning purposes . The SRF Model Software Package offers financial
analysts and managers a conceptual framework for testing whether or not the
establishment of a revolving loan fund can provide the means for meeting
wastewater treatment construction needs in any given State. For those States
that have decided to establish an SRF, the model helps managers better
anticipate and effectively simulate any operating deficits and surpluse’s over
a 20—year funding scenario.
A key feature of the SRF Model is the capability to perform sensitivity
analysis. The process of conducting sensitivity analysis involves (1) takIng
inform tion generated from a complete run of the model, (2) reviewing model
assumptions, (3) changing key model inputs, and (4) evaluating the effect o
revolving loan fund operations over the short or long term. By performin
sensitivity analysis, a user can evaluate the impact of various factors on
several funding scenarios simulated by the model. Sensitivity analysis
enables the u•ser to anticipate the effects of changing key variables or
assumptions on the performance of an SRF. Therefore, sensitivity analysis is
critical to the planning process because different prospective financial
situations can be extensively evaluated.
While the model has the capability to perform complex operations, it is
designed for users with basic computer skills. A series of customized menus
that contain all necessary commands for using the model is provided. With
this convenient user interface, users can spend more of their time on
interpreting and evaluating model results.
Requirements and Conditions for Use of the Model
A microcomputer with 640K RAM (random access memory) is necessary to run the
SRF Model. This memory capacity is becoming the conventional standard in
personal computers (PCs). Expanding the processing memory of a personal
computer with less than 640K RAM can be relatively inexpensive. Until
recently, the cost of memory expansion ran upwards of $500. Because of
technological advances, RAM can be expanded without having to add a new memory
board; memory chips are inserted onto either the PC’s mother board or a memory
expansion board that is not yet at full capacity. Service costs can b’
avoided by purchasing do—it—yourself upgrade kits.
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Low cost memory upgrade kits may be available locally, or from mail order
firms such as:
• Aristo, 16811 El Camino Real, 213—J, Houston, TX 77058. (713)
460—6288. This firm offers 640K upgrade kits for the COMPAQ, IBM
PC, and IBM PC—XT for approximately $100.
• Add—Mem, 22151 Redwood Road, Castro Valley, CA 94546. (416)
886—5443. ThIs firm specializes in do—it—yourself kits for under
$100.
Note : As mentioned in the Disclaimer, EPA does not endorse these
manufacturers or their products.
Even with 640K RAM, it is wise to have the computer’s memory free of
background software utilities (e.g., Sidekick) in order to avoid problems with
saving model results. It is also essential to have extra disks available to
back—up copies of software files; preferably, copies of files should be saved
on both a floppy diskette and a hard disk. The use of an IBM PC—AT (or IBM
PC—AT compatible) is de 1rable because it contains a hard disk and performs
model routines quickly; users may find that some model routines run slowly on
older PCs. PCs with “286° and ‘386” processing technology will process
results even quicker than the PC—AT, and should be used if available. A dot
matrix or laser printer, or a graphics plotter is necessary if hard copy
output of reports or graphics is desired.
The model runs on Lotus 1—2—3 ; a user will need a copy of Release 2 (or later)
of this software. A survey of State software users found that Lotus 1—2—3 is
widely used and preferred.
Note : 1—2—3 clones may not have the proper framework to run this model
because of the extensive and unique Lotus 1—2—3 commands built into the
software.
The model (and this manual) uses basic and complex financial terminology.
Definitions of these terms and examples of acceptable values for model
variables are provided on pages 9—13 of this manual.
To summarize, you MUST have the following to operate the model:
• A microcomputer with at least 640K RAM,
• Lotus 1—2—3, Release 2 or later,
• Backup floppy diskettes for the softwaTe files, and
• Basic understanding of Lotus 1—2—3 and financial principles.
It is desirable, though not necessary, to have the following:
• IBM PC—AT (or compatible) for quick processing power, and
• Output Device —— dot matrix or laser printer, or graphics plotter.
By meeting all of these requirements, a user can obtain helpful model results
in an efficient manner.
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The SRF Model Concept
The SRF Model Software Package is designed to serve those who wish to conduct
either basic or complex evaluations of various revolving loan fund scenarios
Two floppy diskettes, one containing the Program file and the other th
Project file, are provided in the package (Note: this manual uses the terms
“disk” and “file” interchangeably because both the Project and Program files
require their own disks). The Program file, the foundation of the previous
versions of the software package, simulates fund balance operations over a
20—year period. Based on the data entered in the Program file and optionally
transferred from the Project file, model results can be used to evaluate
fundamental performance areas of an SRF. For example:
• Fund solvency,
• Optimization of fund buyout capability, and
• Projection of State construction needs.
Although previous versions of the model addressed the first two performance
areas, the ability to conduct needs—based analyses is a new feature in both
Program and Project files.
The Project file has been added to the software package for planners who are
taking into account specific projects when defining the scope of an SRF - This
file goes into a greater level of detail on needs and buyout patterns than the
Program file so that planners can see how many projects can be funded by an
SRF, given limited financial resources. The Project file is designed to
support the evaluation of the three performance areas by addressing the timing
and degree to which project needs are bought out.
Although a user may elect to approximate State totals for input in the Progra
file, the option of doing project—level planning will yield data that are
based on specific project needs and funding plans in future years. The
Project file aggregates data on individual projects for optional use in SRF
simulations conducted in the Program file . Annual totals of all projects for
the following key variables are outputs generated from the Project file that
may be entered as inputs in the Program file:
• Construction Needs,
• Loans Made,
• Grants Made,
• Non—SRF contributions (e.g., local expenditures), and
• Loan Repayments.
These outputs from the project—level assessments, if used in the Program file,
add a new dimension to the analysis of SRF scenarios that can enhance the
usefulness of model results. An SRF’s capability to buy out needs of specific
projects can be assessed, as well as the impacts of particular project needs
and funding strategies on the long—term health of an SRF program.
Like any niodel, the quantity and quality of data that is put into the model
largely dictates the usefulness of the information generated. As a result, in
planning SRF scenarios, the user is strongly urged to consider all key
variables offered in the model. In addition, if project—level data is
available, it should be incorporated into the model so that an SRF can br
evaluated on the basis of meeting the needs of as many projects as possible
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CHAPTER 2
USING THE MODEL
INTRODUCTION
The SRF model software is designed to be used in three phases: Planning,”
uUseu and “Interpretation . This section guides the user with step—by—step
instructions for using the model through these three phases. Troubleshooting
tips and hints are provided throughout, the step—by—step instructions. In
addition, a quick—reference list of helpful hints is provided in Figure 2.
This list summarizes important highlights of the step—by—step instructions,
and will help you to use the model effectively.
The “ Planning ’ stage involves identifying the appropriate scope of a revolving
loan fund for a State——identifying assumptions and constraints, and defining
and gathering the data needed for the model. The manual will show the user
how to use manual worksheets (See Appendix A) for centralizing SRF Information
for data entry at the computer. The “ Use ” stage involves logging onto a PC
and performing data entry and necessary calculations, and accessing and
printing the model’s reports and graphs. “ Interpretation ” of results involves
conducting sensitivity analysis.
The following list outlines the six steps for producing results from the model ’
1. Defining the Scope and Assumptions of an SRF
2. Collecting Data
3. FIlling out Data Entry Worksheets
4. Sitting Down at the PC
5. Performing Data Entry
6. Accessing SRF Model Reports
After reading through the step—by—step instructions for “using the model
software,” refer back to the “Helpful Reminders” list provided on page 8 when
using the model.
1. DEFINING THE SCOPE AND ASSUMPTIONS OF AN SRF
To achieve meaningful model results, it is necessary to first identify the
important factors that affect the establishment and operation of a State
revolving loan fund. By understanding the economic and financial conditions
in a State, analysts can define the desirable terms for successfully starting
an SRF. The process of defining these terms should include drafting the goals
of the SRF (e.g., the SRF should “buy out” a total of “X” dollars of
construction needs each year). A key consideration in obtaining useful model
results is to reflect the goals and assumptions of an SRF in as many inputs as
possible (e.g., if high inflation rates are assumed in the long term, these
values should be entered in the model). Part of the process of defining the
scope of an SRF is also to determine which of the inputs are relevant to the
State being analyzed (e.g., for States that will not issue any bonds, values
associated with the issuance of bonds or the retirement of bond debt are not
required.).
The following is a list of model inputs which may help to stimulate
thought when initially scoping out model goals and assumptions:
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FIGURE 2
SRF MODEL SOFTWARE HELPFUL REMINDERS
• The personal computer must possess at least 640K RAM to run both
files.
• Make several copies of the blank data entry worksheets in Appendix A
for the different SRF scenarios you plan to run.
• Press the < Alt> key simultaneously to access the main menu In
either the Program or Project file.
• In order to quickly edit data, break out of line—by—line data entry
routines when the first prompt for data appears by pressing the
< Ctrl Break keys simultaneously .
• If a “Protected Cell” statement appears when performing line—by—line
entry, make sure that a formula does not exist in the cell before
trying to continue entry. Type the keystroke sequence of “/WGPD” in
the READY mode in order to allow entry of Information if the cell
was wrongly protected.
• Review data that has been entered before interpreting results.
• If an “ ERR ” statement appears in any of the reports, check the
spreadsheet for non—numeric characters or blanks entered in a cel’
requiring a number.
• Once a decision has been made to use project—level data for a
scenario, sensitivity analysis will require that the following
procedures be followed:
— Any changes to construction needs, loans and grants made.
non—SRF contributions, and loan repayments data must first be
made in the Project file.
— An automated data transfer must be performed each time a change
is made to project—level data.
• Always calculate the model by pressing the F9 function key before
viewing or printing reports, saving results, and performing data
transfers. This ensures that all of the data you have entered has
been processed by the model
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• Construction Needs (either by Project or State—wide),
• Sources of Available Capitalization Funds (State and other),
• Bond Issues,
• Loans and Grants Made (either by Project or State—wide), and
• Terms for Retiring Bond Debt and Repaying Loans.
The following list contains definitions for these and all other model inputs:
• Construction Needs — The total annual amount of construction needs
for each project can be entered in the Project file or State needs
totals can be entered in the Program file. Valid entries for
construction needs can range from zero to hundreds of millions of
dollars (0 to 999999999). Model cell references (20 years):
Program file, AF63 through BR63; Project file, Bk17 through CP56.
• Capitalization — The total sum of seed money, provided by either
private or public sources in any given year, serves as the Initial
and periodic revenue source for the fund. Valid entries for
capitalization can range from zero to hundreds of millions af
dollars (0 to 999999999).
Note : Initial legislative appropriation is highly desirable for
capitalizing the fund since it is very difficult to market bonds
without establishing reserves and a repayment schedule. Model cell
references (20 years): Program file, H4 through AA4.
• Bond Issues — For a leveraged revolving fund strategy, the total
dollar value of proceeds from all bond sales that will be dedicated
to the fund each year (including General Obligation, Revenue,
Limited and Special Obligation, Special Assessment, and other types
of bonds). Valid entries for bond issues can range from zero to
hundreds of millions of dollars (0 to 999999999). Model cell
references (20 years); Program file, H5 through AA5.
Note : In determining potential bond revenues, keep in mind the
following:
— General Obligation Bonds State limitations are placed on
their use for debt; there is sometimes a requirement for voter
approval
— Revenue, Limited, or Special Obligation Bonds: While exempt in
most States from debt and interest ceilings, these types of
bonds are higher risk than general obligation bonds. This
means that higher interest rates will be paid to bond holders.
To determine debt—service reserve, coverage requirements, bond insurance
needs, and interest rate levels (discussed below), contact a State finance
officer and/or bond counsel. The values that can be entered into the model
depend on the current bond market conditions and bond ratings.
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• Debt Service Reserve — Monies put aside in an account to cover the
debt to bond holders in the event receipts from loan repayments
(debt service) prove insufficient. These reserve funds reduce the
risk to bond holders and, thus lower the interest costs to th
borrower. It also reduces the level of funds the State would hav
to pay in the event of a loan default.
Enter• the percentage of bond issue dollars put aside for debt
service reserve each year. Valid entries for debt service reserve
can range from zero to n’inety—nine (0 to 99) percent, although
twenty (20) percent is considered a reasonable upper limit. Model
cell references (20 years): Program file, H8 through AAS.
Note : In general, a debt service reserve account is not required on
general obligation (tax—pledge) debt. A common funding requirement
for a debt service reserve fund Is one—year’s average or highest
debt service on the bonds. In some cases, this reserve account is
built up over a period of years. The use of debt service reserve
funds 1s restricted for the life of the bond. These funds are
commonly applied towards the last year’s debt service of the bond.
• Coverage Requirements — Coverage is generally defined to be the
ratio of the net revenue available for debt service to the werage
annual debt service requirements of an issue of revenue bonds. The
coverage requirement of this model Is another type of reserve
account (similar to debt service reserve) used with revenue bonds to
enhance the security of a bond issue. This model calculates the
coverage requirement by adding the next year’s annual debt service
to a percentage selected as coverage. In this model, the amount se
aside for coverage is not restricted over the life of the bond, an
is a part of the Total Fund Balance calculated at the end of each
year. Coverage percentages commonly range between one and one
and—a—half percent . Model cell references (20 years): Program
file, Nil through AA1I.
Note : The percentage of coverage required is typically outlined in
the bond resolution. The coverage requirement varies from bond to
bond depending on several factors, such as the financial soundness
of the issuer, and the degree of recognition by investors.
• Bond Insurance — This is another mechanism to secure bond issues.
This outlay is incorporated into the model as a single insurance
payment made in the same year that the bond is issued. Fees are
calculated as a percentage of the dollar amount of bonds Issued each
year. Valid entries for bond insurance fees can range from zero to
ninety—nine (0 to 99) percent, although two (2) percent is
considered a reasonable upper limit.
Note : Bond insurance is typically a one—time cost incurred at the
time the bond is issued. Hence, it should be considered only in
those years when bonds are issued Bond insurance is typically
purchased only on revenue—pledged bonds.
• Loans Made — This line item reflects the total amount of fund’
loaned out to municipalities each year for the construction c.
wastewater treatment projects. Valid entries can range from zero to
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hundreds of millions of dollars (0 to 999999999). Model cell
references (20 years): Program file, Hl8 through AA18; Project
file, E6 through X251.
Note : To ensure solvency of the SRF, States should only make sound
loans that are backed by dedicated sources of local revenue
sufficient to pay all principal and interest payments required.
Commonly, such security is provided by local governments In the form
of a bond, note, or agreement pledging user fees as required by the
Water Quality Act, or some other form of local revenue that will be
used towards repayment of the loan. By obtaining adequate
dedications of funds from local communities, an SRF’s ability to
sell State bonds would be enhanced because these dedicated funds
could be cited as collateral for the issue.
• Grants Made — The annual total of funds that are disbursed to
municipalities in the form of State grants——not to be paid back.
Valid entries can range from zero to tens of millions of dollars (0
to 99999999). Model cell references (20 years): Program file, H19
through AA19; Project file, E7 through X252.
Note : While there may be a need for making grants in hardship
cases, grants will deplete the build—up of loanable funds (received
from loan repayments) over time. In no case may federal SRF seed
money be granted out.
• Bond Retirement — The total dollar value of bonds retired each year.
The model simulates the bond retirement schedule after the following
information is supplied for each year that bonds have been issued:
(1) FIrst Bond Retirement Year. Depending on the type of
retirement schedule chosen for the fund, the first retirement
year can take place either shortly or long after the bond has
been issued. Avoid the logical mistake of declaring the first
retirement year as being before the actual year the bond was
issued. Example: If the First Bond Retirement Year is to be
one year after issuance, then a bond issued in year five would
have a first retirement payment in year six. Therefore, double
check the bond retirement years entered for each bond.
Acceptable entries can range from years one to twenty (1 to
20). Model cell references (20 years): Program file, 026
through 045.
(2) Term for Bond Retirement. This data item reflects the number
of years over which bonds will be retired. Acceptable entries
can range from one to twenty (1 to 20) years. Model cell
references (20 years): Program file, E26 through E45.
(3) Number of Payments in a Year. This feature allows the bonds to
be repaid under a variety of different schedules: monthly,
quarterly, semi—annually, and annually. A default value of one
(1) percent a year has been entered into the spreadsheet.
Acceptable values for this data item would be twelve, four,
two, and one (12, 4, 2, and 1) respectively, or a bi—monthly
(6) payment schedule. Model cell references (20 years):
Program file, F26 through F45
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Note : If zero is entered into any cell for this information
when bond issue amounts have already been entered, errors will
result throughout the entire spreadsheet.
(4) The Interest Rate on Bonds Issued. Select an interest rat
that will likely be charged in the bond market. Interest rates
that will likely be charged range from zero to twenty (0 to 20)
percent. Model cell references (20 years): Program file, G26
through G45.
Loan Repayments — This section of the model reflects the same types
of calculations mentioned under BOND RETIREMENT (see above), but
serves to simulate a schedule of revenues (in the form of loan
repayments) based on the following Items of Information:
— (1) The first year of loan repayments——Model cell references
(20 years) in the Program file are 053 through D72;
— (2) .The term over which loans will be repaid——Model cell
references (20 years) in the Program and Project file are E53
through E72 and AB7 through AB251, respectively;
— (3) The number of payments each year——Model cell references (20
years) in the Program file are F53 through F72;
— (4) The interest rate received on loan repayments——Model cell
references (20 years) in the Program and Project files are G53
through G72 and AA7 through AA251, respectively; and
— (5) The percentage of loans in default——Model cell reference
(20 years) in the Program file are H76 through AA76. Loan
repayments in default are an outlay in the model and calculated
.by multiplying the total of loan repayment funds expected each
year by the expected default rate for that year. Valid entries
for default rates range from zero to ninety—nine (0 to 99)
percent, although ten (10) percent is considered a reasonable
upper limit. To determine an input value, consider using the
average default rate experienced under other State loan
programs.
Note : Parameters for entry of the four terms for loan repayments
are the same as those for BOND RETIREMENT. The current default rate
on loans experienced by States is approximately two (2) percent.
Ordinarily, interest paid by the community should cover State
borrowing costs. Interest costs to local governments could be
brought down by blending rates from bond proceeds with zero percent
loans from appropriated State funds.
• Administrative/Operational Costs Of The Fund — This outlay
encompasses all labor and capital expenses involved in administering
the fund. Valid entries can range from zero to hundreds of millions
of dollars (0 to 999999999), although the dollar equivalent of one
to two percent of dedicated annual program funds .iould be a
reasonable input value. Model cell references (20 years) in the
Program file are H84 through AA84.
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• Other Income — Revenues that are added into the fund from secondary
sources. This figure includes cash from penalties for delinquent
loan payments. Valid entries can range from zero to hundreds of
millions of dollars (0 to 999999999).
Note : The source of these revenues are similar to those for NON—SRF
CONTRI6UTIONS, but differ in that OTHER INCOME revenues are spent
through the SRF and NON—SRF CONTRIBUTIONS buy out needs independent
of the SRF.
• Non—SRF Contributions — Revenu s from secondary sources that are
loaned and/or granted out to meet construction needs. Valid entries
can range from zero to hundreds of millions of dollars (0 to
999999999).
Note : This item is used in the software to help analysts see how
well construction needs are being bought out by both SRF and non—SRF
expenditures. Model cell references (20 years) in the Program and
Project files are AF87 through BR87 and E8 through X253,
respectively. -
• Interest Rate On Invested Funds — The model is not equipped to
calculate interest earned on the fluctuating fund balance throughout
the year. For simplicity, interest is calculated on surplus fundi
that are available after a year of fund activity. Choose the
interest rate that will likely be received from investing those
funds. Acceptable entries for the interest rate range from zero to
one hundred (0 to 100) percent. Model cell references (20 years) in
the Program file are H88 through AA88.
Note : There is currently no default. The interest rates should
reflect those on current short—term federal notes. Contact your
State financial officer to get the average annual interest Tate on
State inve stments.
• Inflation Rate — This input value is applied only to the end—of—year
fund balance. The model takes the end—of—year fund balance,
deflates it (i.e., reduces the amount because the spending power of
the funds is diminished when accounting for inflation), and “rolls”
the deflated figure into next year’s beginning fund balance. The
model does not attempt to calculate the varied inflationary impacts
on other model variables. If the effect of inflation is not taken
into account, enter a zero inflation rate for each year. An
inflation rate, forecasted by a nationally respected source, has
been entered into the model (a default value of 5 percent). The
valid range of entries is zero to ninety—nine (0 to 99) percent.
Model cell references (20 years) in the Program file are H92 through
AA92.
NoteS You may choose to use the default values, or enter
projections that closely reflect the anticipated construction index
inflation rate in your State
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The model can be run with or without information pertaining to many of the
variable inputs. For example, data on inflation does not have to be entered
in the model, but omitting this information will obviously affect the quality
of model results. In any case, special consideration should be given whe
deciding not to include information that is available on a key model input.
For each assumption or goal, identify the correlating inputs, so that they can
be documented for the appropriate model simulation. Once the universe of
variable inputs that will be used has been identified, define a range of
reasonable values for each input: By defining input ranges, useful parameters
will be available for modifying inputs during sensitivity analysis. As a
reasonable range for each Input Is defined, enter the “best” guess value for
each year of the SRF.
2. DOCUMENTING MODEL INPUTS
Collect copies of documents from which input data is to be used. In addition,
written analyses of parameters relating to hypothesized (or predicted) inputs
should also be collected. By collecting source documentation for all “hard”
data (i.e., data that is contained in official documents) and written
assumptions pertaining to predicted data, the information will be readily
available when reviewing model results during sensitivity analysis and . or use
in establishing fund policies.
3. FILLING OUT DATA ENTRY WORKSHEETS
Worksheets for recording input data are provided to help users plan SR
scenarios (See Appendix A). Make several photocopies of all blank data entr
worksheets so that values can be recorded for the possible financial scenarios
that may be planned. Although several data entry worksheets may not be used
because information is not available or the level of detail is beyond the
scope of the planned scenario, keep them handy in the event that the scope of
the scenario changes or additional information is made available. Record all
information collected for running a complete SRF scenario in the appropriate
input line item appearing on the data entry worksheet.
The data entry worksheets are not only helpful for theconvenience they allow
in planning an SRF, but are structured to exactly match the data entry
routines provided in the model software. The similarity of the planning
worksheets and the data entry routines will cut down on input errors and
decrease the time spent entering information into the model. The data entry
routines better ensure accuracy of entered information by also offering
specific prompts for each key data value that exists in the model.
4. GETTING STARTED AT THE PERSONAL COMPUTER
Instructions for getting started on an IBM PC or IBM PC—AT (or compatible
hardware) possessing a two—floppy disk drive system and an IBM PC—XT with a
s ng1e floppy disk drive are provided in this section. The use of a system
with a hard disk can speed the process of retrieving and saving files.
• Place a “boot” or Disk Operating System (DOS, version 2.0 or later
disk in the ‘A’ drive of either a two—floppy system or a hard disk
system (if appropriate).
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• Turn on the computer, monitor, and printer (“cold start”), or
restart the system (“warm start”) if the computer is already on by
pressing the keys simultaneously.
• Be sure to enter the date and time when prompted in order to have a
record of when the model was last used.
Hard Disk Instructions
If the PC being used possesses a hard disk (e.g., an IBM PC—XT or IBM PC—AT,
or compatible) with an installed version of Lotus 1—2—3 Release 2 (or later),
each of the model files should be copied into the Lotus 1—2—3 directory.
Insert the SRF Program disk into the “A” (or left—hand) disk drive and type
the following command.
A>COPY C: 1—2—3 directory name
Repeat the command after inserting the SRF Project disk in the “A” disk
drive. Place the original disks of the SRF Model Software Package in a safe
place as a backup to the files now on the hard disk.
Floppy Disk System Instructions
For those using a two—floppy system without a hard disk (e.g., an IBM PC or
compatible), place the SRF Program Disk of the package in the “A” drive and a
blank disk formatted in DOS 2.0 (or later) in the “B” drive, and type the
following command:
ACOPY B:
Place the SRF Project Disk in the “A” drive and another blank disk formatted
in DOS 2.0 (or later) in the “B” drive, and repeat the preceding command.
Place the original disks of the SRF Model Software Package in a safe place as
a backup to the these newly created floppy disks that you will now be using.
Insert the Lotus 1—2—3 System Disk in the “A” drive and either SRF Model Disk
in the “B” drive.
‘ Accessing Lotus 1—2—3 and SRF Model File
Lotus 1—2—3 can now be loaded into the system to access the SRF Model
Software. Depending on the hardware configuration being used, type the
appropriate command to load Lotus 1—2—3 and SRF Model software:
USING A HARD DISK SYSTEM :
After having copied the SRF Model files to the hard disk, issue the
fol lowing commands:
AC:
C>123
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USING A NON—HARD DISK SYSTEM :
A>123 key.
If neither of the two SRF Model files (i.e., “PROGRAM.WKl” or “PROJECT.WKl”)
appear:
• Type the key sequence “lED” to indicate the directory from which
Lotus 1—2—3 is trying to retrieve files. Merely type the letter of
the disk. drive on which the files are maintained, colon, “slash”
key, the directory name (for hard disks only) —— “X: directory
name”, and , and then repeat the preceding file retrieval
commands.
To get out of the spreadsheet and save any work that has been done:
• Type the keystroke sequence of “/FSR” which stands for File, Save,
and Replace in Lotus 1—2—3.
To abandon all work that has been done at the end of the session at th
computer:
• Press the keystroke sequence of “/QY” which stands for Quit and Yes.
When the PROGRAM.NK1 file is retrieved, a main menu will appear with the
following numbered options and a description of each option:
• l:SEG(1) —— Enter Model Initialization Data Items
• 2:SEG(2) —— Enter Terms for Bond Retirement
• 3:SEG(3) —— Enter Terms for Loan Repayments
• 4:SEG(4) —— Enter Miscellaneous Data Items (e.g., Interest and
Inflation Rates)
• 5:NEEDS —— Enter and Analyze Construction Needs Information
• 6:UTILS —— Utilities to Expedite Data Entry and Save Results
• 7:REPORT —— View and Print SRF Program Reports
• O:EXIT -— Leave the SRF Macro Routines and Return to the 1—2—3
READY Mode.
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The PROJECT.WK1 file contains the following options on its main menu:
• l:PROJECTS —— Enter Names of All State Projects
• 2:NEEDS —— Enter Construction Needs for Each Project
• 3:REVENUES/OUTLAYS —— Enter Amounts of Funds (1) Expended and (2)
Received In Loan Repayments
• 4:REPORTS —— View or Print Project—Level Reports
• 5:SAVE —— Save Project Data to File (PROJECT.WK1)
• 0:EXIT —— Leave the Model Menu Strudure
These choices can be selected either by typing in the number of the option or
highlighting the option by way of cursor movement and pressing the
key.
5. PERFORMING DATA ENTRY
Once an SRF Model file has been retrieved, select one of the data entry
routines described above. If an undesired menu choice Is accldentall7
selected, type zero (“0”) to return to the previous menu or press the
keys simultaneously to get out of the model menu structure
altogether.
There are four ways to enter data In the two SRF spreadsheets:
• Line—by—Line Entry —— In the Program (PROGRAM.kIK1) file, special
routines are offered on the SRF Model menus that prompt for numeric
values. The option to perform line—by—line entry exists for all
Inputs in ‘the Program file. The routines for numeric values either
require entries over a 20—year period or in 5—year increments (1—5,
6—10, 11—15, 16—20). For each project in the Project file
(PROJECT.WK1), a routine is provided that prompt for annual
construction needs over a 20—year period. The Project file contains
routines for entering numeric values for 20 years, and fifty
alphanumeric construction project names. If more than fifty
projects are being considered, enter information into a fresh
PROJECT.NK1 worksheet and save the results to a new file named
PROJ ECT2.WK 1
Note : When considering more than fifty projects, the PROJECT DATA
TRANSFER feature will not work. To accommodate all project—level
data in the Program file, add like values in the PROJECT SUMMARY (20
YEARS) reports of the different Project files that are being used
and enter this information in the NEEDS, LOANS, GRANTS, and NON—SRF
$ routines of the Program file. The aggregated project—level loan
repayment information should be entered in the row labelled ANNUAL
LOAN REPAYMENT TOTALS; the totals should be entered for twenty years
beginning with Year 1 in cell H73 and ending with Year 20 in cell
AA73. As data is changed in the Project file, PROJECT SUMMARY (20
YEARS) reports will have to be run again, like values added, and
affected values in the Program file will have to be updated to
reflect project—level changes.
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• Free—Form Entri —— Free—form entry allows data values to be entered
without prompts. In the Program file, free—form entry is
recommended when editing only a few data values so that one does not
have to go through an entire line—by—line entry routine. Althouc
line—by—line entry with prompts Is offered in the Project file ft
entering project names and annual project construction needs, the
free—form approach serves as the primary way to handle the majority
of data entry (i.e., loans made, grants made, non—SRF contributions
and loan repayment terms for each project). Menu options are
provided in the Project file that bring the cursor to the general
area where free—form data entry can occur.
• Replication —— This feature, offered in the Program file, allows a
value to be copied throughout the 20—year life of the SRF without
having to perform line—by—line entry. Replication of inputs that
are likely to remain static for 20 years (e.g., the loan default
rate) permits data entry to be performed quickly.
• Data Transfers —— Lotus 1—2—3 contaIns a useful feature that allows
spreadsheets to share information. As was discussed in the “Model
Concept” section, If project—level analyses are being conducted,
aggregated totals of up to fifty projects In the Project file may be
electronically transferred to the Program file. When data ha ’s been
entered in the Project file that reflect annual State totals of (1)
construction needs, (2) loans made, (3) grants made, (4) non—SRF
contributions and (5) loan repayments over a period of up to 20
years, this information may be transferred from the Project file to
the Program file by selecting the PROJECT DATA TRANSFER option in
the UTILS submenu of the Program file. In order to ensure a
accurate transfer of project—level data to the Program file, tt 1
Project file must be calculated by pressing the F9 function key
before saving information in the Project file.
Although data entry options are automatically available when a file Is
initially retrieved, one may choose to exit from the special menus offered in
the model to use the Lotus 1—2—3 menu structure or to perform free—form data
entry. In either of the SRF Model files, when “READY” appears in the upper
right—hand indicator panel type the keys simultaneously to access the
main menu.
Note : Do not type simultaneously when “cMD” appears at the lower
middle part of the screen because this indicates that the special menu
structure has already been called and model routines may be occurring.
When performing data entry in either of the two spreadsheets, remember the
following considerations/rules. These considerations not only serve as an
excellent troubleshooting checklist for data entry, but also for interpreting
results in output reports.
• The default setting for most inputs is zero (“0”) . If data are not
available for a numeric input item, the default value of zero will
be retained. However, by entering conservative or “safe” values
instead of retaining the default value, more useful model results
are likely. For key line items (such as CAPITALIZATION, 8O
ISSUES, and LOANS and GRANTS MADE), carefully consider the values
be entered because model results could be significantly affected.
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• Commas can not be used when entering numbers . Once a number larger
than three digits has been entered, 1—2—3 wIll assign commas in
order to enhance readability. If a comma is included by accident,
an error message will appear stating “Illegal Number Format”. Press
the . The universe of
input (or “line”) items In the Program file are shown In Figure 3 and the data
entry worksheets can be found in Appendix A on pages A—l through A—5. All of
the routines offered in the Program file have been structured to allow entry
of a maximum of 20 values.
By selecting SEG(l), SEG(4), or NEEDS, prompts for annual numeric values
(years 1 — 20) for a variety of line items are provided. In contrast, the
routines for SEG(2) and SEG(3) require entry of four items of information
(first payment year, term of the financial instrument, number of payments per
year, and the interest rate) —— in 5—year blocks.
After line—by—line entry has occurred, free—form entry can be used in the
following manner to edit information efficiently:
1. Press
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FIGURE 3
PROGRAM FILE DATA ENTRY ROUTINES
SEGMENT 1
MODEL INITIALIZATION DATA
For each year:
• Capitalization amount
• Bond Issues amount
• 7. of bond Issues for debt
service reserve
• 7. of bond issues for bond
Insurance fee
• Loans made*
• Grants Made*
SEGMENT 3
TERMS FOR LOAN REPAYMENTS
For each loan year:
• The first year that repayments
will begin on a loan
• The number of years to repay a
loan in full
• The number of payments per year
• The annual Interest rate
• The percentage of all loan
repayments in default
• Annual Loan Repayments*
SEGMENT 2
TERMS FOR BOND RETIREMENT
For each bond year:
• The first year that a bond
issue will begin to be retire
• The number of years over whici
a bond issue will be complete
reti red
• The number of payments per ye
• The annual interest rate
SEGMENT 4
MISCELLANEOUS DATA ITEMS
For each year:
• Administrative/Operationa
Costs
• Other Income
• Interest rate earned on
funds
• Inlation rate
• Non—SRF contrlbutions*
NEEDS
For Each Year:
• State Construction Needs
*NOTE: This information can be calculated In the Project File and electronicc
transferred to the Program file.
-20—
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2. Select the data entry routine containing the value(s) requiring
change(s).
3. Select an Input requiring change(s).
4. Press Breab simultaneously, when the first prompt for data
appears in the upper left—hand panel of the screen.
5. Enter the necessary changes.
6. Press Alt simultaneously.
Step 5 involves using the right and left arrow keys to find the Capitalization
values that require change. Step 6 Involves re—accessing the main menu to
perform other model operations.
By breaking out of a data entry routine right after the first prompt for data
appears, the cursor will be in the general location where changes can be
made. The advantage of this technique is that numbers will not have to be
re—entered for each cell as the Lotus 1—2—3 data entry macro routines
require. Until one is familiar with the spreadsheet and its data entry
routines, data should only be entered by way of the 1—2—3 macro routines
provided in the model’s main menu. Once the structure of the spreadsheet Is
well understood, the free—form data entry approach may prove to be quicker
than line—by—line entry.
A replication feature (described above) is offered In the Program file that
allows input variables containing the same value for any given year through
year 20 to be entered with just a few commands. When recording Information on
the data entry worksheets, make a special note of the values to be
replicated. If a value to be replicated has just been entered via
line—by—line entry:
• Break out of the routine by pressing the keys
simultaneously.
• Recall the main menu by pressing the
-------
The transfer of data can be performed efficiently when the Project and Program
files are located on the same directory of a hard disk. Perform the following
steps:
1. Press simultaneously, to access the main menu.
2. Select the main menu option containing the annual State totals to be
transferred (i.e., SEG(l) for loans and grants made, SEG(3) for loan
repayments, or NEEDS for construction needs).
3. Select the line item for transfer of 20 annual State totals from the
Project file to the Program file.
4. Select the “PROJECT DATA TRANSFER” option (this step may take a few
minutes.
To perform data transfers using a two—floppy system without a hard disk,
replace the Program disk with the Project disk and perform the steps outlined
above. After all ttansfers have been performed, replace the Project disk with
the Program Disk and continue using the model.
Entering Data in the Project File
The main menu of the Project file offers data entry routines in three options
labelled PROJECTS, NEEDS, and REVENUES/OUTLAYS; each of these options may be
accessed by typing 1, 2, or 3, respectively, or by moving the cursor over to
the desired option and pressing the key. The universe of inputs,
their definitions, and the main menu options (in parentheses) for enterinr
them in the Project file include:
• Project Names : The name of every State construction project.
(PROJECTS)
• Project Needs : The annual construction needs for a given project.
(NEEDS)
• Project Expenditures : The annual amounts of (1) Loans made, (2)
Grants made, and (3) Non—fund expenditures. One or all of these
types of expenditures can occur for a given project. (EXPENDITURES)
• Loan Repayment Terms : The interest rate on repayment term for each
loan taken out for a project. (LOAN REPAYMENT TERMS)
The PROJECTS option in the main menu provides routines for adding, editing,
and clearing project names from the Project file. (See Appendix A, pages A6 —
AlO, for planning worksheets). These routines, labelled as ADD, EDIT, and
CLEAR, can be accessed by typing 1, 2, and 3, respectively, or by moving the
cursor over to the desired option and pressing . After selecting ADD
from the submenu following the main menu, a prompt for a project name will
appear. This data entry routine continues until fifty names have been
entered. If less than fifty names are to be included in the analyses, simply
press after the last project has been entered to leave the routine;
the menu that contains routines for adding, editing, and clearing projec
names will reappear. The EDIT option involves free—form entry to correc
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minor misspellings of project names. After all project names have been
entered and edited, press simultaneously to reaccess the main menu.
The CLEAR option erases all project names, so select this option with
caution. Use the PROJECTS submenu option CLEAR when a significant amount of
editing would be needed to correct large numbers of data input errors. If
only a few errors have been committed, use the EDIT option described above.
Note: Each project name entered has a unique identification number (i.e., 1 —
50) in the far left—hand column on the screen. This identification number is
important because it allows for entry of ,construction needs for a particular
project.
The main menu’s NEEDS option provides a submenu that closely mirrors the types
of routines offered In the PROJECTS submenu, with a few minor differences.
After selecting the ADD option from the NEEDS submenu, a prompt will appear
asking for the identification number of a project. Simply enter the
identification number of any given project for which a name has already been
entered. Enter the annual project construction needs for each year, years
1—20 (See Appendix A, pages A6—AlO, for planning worksheets). Continue
selecting project identification numbers and entering construction needs for
all projects. The CLEAR option in the NEEDS submenu (unlike the PROJECTS
submenu) only clears the construction needs for one project at a time. After
selecting CLEAR, type the Identification number for a given project to clear
its construction needs totals. After all construction needs Information h
been entered and edited for all projects, return to the main menu from the
submenu by typing zero (“0”); or press Alt> simultaneously to access the
main menu from the Lotus 1—2—3 “Ready 1 ’ mode.
The REVENUES/OUTLAYS option in the main menu allows for free—form entry of two
types of project Information: EXPENDITURES, and LOAN REPAYMENT TERMS; these
routines can be accessed by typing 1 and 2, respectively, or by moving the
cursor over to the desired, option and pressing .
The EXPENDITURES routine brings the cursor to the part of the spreadsheet
where annual project expenditures in the form of loans, grants, and non—SRF
contributions can be entered. This routine “freezes” horizontal and vertical
titles to assist in free—form entry; the project names will always appear In
the first column of the screen, while the years for which expenditures can be
made appear along the top of the screen. Move the cursor around to the cells
that correspond to the expenditure values entered in the planning worksheets
(See Appendix A, pages Al6 — A25, for planning worksheets).
For example, a loan of $5,000, a grant of $10,000, and a non—SRF contribution
of $15,000 in 1987 for the “Smithgard” project (Project #1) would appear as
follows:
PROJECT NAME
Year
Smi thgard
SRF LOANS MADE 5000 .
SRF GRANTS MADE 10000 .
NON—SRF CONTRIBUTION 15000 .
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Remember to carefully plan out when and how projects are to be funded before
sitting down at the computer.
The second routine in the REVENUES/OUTLAYS submenu is called LOAN REPAYMEt ’
TERMS. This free—form data entry routine calls for the interest rate an
maturity on each project’s loan series. Using the three previous examp.les
where only one loan was made for a project In its first year, the terms for
repayment of the project’s loans can be entered in the following way:
PROJECT NAME YEAR LOANS LOAN TERMS
• . . .20 MADE INT RATE MATURITY
• Sm lthgard
SRF LOANS MADE 5000 . . . . 5000 6% 20
SRF GRANTS MADE 10000
NON—SRF CONTRIBUTION 15000
There are two approaches for entering loan repayment terms in the PROJECT file:
• Repeat the project name for each set of repayment terms (e.g., “1.
Smithgard (Loan 1)” and “2. Smithgard (Loan 2)”. By putting a loan
designation In parentheses, a project will not appear as a duplicate.
• Only enter a project name once and roughly calculate the average of
the Interest rates over the period for which loans were made,
weighted for the different principals (e.g., the average or weighted
Interest rate for loan principals of $15,000 at 5% and $15,000 at
107. would be 7.57.. Although the example Is a simple one, the
following formula can be used for more complex calculations:
Raw Interest
[ (LOAN PRIN #1/LOAN PRIN #1 + LOAN PRIN #2) * (LOAN INTEREST #1)] s.
[ (LOAN PRIN #2/LOAN PRIN #1 + LOAN PRIN #2) * (LOAN INTEREST #2)]
Weighted Interest = Raw Interest * 100
An example of weighted interest : Calculate the weighted Interest
for a loan of $10,000 at 67. interest and a loan of $20,000 at 107.
interest.
Raw Interest = [ (10,000/30,000) * (.06)] +
[ (20,000/30,000) * (.10)]
.0198 + .066
= .0858
Weighted Interest = .0858 * 100 8.6%
Note : This weighted interest calculation does not take into
account the length of repayment terms.
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6. ACCESSING SRF MODEL REPORTS
The model software provides an extensive reporting capability that supports
different analyses of SRF scenarios. Standard tabular reports and graphics
are provided for conducting sensitivity analyses and documenting SRF program
assessments. The Program and Project files both have the REPORT option for
evaluating SRF scenarios. Special procedures have also been provided for
printing reports on different types of hardware.
Program File Reports
Most of the reporting Is done in the Program file. The main menu of the
Program file, which can be accessed by typing M simultaneously,
contains the REPORT option for viewing and printing model results. After
selecting REPORT, a submenu appears offering the VIEW, PRINT, and GRAPHS
options. The VIEW and PRINT options contain standard tabular reports titled
“Construction Needs,” “SRF Summary,” “Comprehensive SRF,” “Bond Inputs,” and
“Loan Inputs,” which can be accessed by typing 1, 2, 3, 4, and 5,
respectively, or by movfng the cursor over to the desired option and pressing
. The contents of each of these reports is provided in the following
list:
• Construction Needs —— This report contains annual totals (years 1
20) for all model Inputs and outputs In the following categories:
“Available Funds for Loans and Grants,” “Funds Expended (Not
including Loans and Grants, e.g., Bond Insurance),” “Loans and
Grants Made,” and “Fund Balance Analysis.” For each year, loan and
grant activity Is contrasted with State construction needs to help
assess how well the SRF Is meeting construction needs while
maintaining a fund balance. This report is extremely useful when
conducting sensitivity analysis.
• SRF Summary and Comprehensive SRF —— Although these reports address
different time periods, they provide exactly the same types of
information: annual and cumulative totals of model inputs and
outputs. The SRF Summary report provides information on fund
operations In 5—year Intervals (i.e., years, 1, 5, 10, 15 and 20),
while the Comprehensive SRF report provides Information over a
twenty year period (i.e., years 1 — 20).
• Bond Inputs —— The terms for retiring debt from bonds Issued each
year (i.e., the first year of bond retirement, term for bond
retirement, number of payments made each year, and the interest rate
charged in the bond market) are provided in this report. The Bond
Input report may be used for reviewing the data entered Into the
bond retirement table in SEGMENT 2.
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• ‘ Loan Inputs —— The terms for repaying loans to the fund (i.e., the
first year of loan repayments, term over which loans will be repaid,
number of payments each year, and the interest rate on loan
repayments) are provided in this report. The Loan Input report ma
be used for reviewing the data entered into the repayment table i
SEGMENT 3.
Note : When project—level data is electronically transferred, this
report will contain zeroes because only annual loan repayment totals
(and not individual proje t loan repayment terms) from the Project
file are releyant in the Program file.
After selecting one of these reports in the VIEW mode, review the data by
using the cursor to move around the report; horizontal and vertical titles are
frozen to serve as a point of reference when reviewing data. Press the
key when finished reviewing the report; the REPORT submenu will
reappear.
Graphics Capability
The GRAPHICS option on the main menu contains four graphics that provide
information for evaluating the performance of the fund. Each of the g. aphics
can be very helpful when conducting sensitivity analysis (See “Interpreting
Model Results” on page 26). The GRAPHICS submenu contains graphics titled
“Needs Summary,” “Loans/Grants,” “Sources,” and “Cumulative Sources,” which
can be accessed by typing 1, 2, 3, or 4, respectively, or by moving the cursor
over to the desired option and pressing . The contents of each of
these graphics Is provided in the following list:
• Needs Summary —— A line graph that displays annual State
construction needs versus the annual totals of available funds for
loans and grants (years 1 — 20). This graph is useful for analyzing
the potential of the fund to meet State construction needs.
• Loans/Grants —— A line graph that displays the annual totals of
loans and grants made versus the annual totals of funds available
for loans and grants (years 1 — 20). This graph is useful in
performing basic optimization analysis of fund resources.
• Sources —— A line graph that displays trends of key sources of
funds to the SRF (i.e., capitalization, bond issues, and loan
repayments).
• Cumulative Sources —— A pie chart that shows the cumulative
contribution of key sources of funds as a percentage of the total
amount of available funds over the twenty years of an SRF.
The personal computer must possess either a color monitor with a graphics
card, or a monochrome monitor with a Hercules board to view graphics. If,
upon selecting one of the graphics options, a beep sounds, no graphic appears,
and the GRAPHICS subnienu is displayed, the hardware configuration being used
—26—
-------
does not support graphical displays. Although some personal computers may
have limitatlons,viewing graphics, the Lotus 1—2—3 Printgraph Disk allows for
all users to print graphics. Follow the procedures that are normally used for
printing graphs on the office printer/plotter.
Project File Reports
The Project file provides reports summarizing key model information. The
steps for viewing and printing reports •is very similar to those for the
Program file. The main menu of the Project file, which can be accessed by
typing simultaneously, contains the REPORT option for viewing and
printing project—level Information. After selecting REPORT, a subrnenu appears
offering the VIEW and PRINT options; note that a graphics capability has not
been built into the Projects file. The VIEW and PRINT options provide access
to the reports titled “PROJECT SUMMARY (20 YEARS)” and “INPUT REPORT”; these
reports can be accessed by pressing 1 and 2, respectively, or by moving the
cursor over to the desired option and pressing . The contents of each
of these reports is provided in the following list:
• Project Summary (20 Years) : Annual State totals of (1) construction
needs, (2) loans made, (3) grants made, (4) non—SRF contributions,
and (5) loan repayments from project data Is contained In this
report. All of the information in this report can be transferred b
selecting PROJECT DATA TRANSFER from the UTILS subrnenu in the
Program file.
• Input Report : A complete list of all project data entered on (1)
construction needs, (2) loans made, (3) grants made, and (4) non—SRF
contributions Is contained in this report.
When finished viewing a report, press the key to return to the REPORT
submenu. Use these reports to evaluate whether project—level information
should be incorporated Into the simulations occurring in the Program file.
Hardware Printing Options
The reports are designed for printing on either dot—matrix (I.e., Epson or
Epson—compatible) or laser (Hewlett Packard Laserjet or compatible) printers.
For dot—matrix printers, align 8 1/2 x 11 paper In the printer so that
printing can begin at the top of the page; do not leave a top margin. The
paper should be set with the print head just below the upper edge of the paper
at the fold. If the printer Is ON and READY, select the desired report for
printing. When printing is complete, the submenu with all reports reappears;
either choose zero to leave the print mode so that other model operations can
be performed, or continue printing reports.
For printing on the Hewlett Packard (HP) Laserjet printer and some HP
compatible printers, make sure that 8 1/2 x 11 paper is in the paper tray and
that the printer Is ON and READY. Select the desired report for printing.
When printing is complete, the submenu with all reports will reappear; either
choose zero to leave the print mode so that other model operations can be
performed, or continue printing reports.
—27—
-------
Note : If the reports do not print out as they appear in Appendix B when
selecting the PRINT option, use standard Lotus 1—2—3 commands to redefine
print parameters (e.g., left and right margins, set—up strings, etc.) that
match your printer.
INTERPRETING MODEL RESULTS
The model reports offered in the Program and Project files display key
information for analyzing the performance of the simulated state revolving
fund. Because several different assumptions will likely be tested when
designing an SRF, the reports and graphs support sensitivity analyses of model
simulations. Sensitivity analysis, introduced in the OVERVIEW OF THE MODEL
section, Is the process of reviewing model assumptions, changing key model
inputs, and evaluating their effect on revolving loan fund operations over the
short or long term.
Although there may -be many different goals relating to the operation of a SRF,
basic goals relating to effective fiscal management include:
• Attaining close to a zero fund balance every year . The basic rule
to follow is that the fund never runs an annual deficit that a ceeds
the amount of funds in the debt service reserve and the coverage
requirements. Given the nature of State revolving funds, deficits
are more likely to occur in the early years before loan repayments
“kick in” to recapitalize the SRF. In cases of negative fund
balances, make sure that all revenues that will be available to the
fund are incorporated into the model. The key revenue items tha’
may be revised in these cases are Capitalization, Bond Issues, Loa
Repayments, and Other Income. Once the largest amount of revenues
are made available, check to see if deficits are still occurring.
If so, reduce the amount or timing of outlays in the way of Loans
and Grants Made and Bond Retirement. Other factors that affect the
pool of SRF resources are Debt Service Reserve, Coverage
Requirements, and Inflation Rate. Make sure that the terms of these
factors do not overly limit the amount of available funds for loans
and grants.
• Meeting construction needs each year . Although it is unlikely to
happen every year, funds should be loaned and granted out at a level
to meet State construction needs. This goal is closely linked to
the first goal because It Is highly desirable to come as close as
possible (I.e., optimize), to meeting construction needs without
running a deficit. Once the optimization of revenues and outlays
has been achieved, the analysis involved in meeting construction
needs each year becomes straightforward. If construction needs
remain, then either reduce the needs estimates or shift them to
years in which more funds may become available. Another key factor
affecting needs Is Non—SRF ‘Contributions. If SRF resources cannot
meet all construction needs, investigate opportunities for State and
local sources to directly meet the needs that are unmet by the SRF.
Given these and other goals that may be considered, sensitivity analysi
should be performed in the following steps:
—28—
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1. Review graphs and reports , and assess data entry errors and problem
areas regarding fund operations and construction needs. Make a list
of the characteristics of the problems (e.g., the first and
subsequent years of SRF deficits, the amount of needs unmet each
year).
2. Choose those inputs requiring modification . Review the list of
Inputs and their definitions offered In the USING THE MODEL section
In order to Isolate where changes may need to occur. Pay special
attention to those Items whicI significantly affect model results
(e.g., capitalization amount).
3. Reassess and revise assumptions and parameters . Initial assumptions
and Input ranges may not hold true in the scenario that was
planned. Therefore, take a second look at the assumptions that were
defined because they may require changes (e.g., perhaps more bonds
can or should be issued to meet needs).
4. Revise inputs within the range of previously defined acceptable
values . The process of defining Input ranges in the USING THE MODEL
section was for the purpose of outlining the entire range of
plausible values for a line item. Although assumptions and
parameters may have changed somewhat, the range of plausible values
should still hold true.
5. Conduct Free—form entry to change inputs . Follow the Instructions
in the subsection titled “Performing Data Entry” tá efficiently edit
Information. If project—level information has been changed, make
sure to perform an electronic data transfer to the Program file (If
50 or fewer projects are being analyzed) or revise computations from
the PROJECT SUMMARY (20 YEARS) report and incorporate the new totals
In the Program file.
6. View or Print Model results . View the reports that are relevant to
your sensitivity analysis and follow the Instructions contained in
the “Accessing SRF Reports” subsection for printing those reports.
7. Repeat sensitivity analysis until all SRF scenarios have been run .
Conduct the same thorough review outlined in the first 6 steps as
many times as are needed to produce a comprehensive assessment of
State revolving loan funds.
USER SUPPORT
Any questions regarding the structure, terminology, and operation of the SRF
Model Software should be directed to the following:
Jamle Bourne/Jim klerntz
Environmental Protection Agency,
401 Ni. St., SW
Office of Municipal Pollution Control
Planning and Analysis Division (WH—546)
Washington, DC 20406
(202) 382—7256 or FTS 8—382—7256
—29—
-------
Robert Brotzman/Patti Shafer
Roy F. Weston, Inc.
955 L’Enfant Plaza, SW, 6th Floor
Washington, DC 20024
(202) 646—6800
Problems 1th hardware can also be directed to the appropriate ADP Support
personnel In your office.
-30-
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APPENDIX A
DATA ENTRY WORKSHEETS
-------
APPENDIX A DATA ENTRY WO SHEETS (P )GRAN FILE)
SEQIENT 1 AND NEEDS. YEARS 1-10
YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR
1 2 3 4 5 6 7 8 9 10
BEGINNING BALANCE
CAPITALIZATION _______
BOND ISSUES
TOTAL $ AVAILABLE
(EXCL LOAN REPAYMENTS & INTEREST $)
DEBT SERVICE RESERVE
PERCENTAGE OF BONDS
ISSUED
DOLLARS RESERVED
ANNUAL COVERAGE REQUIREMENTS
EXCESS AS A % of DEBT
SERVICE _______ _______ _______ _______ _______ _______ _______ _______ _______ _______
DOLLAR VALUE OF EXCESS
REVENUES
BOND INSURANCE
PERCENTAGE OF BONDS
ISSUED ________ ________ ________ ________
LOANS MADE ______ _______ ______
GRANTS MADE _______ _______ _______
TOTAL USES OF FUNDS
(EXCLUDING BOND DEBT SERVICE)
CONSTRUCTION NEEDS ________ ________ ________ ________ ________ ________ ________ _______ ________ ________
NOTE: The underscores represent the f ields where values can be entered; the other ttems are calculated by the model.
A-i
-------
APPENDIX A DATA ENTRY I SHEETS (P )GRAI4 FILE)
SEQIENT 1 AND NEEDS • YEARS 11—20
YEAR YEAR YEAR .YEAR YEAR YEAR YEAR YEAR YEAR YEAR
11 12 13 14 15 16 17 18 19 20
BEGINNING BALANCE
CAPITALIZATION _______
BOND ISSUES ________
OTAL $ AVAILABLE
(EXCL. LOAN REPAYMENTS & INTEREST $)
DEBT SERVICE RESERVE
PERCENTAGE OF BONDS
ISSUED
DOLLARS RESERVED
ANNUAL COVERAGE REQUIREMENTS
EXCESS AS A % of DEBT
SERVICE
DOLLAR VALUE OF EXCESS
REVENUES
BOND INSURANCE
PERCENTAGE OF BONDS
ISSUED
LOANS MADE
GRANTS MADE
TOTAL USES OF FUNDS
(EXCLUDING BOND DEBT SERVICE)
CONSTRUCTION NEEDS
NOTE. The underscores represent the fields where values can be entered; the other items are calculated by the model.
A-2
-------
APPENDIX A DATA ENTRY ) 3HEETS (P )GRAIb .E)
YEA 1-20
SEGIENT 2: BOND RETIREMENT (DEBT SERVICE SEGIENT 3: LOAN REPAYMENTS
FIRST NLI ER FIRST NLJ ER
BOND PAYMENT BOND PAYMENTS INTEREST PAYMENT LOAN PAYMENTS INTEREST
YEAR YEAR TE 4 PER YEAR RATE YEAR TE 4 PER YEAR RATE
2 ____________ ____________
3 ____________ ____________ ____________
4 __________ __________
5 __________ __________
6 _________ _________
7 __________ __________
8 __________ __________ __________
9 __________ __________ __________
10 ________ ________
i i __________ __________
12 ________ ________
13 ________ ________
14 ________ ________ ________
IS ________ ________ ________
16 _______ _______ _______ _______
17 _______ ________ _______ ________
18 _______ _______ _______ _______
19 _______ _______ _______ _______ _______ _______ _______
20 ________ ________ ________ ________
PERCENT OF ALL LOANS IN DEFAULT EACH YEAR
- 1 ___ 2 3 4
5 6 8
9 10 11 ______ 12
13 14 15 16
17 18 19 20
NOTE: The underscores represent the fields where values can be entered; the other Itwns are.calculated by the model.
A-I
-------
APPENDIX A DATA ENTRY IPCmCStIEETS (PROGRAM FILE)
SEOIENT 4 YEARS 1—10
YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR
1 2 3 4 5 6 7 8 9 10
INTERMEDIATE FUND BALANCE 2
ADMINISTRATIVE/OPERATIONAL _______ _______ _______ _______ _______ _______ _______ _______
COSTS
OTHER INCOME (INCLUDING PENALTIES). _______ ______ ______ _______ ______ ______ _______ _______
INVESTED FUNDS
INTEREST RATE FOR
INVESTED FUNDS _______ _______ _______ _______ _______ _______ _______ _______ _______ _______
END OF YEAR FUND
(CURRENT DOLLARS ROLLED
OVER TO NEXT YEAR)
INFLATION ANALYSIS OF
FUND
INFLATION RATE _______ _______ _______ _______ _______ _______ _______ _______ _______ _______
CONSTANT DOLLARS
NON-FUND EXPENDITURES _______ _______ _______ _______ _______ _______ _______ _______ _______ _______
NOTE. The underscores represent the f e ds where values can be entered; the other items are calculated by the model.
A-4
-------
APPENDIX A DATA ENTRY WD SIIEETS (P )GRAJ4 FILE)
SEQ4ENT 4. YEARS 11-20
YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR
11 12 13 14 15 16 17 18 19 20
INTERMEDIATE FUND BALANCE 2
ADMINISTRATIVE/OPERATIONAL COSTS.
OThER. INCOME (INCLUDING PENALITIES)
INVESTED FUNDS
INTEREST RATE FOR
INVESTED FUNDS
END OF YEAR FUND
(CURRENT DOLLARS ROLLED
OVER TO NEXT YEAR)
INFLATION ANALYSIS OF FUND
INFLATION RATE _______ _______ _______ _______ _______ _______ _______ _______ _______ _______
CONSTANT DOLLARS
NON-FUND EXPENDITURES _______ _______ _______ _______ _______ _______ _______ _______ _______ _______
NOTE: The underscores represent the fields where values can be entered; the other items are calculated by the model.
A-5
-------
YEAR YEAR
1 2
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
NOTE. Write the name
The underscores represent f1e ds where annua’
A-6
PROJECT NAME
APPENDIX A DATA EMTRY i) SMEETS (P )JECT FILE)
Constructtoi Needs. Years 1—10
YEAR YEAR YEAR YEAR
3 4 5 6
YEAR YEAR YEAR YEAR
7 8 9 10
of the pro)ect next to
the n inber.
needs data can be entered.
-------
APPENDIX A DATA ENTRY IP SHEETS (PROJECT FILE) (Continued)
Construction Needs. Years 1—10
YEAR YEAR YEAR YEAR YEAR YEAR
2 3 4 5 6 7
11. __________ __________ ___________ __________ ___________ ___________
12. ________ ________ ________
13. ________ ________
14. _______ _______ _______ _______ _______ _______
15. _______ ________ ________ ________ ________ ________ _______ ________ ________
16. _______ _______ _______ _______ _______ _______ _______ _______ _______
17. _______ _______ ________
18. _______ _______ _______ _______
19. _______ _______ _______ _______ _______ _______ _______ _______ _______ _______
20. _______ _______ _______ _______ _______ _______ _______ _______ _______ _______
NOTE: Write the name of the pro)ect next to
YEAR
PROJECT NAME
YEAR YEAR YEAR
8 9 10
the nLlnber. The underscores represent f e1ds where annual needs data can be entered.
A-i
-------
APPENDIX A DATA ENTRY IJ) SHEETS (PROJECT FILE) (Continued)
Construction Needs. Years 1—10
YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR
1 2 3 4 5 6 7 8
YEAR YEAR
9 10
PROJECT NAI4E
27.
28.
29.
30.
NOTE: Write the name
21.
.
22.
.
23.
.
24.
25.
.
26.
of the project next to the number. The underscores represent fields where annual needs data can be entered.
A-B
-------
APPENDIX A DATA ENTRY W) (SIIEETS (PROJECT FILE) (Continued)
Construction Needs. Years 1-10
TEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR
1 2 3 4 S 6 7 8 9 10
PROJFCT NAME
31. ________ ________ ________ ________ ________ ________ ________ ________ ________ ________
32. _______ ________ ________ ________ ________ ________ ________ ________ _______ ________
33. -
34. _______ _______ _______ _______ _______ _______ _______ _______ _______ _______
35. _______ _______ _______ _______ _______ _______ _______ _______ _______ _______
36. _______ _______ _______ _______ _______ _______ -_______
37. _______ _______ _______ _______ _______ _______ _______ _______ _______ _______
38. _______ _______ _______ _______ _______ _______ _______ _______ _______ _______
39. _______ _______ _______ _______ _______ _______ _______ _______ _______ _______
40. _______ _______ _______ _______ ________ ________ _______ ________ ________ ________
NOTE. Write the name of the project next to the n .inber. The underscores represent Fields where annual needs data can be entered.
A-9
-------
APPENDIX A DATA ENTRY WD SIIEETS (PROJECT FILE) (Conttnued)
Construction Needs. Years 1-10
YEAR YEAR YEAR YEAR YEAR YEAR YEAR
2 3 4 5 6 7 8
YEAR
YEAR YEAR
9 10
PROJECT NAIIE
41.
42.
43.
44.
45.
46.
47.
48.
49.
50.
NOTE. Write the name
of the project next
to the nujuber. The underscores represent
A-10
fields where annual needs data
can be entered.
-------
APPENDIX A DATA ENTRY WOM(SHEEIS (PROJECT FILE)
Construction Needs. Years 11—20
PROJECT WAME
YEAR YEAR YEAR YEAR
15 16 17 18
NOTE: Write the name of the project next to the nLmlber. The underscores represent fields where annual needs data can be entered.
YEAR
19
YEAR
20
YEAR
11
YEAR
12
YEAR
13
YEAR
14
2.
3.
4.
5.
.
6.
7.
8.
9-
10.
/
A-li
-------
APPENDIX A DATA ENTRY Ii) SIIEETS (PROJECT FILE) (Continued)
Construction Needs. Years 11-20
PROJECT NAIIE
YEAR YEAR YEAR YEAR YEAR
15 16 17 18 19
YEAR
20
NOTE: Write the name of the project next to the nLmlber. The underscores represent fields where annual needs data can be entered.
A- 12
YEAR YEAR
12
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
11
YEAR
13
YEAR
14
-------
APPENDIX A DATA ENTRY IP ) SHEETS (PROJECT FILE) (Conti, ied)
Construction Needs. Years 11-20
YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR
11 12 13 14 15 16 17 18 19 20
PROJECT NAME
1. ________ ________ ________ _________
2. ________ _______ _______ ________
13. ________ ________ ________ ________ ________ ________ ________ ________ ________ ________
24. ________ _______ _______ ________ ________ ________ ________ ________ _______ ________
25. ________ ________ ________ ________ ________ ________ ________ ________ ________ ________
26. _______ _______ _______ _______ _______ _______ _______ _______ _______ _______
27. ________ ________ ________ ________ ________ ________ ________ ________ ________ ________
28. _______ _______ _______ ________ ________ ________ ________ _______ _______ ________
29 _______ _______ _______ ________ ________ ________ ________ ________ _______ ________
30. _______ _______ _______ ________ ________ ________ ________ ________ _______ ________
NOTE: Write the name of the proJect next to the nLmiber. The underscores represent fields where annual needs data can be entered.
A-U
-------
PROJECT NAME
NOTE: Write the name of the project next to the number. The underscores represent ?lelds where annual needs data can be entered.
A- 14
APPENDIX A DATA ENTRY I1) SMEETS (PROGRAM FILE) (Continued)
Construction Needs. Years 11—20
YEAR
YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR
11
12 13 14 15 16 17 18 19 20
31
32.
.
33.
34.
35.
36.
37.
38.
39.
40.
-------
YEAR YEAR
•1 1 12
APPENDIX A DATA ENTRY Id)m(SHEETS (PROJECT FILE) (Continued)
Construction Needs Years 11—20
YEAR YEAR YEAR YEAR YEAR YEAR
13 14 15 16 17 18
PROJECT NAME
41.
42.
43.
-.
.
44.
,
45
46.
.
47.
48.
-:
I
49.
.
50.
NOTE: Write the name of the project next to the number. The underscores represent fields where annual needs data can be
entered.
A- lS
YEAR
19
YEAR
20
-------
APPENDIX A DATA ENTRY 11)WSHEETS (PROJECT FILE)
Expenditures (REVENUES/OUTLAYS) • Years -10
1 2 3 4 5 6 7 8 9 10
PROJECT NAME
1.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
-
2.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
.
3.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
.
.
4.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
5.
SRI Loan Made
SRI Grant Made
Non-SRF
Contribution
6.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
7.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
8.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
.
9.
SRI Loan Made
SRI Grant Made
Non-SRF
Contribution
10.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
.
I
NOTE: EnL - annua’ expenditures for each proJect in the way of loans, grantc and non-SRI contrIbutions. For each loan taken Out for a
project w ifferent repa)ment terms, either use a new project line (e.g. -oject X (Loan 1)’ and Project X (Loan 2)) or use one
project 1 iid calculate a weighted interest rate that accounts for dtfft principals.
-------
Expendi Lures (REVEMUES/OUTLA . • Years 1-10
2 3 4 5 6 7 8 9 10
£EQJECT NAME
1L
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
.
12.
SRI Loan Made
SRI Grant Made
Non—SRF
Contribution
.
13.
SRI Loan Made
SRI Grant Made
Non-SRF
Contribution
•
•
.
14.
SRI loan Made
SRI Grant Made
Non-SRI
Contribution
15.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
16.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
.
17.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
18.
SRI loan Made
SRI Grant Made
Non-SRI
Contribution
.
19.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
20.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
-________
NOTE. Enter annual expenditures for each project in the way of loans, grants, and non—SRI co itribut$onS. For each loan taken out for a
project with different repayment terms, either use a new project line (e.g., ‘Project X (Loan?1) ’ and ‘Project X (Loan 2)’) use one project
line and calculate a weighted interest rate that accounts for different principals.
A-17
-------
APPENDIX A DATA ENTRY I1)m(SIIEETS (PROJECT FILE)
Expenditures (REVENUES/OUTLAYS) • Years 1-ID
1 2 3 4 5 6 7 N 9 10
PROJECT NAME
21.
SRF Loan Made
SRF Grant Made
Non -SRF
Contribution
22.
S F Loan Made
SRF Grant Made
Non -SRF
Contribution
.
23.
SRF Loan Hade
SRF Grant Made
Non-SRF
Contribution
•
24.
SRF Loan Made
SRF Grant Made
Non-SRF
Contribution
.
25.
SRF Loan Made
SRF Grant Made
Hon-SRF
Contribution
.
26.
SI F Loan Made
SRF Grant Made
Non- SRF
Contribution
27.
SRF Loan Made
SRF Grant Made
Non -SRF
Contribution
28.
SRI loan Made
SRF Grant Made
Non-SRF
Contribution
29.
SRF Loan Made
SRF Grant Made
Non-SR I
Contribution
.
30.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
NOTE. Enter annual expenditures for each project in the way of joans, grants, and non-SRI contributions. For each loan taken out for a
project Wit “fferent repayment terms, either use a new project line (e.g., ‘iject X (Loan 1) and Project X (Loan 2)) use one project
line and ate a weighted interest rate that accounts for different prit S.
-------
Expenditures (REVENUES/0UTL , Years 1-10
PROJECT NAME
31.
SRI Loan Ilade
SRI Grant Made
.
.
.
.
.
.
Non-SRI
Contribution
.
32.
SRI Loan Made
.
SRI Grant Made
Non-SRI
Contribution
.
.
33.
.

SRI Loan Made
SRF’.GrantMade
Non-SRI
Contribution
:
.
.
.
.
.
.
34.
SRI Loan Made
SRI Grant Made
Non-SRF
Contribution
.
35.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
,
,
36.
SRI Loan Made
SRI Grant Made
Non-SRI
.
.
Contribution
.
.
37.
SRF Loan Made
SRI Grant Made
.
.
.
Non-SRI
.
.
Contribution
.
38.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
39.
SRI Loan Made
SRF:Grant Made
Non-SRI
Contribution
.
-

.
.
.
•
40.
SRF Loan Made
SRF Grant Made
Non-SRI
Contribution
:_______

-
.
.
.
.

NOTE: Enter annual expenditures for each project In the way of loans, grants, and non-SRF coptrlbutions. For each loan taken out for a
project with different repayment terms, either use a new project line (e.g., “Project X (Loan T l)” and “Project X (Loan 2)”) use one project
line and calculate a weighted interest rate that accounts for different principals.
A-19
2
3
4
5 6
1
a
9 10
-------
APPENDIX A DATA ENTRY %J) CSHEETS (PROJECT FILE) (Continued)
Expenditures (REVENUES/OUTLAYS) • Years 1-10
1 2 3 4 5 6 7 8 9 10
PROJECT NAHE
41.
SRF Loan Made
SRF Grant Made
Non -SRF
Contribut ion
42.
SRf loan Made
SRF Grant Made
Non-SRF
Contribution
.
.
43.
SRF Loan Made
SRF Grant Made
Non -SRF
Contribution
.
44.
SRF Loan Made
SRF Grant Made
Non -SRF
Contribution
45.
SRF Loan Made
SRF Grant Made
Non-SRF
Contribution
46.
SRI Loan Made
SRI Grant Made
Non- SRF
Contribution
-
47.
SRI Loan Made
SRF Grant Made
Non-SRF
Contribution
48.
SRI Loan Made
SRI Grant Made
Non—SRI
Contribution
•
-
49.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
50.
SRF Loan Made
SRI Grant Made
Hon-SRI
Contribution
NOTE: Enter annual expenditures for each project In the way of loans. grants. and non-SRI contributions. For each loan taken out for a
project wi fferent repayment terms, either use a new project line (e.g. iject X (Loan 1) and Project X (Loan 2)) use one project
line and c ate a weighted interest rate that accounts for different pri. s.
A-20
-------
Expendi Lures (REVEWUES/OUTLA ... Years 11-20
11 12 13 14 15 16 17 18 19 20
PROJECT NAIIE
1.

SRF Loan Made
SRF Grant Made
Non-SRF
Contribution
2.
SRF Loan Made
SRF Grant Made
Non -SRF
Contribution
3.
SRF Loan Made
SPF Grant Made
Non-SRF
Contribution
•
4.
SRF Loan Made
SRF Grant Made
Non-SRI
Contribution
5.
SRI Loan Made
SRI Grant Made
Non-SRF
Contribution
6.
SRI Loan Made
SRF Grant Made
Non-SRI
Contribution
7.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
8.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
9.
SRI loan Made
SRI Grant Made
Non-SRI
Contribution
10.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
NOTE: Enter annual expenditures for each project in the way of loans, grants, and non—SRF coptributlons. For each loan taken Out for a
project with different repayment terms, either use a new project line (e.g.. ‘Project X (Loantl) ’ and ‘project X (Loan 2)’) use one project
line and calculate a weighted interest rate that accounts for different principals.
A-2 1
-------
APPENDIX A DATA ENTRY WO (SHEETS (PROJECT FILE) (Continued)
Expenditures (REVENUES/OUTLAYS). Years 11-20
11 12 13 14 15 16 17 18 19 20
PROJECT NAME
11.
SRI Loan Made
SRF Grant Made
Non-SRI
Contribution
12.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
13.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
.
14.
SRI Loan Made
SRI Grant Made
Non-SRI
Contri but ion
15.
SRI loan Made
SRI Grant Made
Non-SRF
Contribution
16.
SRI Loan Made
SRI Grant Made
Non-SRF
Contribution
17.
SRI Loan Made
SRI Grant. Made
Non-SRI
Contribution
18.
SRI Loan Made
SRI Grant Made
Non- SRI
Contribution
19.
SRF Loan Made
SRI Grant Made
Non-SRF
Contribution
,
20
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
}
NOTE: Enter annual expenditures for each pro)ect in the way of loans. grants. and non-SRF contrthutlons. For each loan taken out for a
project w ifferent repayment terms, either use a new project line (e.g. oject X (Loan 1)’ and ‘Project X (Loan 2)’) use one project
line and t. Alale a weighted interest rate that accounts for different pri 1s. -
-------
Expendt tures (REVENUES/OUTL Years 11-20
11 13 14 15 16 17 18 19 20
PROJECT NAIIE
21.
SRI Loan Made
SRI Grant Made
Non-SRF
Contribution
-
22.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
23.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
24.
SRI Loan Made
SRF Grant Made
Non-SRI
Contribution
25.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribut ion
26.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
27.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribut ion
28.
SRI Loan Made
SRI, Grant Made
Non-SRI
Contribution
29.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
30.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
NOTE: Enter annual expenditures for each project in the way of loans, grants, and non-SRI contr but ons. For each loan taken out for a
project with different repayment terms, either use a new project line (e.g.. “Project X (Loanhl) ejid Project X (Loan 2) ) use one project
line and calculate a weighted interest rate that accounts for different principals.
A-23
-------
APPENDIX A DATA ENTRY lCmCSHEETS (PROJECT FILE) (Continued)
Expenditures (REVENUES/OUTLAYS) • Year5 11—20
11 12 13 14 15 16 17 18 19 20
PROJECT NAME
31.
SRI Loan Made
SRF Grant Made
Non-SRI
Contribution
32.
SRF Loan Made
SRF Grant Made
Non-SRF
Contribut Ion
33.
SRF Loan Made
SRF Grant Made
Non—SRI
Contribution
.
34.
SRI Loan Made
SRF Grant Made
Non-SRI
Contribution
35.
SRF Loan Made
SPF Grant Made
Non-SRI
Contribution
36.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
37.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
38.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
.
39.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
:
40.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
NOTE: Enir- annual expenditures for each project in the way of loans, grants and non—SRI contributions. For each loan taken Out for a
project w ifferent repayment terms, either use a new project line (e.g. oject X (Loan 1)’ and ‘Project X (Loan 2)’) use one project
line and late a weighted interest rate that accounts for different pr1 Is.
-------
Expend I Lures (REVEKUES/OUTL.... Years 11-20
11 12 13 14 15 16 17 18 19 20
PROJECT NAME
41.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
42.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
43.
SRF Loan Made
SRI Grant Made
Non-SRF
Contribution
.
.
44.
SRI loan Made
SRI Grant Made
Non-SRI
Contribution
45.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
46.
SRI Loan Made
SRI Grant Made
Non-SRF
Contribution
•
47.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
.
48.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
.
49.
SRI Loan Made
SRI Grant Made
Non-SRI
Contribution
50.
SRI Loan Made
SRI Grant Made
Non-SRF
Contribution
NOTE: Enter annual expenditures for each project in the way of loans, grants, and non-SRI contributions. For each loan taken out for a
project with different repa).ment terms, either use a new project line (e.g.. Project X (Loan t 1 and 1 Pro)ect X (Loan 2)) use one project
line and calculate a weighted interest rate that accounts for different principals.
A-25
-------
APPENDIX A DATA ENTRY WORKSHEETS (PROJECT FILE)
Loan Repayment Terms, Projects 1—50
Project Name Loan Term Interest Rate
2. __________ ______________
3. __________ _______________
4. _________ ______________
5. __________ _______________
6. _________ ______________
7. _________ ______________
8. _________ ______________
9. _________ ______________
10. _________ ____________
11.. ____________ _________________
12. _________ _____________
13. _________ ______________
14. _________ ____________
15. _________ _____________
16. _________ _____________
17. __________ ______________
18. _________ _____________
19. _________ _____________
20. _________ _____________
NOTE: An assumption in the PROJECT FILE Is that the first repayment year will
always be the year after the loan is made. However, In the PROGRAM FILE, the
ability to independently designate the first payment year exists.
A- 26
-------
APPENDIX A DATA ENTRY I4ORKSHEETS (PROJECT FILE) (Continued)
Loan Repayment Terms, Projects 1—50
Project Name Loan Term Interest Rate
21. _________ ______________
22. _________ ______________
23. __________ ______________
24. __________ ______________
25. __________ _______________
26. __________ ______________
27. _________ ______________
28. __________ ______________
29. _________ ______________
30. _________ _____________
31 __________ _______________
32. _________ _____________
33. __________ _______________
34. __________ ______________
35. __________ _______________
36. __________ _______________
37. __________ ______________
38. __________ ______________
39. __________ _______________
40. __________ ______________
NOTE: An assumption in the PROJECT FILE is that the first repayment year will
always be the year after the loan is made. However, In the PROGRAM FILE, the
ability to independently designate the first payment year exists.
A-2 7
-------
APPENDIX A DATA ENTRY WORKSHEETS (PROJECT FILE) (Continued)
Loan Repayment Terms, Projects 1—50
Project Name Loan Term Interest Rate
41. _________ _____________
42. __________ _______________
43. _________ _____________
44. _________ _____________
45. __________ ______________
46. __________ ______________
47. __________ ______________
48. __________ _______________
49. __________ ______________
50. _________ _____________
NOTE: An assumpton in the PROJECT FILE Is that the first repayment year will
always be the year after the loan Is made. However, in the PROGRAM FILE, the
ability to independently designate the first payment year exists.
A— 28
-------
APPENDIX B
SRF MODEL REPORTS
-------
CC S7 LtTICN NEEDS E?ORT ‘ YEAR YEAR YEAR -YEAR YEAR
1 2 3 4 5
: _... - —
I I I I I
I I I
I I I
C: IST LCT ION EE S SO SO SO SO
I I p p I
I I I I
I
AVAILABLE FUNDS FCR LOANS AND ANTS
I I I I I p
I I I I I
C DItaIIZatIcn 1 50 so so so
I Bcr d Issues I so so : so so
so
Net Loan Seaa ’iiients so : so so so
so
!nt rest Inccne so 50 50 50 1
sO
0t-er lnc ne - SO $0 sO 1 $0
so
s arOTALI*a ( E’JIT) 50 $0 50 50
50
I I I I
I I I
I I I I
I I I I I I
I I I I p p
FUNDS (PENCED (NOT INCLUDING LOANS AND ANTS): -.
I I I I I I
I I I
I I I
or.d etirement SO 50 SO 50
so
Bcnd Insurar.ce SO 50 so so
so
A ninistrat ye C3sts sO 50 50 50 f.m.
50
TOTAL (DE3IT) 1 50 50 so so
so
I I I I I I
I I
I I I
S F AND NCN—SRF EXPENOfl1JRES I 1
I I I I I I
I I I I I I
LOANS MACE SO SO : so so :
so
G ANTS MACE so so so so
NON—SRF NEEDS BUYGUT so so so so : so
Ia* T OTALISI (DEBIT) SO 1 50 1 50 1 50 1 so
I — I I I I I
I I
I I I
PJND BALANCE ANALYSIS
I I I I I
I I
I I I
1 Inflazlcn sate O.CO: O.0Q O.OO O.OO 1 O.CC
FUND 3ALANCE (DEFLATED COLLARS) SO I so SO 50 SO
I I I I I I
I
I I
REMAINING NEEDS CNEEDS > (LOANS + ANTS)) SC $0
50 50
I no I I I I
I ‘J I- ’ I I
I I I
!JNNEDED OUTLAYS CHEEDS c (LOANS + ANTS)] : so so so : so so
B -i
-------
f E -ENSIvE SRF 2O—TE, R RE ORT’ YE YE YEAR YEAR
1 2 3 4 5
‘ ‘:L c:S CF J 5I8u __________________________________________________________________________
E NNING 3AU 1CE I
so: S 0 5 0 so:
C. .PITALIZATWN I I I
I I I
Current
sor so: so: so: so:
C. utat:ve so : so so so : so
3cNcs ISSUEO ‘ I
I I I
Current 1
so: so: so: so: so:
C uIatlve SO SO : so : so so
OTr E. INcO) 1 € ( NCLWING PENALTIES) I i I I
I I I
Current so so : so : so : so
C uIatIve I
so: so: so: so: so:
¶.CAN ACTIVITY I I I
I I I
LOAN REPATh€NTS : : :
Current so so : so : so ; so
C u!atIve
so: so: so: so: so:
LOAN DEFAULTS I
I I I
Current I
so: so: so: so: so:
so : so : so : so : so
NE7 LOAN RE?AY ENTS I
I I I
Current so : so : so : so : so:
Cumitative
so: so: so so: so:
I ESTED FUNCS so : so : so : so : so
Interest Rate for Invested Ftuids I
o.cc ; o.co: o.oo : o.Oo : o.co :
Interest an Invested Fu s I 5o : so : so : so : so
TCT j. SO1. CZS OF FUNOS” I I I I
I I I
Curent so so : so : so : so
C uIatIve : so : so : so : so : so
“USZS OF FUNOS’ I
I I I I
BCNO RET IRE\1ENT I I I
I I I I
Current so : SO : SO 30 : so
Cunulative 30 : SO O : 30 1 50
IOTA!. Ecl u st. cz ‘ so : so : so 30 50
—J_OAN ACTIVITY—
I I I I
LOANSMACE I I
I I I
Current I
so: so: so: so: so:
C u utatIve I so : so : so : so : so
I?4TS 4ACE, I I I
I I I
C”rrent I
— so: so: so: so: so:
C u tat lye
so: so: so: so: so:
TOTAL LO. 4S & ANTS MACE I i
I I I I
Currant : so : so : so : so : so
Cutulative : so : so: so : so : so
ACMINISIRATIVE/CPERATIGNAL cOSTS so : so : so I SO SO
‘USES OF FUNCS’ I I I
I I I
Currant : so : so : SO : so : so
C uIatIve I so : so : so : so : so
S.sa 3ALANCE (END CF YEAR) : so : so : so : so
SSS FLATICN ANALYSIS OF FUNO’ • I I I I I
• I I I
INFLATION RATE I o.cc:; o.oo ; o.co : o.ao: o cc
FUND 3ALANCE (CONSTANT COLLARS) I so : so : so : so : so
8-2
-------
‘ ‘ W EW 4 AR( E CRT s.* Yc YE, R YEI R YEAR
5 10 15 20
‘CL ’ CE S OF FIJNCS” ___________________ /
2 ’NING BALANCE I SO $0 SO
I i
I I
C ‘r- nt I 30 O SO
C iuIative so so so so so
BCNCS ISSI.JD I I
I I I
C’ rent I
—, so: so: so: so: so:
C uIatIve SQ SO $0 SO
OThER CME (I M LU I MG PENALI I ES) 1 I
I I I
Current I
‘so: so: so: o1 so:
Cui uIatIve 50 30 sO SO : so
SLOAN ACTIVIT( I I I p
I I I
LOAM REPATh€NTS I I I
I p I
— I
Curr nt so : so so : so
Cu tuIatI’ie
so: so: so: so; so:
LOAN DEFAULTS I I
I I
Current
so: so: so: so; so:
C1 .iIatIve so : so so so : so
NET LOAN RE?AThENTS I I I
I I I
Current so : so : so : so : _. so
Cu. uIatIve so : so : so : so : so
INVESTED FUNDS I
so; $0 so: so: so:
Interest Rate For Invested Fu s I o.ao : o.co ; o.oo ; o.oo:;
Interest on Irwested Fu ’ ds I
so; so; so: so: so:
SaTOTAL SCLBCES OF FUNDS’S I
I I I
Current I SQ so : so : so
Cualulatlve I I so : so : so : so
•UUS 3 OF FUNOS” I t I I
I I
BCND RETIREMENT - : : :
Current : so : so : so : so so
Cunulat lve so so : so : so : so
TOTAL BOND INSURANCE
so so so ; so so
—LOAN ACTIVITY— I p p p
I p p I I
LOANSMACE I I
I p I
Current
so; so: so: , so; so:
CumulatIve so : so : so : so : so
GRANTSMACE I I P
I I p
Current
so; so: so: so: so:
Cumulative
so: so: so: so: so:
TOTAL LOANS & ANTS MACE I
I I p
Currant
so: so; so: so; so:
Cumulative I
so; so: so: so: so:
AC INISTRATIVE/ap)TlOM COSTS I so : so : so ; so : so
1OTAL USES CF FUNCS*$ I I p 1
p I
Current : so : so : so : so : so
C uiatjve so 50 so ; so so
BALANCES (END OF YEAR) so : so : so : so
‘iNFLATICM ANALYSIS CF FUND’ I I 1
I p I
INFLATION RATE o.co : o.cc : O.co ; o.oc ; CC
F NO BALANCE (CCNSTMIT COLLARS) so : so so so : so
8—3
-------
6CNO RET RE’S1ENT
BCND ECND 1ST BCNC *RMTS INT
YEAR PR N PMT T M P .R YR RATE
YR
1 0 0 0 1 0
2 0 0 0 1 0
3 0 0 0 1 0
4 0 0 0 1 0
5 0 0 0 1 0
6 0 0 0 1 0
7 0 0 0 1 0
8 0 0 0 1 0
9 0 0 0 1 0
10 0 0 0 1 0
11 0 0 0 1 0
12 0 0 0 1 0
13 0 0 0 1 0
14 0 0 0 1 0
15 0 0 0 1 0
16 0 0 0 1 0
17 0 0 0 1 0
13 0 0 0 1 0
19 0 0 0 1 0
20 0 0 0 1 0
B - 1
-------
LOAN REPAYMENTS
LOAN LOAN 1ST LOAN *PMTS tNT
YEAR PPJN PMT TERM PER YR RATE
YR
1 0 0 0 1 0
2 0 0 0 1 0
3 0 0 0 1 0
4 0 0 0 1 0
5 0 0 1 0
6 0 0 0 1 0
7 0 0 0 1 0
8 0 0 0 1 0
9 0 0 0 1 0
10 0 0 0 1 0
11 0 0 0 1 0
12 0 0 0 1 0
13 0 0 0 1 0
14 0 0 0 1 0
15 0 0 0 1 0
16 0 0 0 1 0
17 0 0 0 1 0
13 0 0 0 1 0
19 0 0 0 1 0
20 0 0 0 1 0
B-S
-------
, C.
AVAILABLE $ —\/5— CONSTRUCTiON NEEDS
I — 20
MOTE: The totals and/or percentages reflected in this graphic are for illustrative
purposes only, and do not reflect any planned or actual State. revolving funds.
tco
7°
40
10
1 2.3 t
8
7
3
.V JL 6L FUr c .4. NS1RLrT10N N
10 11 14 1.3 14 13 18 17 13 19 20
8-6
-------
A\/A!LAELE $ —75—
LO4NI5/cF y5 .IIADE
NOTE: The totals and/or percentages reflected in this graphic are for illustrative
purposes only, and do not reflect any planned or actual State revolving funds.
:co
t -
ft
40
to
0 AY JL 8L! FUN
12 Ii 14 15 ta 17 1 19 20
-f. M4C
B-7
-------
1/ C’ I ’ flR t _\i _
I \ L_ I d .1 I \ ¼ _ I L.’’ ‘d I ) p
P rE t -
FUND EALANCE
NOTE: The totals and/or percentages reflected in this graphic are for illustrative
purposes only, and do not reflect any planned or actual State revolving funds.
40
to
0
—to
TE!4F
0 FU 1D AL C . P L .
1 17 ta t 20
8-8
-------
C.I T IE’ rflCN OF C’ I?,IIJL&T ,’E / IL .ELE ,
c1LL , 1 —
ci -e (o )
L AY )
NOTE: The totals and/or percentages reflected in this graphic are for illustrative
purposes only, and do not reflect any planned or actual State revolving funds.
C P c 9. I LE (4ai
8-9
-------
STATE REVOLVING FUND MODEL
20—YEAR PROJECT SUMMARY REPORT
SRF SRF Non—SRF
YEAR NEEDS NEEDS BUYOUT Loans Made Grants Made Expenditures
= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
1 1 0 1 01 o: o: a:
21 01 O 01 01
3 01 0 1 0 1 01 0:
0: a: o a:
1 51 o: 01 01 O
n fl I ( I f I I
I I ‘ I ‘ I S I I
1 71 01 0 1 01 01 0:
1 8: 0 01 0 01 01
I I ñ I f I I (1 I E l I
I ‘J I .— I I ‘ I I %J
I 10 0: 0 0 0 1 a:
1111 a: 0: a: 0: a:
1 121 a: 01 0 0 0
131 01 C l 0 01 01
1 14: 0 0 a: O 0:
I 15: Cl 01 01 0:
161 O O 0. 0 0:
I 17 I ( I I El I El I El I El I
I I I I I # I %J •
1 18: 01 a: a: 0: 01
19: 01 0 01 01
201 a: o: a: 0 : 0:
== === = = =========================:
0 0 0 0 0:
= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
LOAN REPAYMENTS
IYEAR YEAR
1 0 11 0
2 0 12 0
3 0 13 0
4 0 14 Q
5 0 15 0
1 6 0 16 0
1 7 0 17 0
1 8 0 18 0
1 9 0 19 0
1 10 0 20 0
= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
8-10
-------
STATE REVOLVING FUND MODEL
PROJECT DETAIL REPORT
PROJECT NAME SRF SRF Non—SRF
NEEDS NEEDS BUYOUT Loans Made Grants Made Expenditures
= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
I I • I I I
PROJECT 1
0’ 0’
I 0’
0 : 0
PROJECT2 I I I
• I I I I
0’ 0’
I I
:PROJECT3 I ‘ I I
I I I I I
a’ a: a’ a’
I I
I I
PROJECT4 ‘
I I I I I
0’ 0’ a: 0’ 01
I I
PROJECT5 I ‘ ‘ I
I I I I
0’ 0’ O 01
I I
I I
I I I I
PROJECT6 I I I I I
0’ 0’ 0: 0’ 0’
I I
I I I
PROJECI7 , ,
0’ 0’ 0 0’
I I I
:PROJECT 8 , I ,
0’ 01 0 0’ QI
I I
PROJECT 9 I I I I
S S I I
0’ 0’ 0 Ol
I I
PROJECT 10 ‘ I I
I I I
Os 0’ 0 0’ Os
PROJECT 11 S ‘ I ‘
I I I
0’ 0’ o: 01 I
I I
Os
I I I I
PROJECT 12 I ,
QI QI
I I 0 0 ,
0’
PROJECT 13 ‘ I
I I I
QI 0’ 0 Ol 0’
PROJECT 14 ‘ ‘ I ‘
I I I
0’ Ol o 0’ 0
PROJECT 15 I 1 I • ‘
S I I I
0’ 0’ 0 0’ 0’
I I
I I I
:PROJECT 16 , , I ,
a’ a: o: a’ a’
PROJECT 17 ‘ ‘ ‘ 1
I I I I
a’ o’ a: 0,
Os
PROJECT 18 ‘ I I
I I I I I
0’ a’
a : o
0’
PROJECT 19 I I I I I
I I I I
0’ 0’ 01 0’ 0’
I I
I I
PROJECT 20 - ‘ ‘ I
I I I I I
a, Os a: o’ a’
I I
B-il
-------