2008 ANNUAL REPORT
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2008 ANNUAL REPORT CLEAN WATER STATE REVOLVING FUND PROGRAMS
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CWSRF PROGRAMS: CLEANING OUR WATERS, RENEWING OUR COMMUNITIES, CREATING JOBS
The Clean Water State Revolving Fund (CWSRF) pro-
vides attractive low-cost funding for projects that improve
water quality, renew infrastructure, and support local
economies. Initiated by Congress in 1987 and implemented
by EPA and states, the CWSRF reflects a national com-
mitment to the protection and restoration of rivers, lakes,
and estuaries that are essential to communities and wildlife.
Through 2008, the CWSRF has provided $69 billion in cu-
mulative assistance for wastewater infrastructure, nonpoint
source, and estuary projects. It has also brought significant
cost savings to assistance recipients. By using the CWSRF
in 2008, borrowers saved 20 percent over the life of a typi-
cal 20-year loan when compared to conventional financing.
It takes billions of dollars each year to protect and improve
the quality of water in our rivers, lakes, and streams. The
CWSRF is widely recognized as a critical source of funding
that enables communities to renew aging municipal infra-
structure and restore at-risk aquatic ecosystems. Perform-
FIGURE i 1 How the CWSRF Program Works
STATE
GOVERNMENT
1 1 State
• 1 1 • ....
BOND HOLDERS
1 1 1 t 1
£ X a 1 £
! T S • Ti Loan
EPA
CLEAN WATER
STATE REVOLVING
FUND
Repayment
Low-Interests
Loans ASSISTANCE
RECIPIENTS
ance tracking reports show that more than one-hundred mil-
lion people have benefited from CWSRF funded projects.
CWSRF assistance also supports local economies through
job creation during project construction and by helping to
ensure that water resources are available for use by businesses.
The CWSRF is comprised of 51 independent revolving
loan funds in all 50 states and Puerto Rico. These programs
are unique because they represent a collaborative partner-
ship at the federal and state level. To date, the federal gov-
ernment has contributed more than $26 billion and states
have added another $5.6 billion in required matching
funds. Although there is EPA oversight, the states have the
lead role in structuring and managing the programs. States
have used this flexibility to create unparalleled environ-
mental and economic benefits.
By providing assistance to a wide variety of eligible water
quality projects in the form of low interest loans, CWSRF
programs function as environmental infra-
structure banks. As principal and interest
repayments are recycled back into individ-
ual programs, they become available to
fund additional projects. This revolving
structure means that the programs not
only replenish themselves over time, but
grow in financial capacity as loan repay-
ments are made. States can also choose to
issue bonds backed by CWSRF assets to
provide additional assistance. To date, 27
states have done so, raising an additional
$22.4 billion to help meet the environ-
mental needs of communities. Figure 1 il-
lustrates how the programs operate.
CLEAN WATER STATE REVOLVING FUND PROGRAMS 2008 ANNUAL REPORT
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CWSRF PROGRAMS: CLEANING OUR WATERS, RENEWING OUR COMMUNITIES, CREATING JOBS
FIGURE 2 I CWSRFs Return 2.41 Times the Federal Investment as of 2008
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Federal Outlays are the amount of cash drawn from the U.S. Treasury into the CWSRF.
CWSRF Disbursements are the actual cash paid out from the CWSRF to assistance recipients
Federal Outlays
CWSRF Disbursements
Responsible fiscal management and the programs' ability to
revolve over time have resulted in a remarkable return on
federal investment. As of 2008, for every federal dollar con-
tributed, $2.41 has been provided in assistance (see Figure
2). This return is expected to increase as loan repayments
are used to fund new projects, and states maintain strong,
directed program management. Increased funding
capacity is important because of rising needs,
due both to construction cost inflation
and the number of existing plants that
are reaching the end of their useful
life. The continued growth of the
programs ensures that funding will
be available for projects that im-
prove and maintain water quality
well into the future.
There are many factors that make
the CWSRF programs stable fund-
ing sources for environmental protec-
tion. Wastewater infrastructure is one of
the safest investments due to the financial
strength of local communities and the depend-
ability of water and sewer revenues. Fitch Ratings esti-
mates show that during the time period between 1979 and
1999, which included several recessions, the default rate on
municipal water and sewer bonds was only 0.04 percent1.
Adding to this is a proven track record of federal and state
financial oversight. For example, states conduct reviews of
assistance recipients during the application process to eval-
uate their financial condition and to ascertain whether they
have established a dedicated revenue source for loan repay-
ment. This means that future lending capacity is extremely
secure, and CWSRF funding will be available
even when access to other financing sources
may be limited. This also permits states
that choose to raise additional funds by
issuing bonds to retain high credit
ratings, allowing them to receive the
most favorable interest rates offered
in the credit markets.
The revolving nature of the
CWSRF programs means that
when a community repays a loan it
has received, it is supplying funding
that will be used to help another com-
munity clean its waters and revitalize its
infrastructure. Each project ultimately helps
mprove water quality across the state and coun-
try. By choosing CWSRF funding, communities are im-
proving their own water quality while simultaneously
sharing in a commitment to renew neighboring communi-
ties and protect shared water resources.
' Fitch Ratings. Financial Guaranties Special Report: Bond Insurers Transcend Municipal Market. 1999.
3
2008 ANNUAL REPORT CLEAN WATER STATE REVOLVING FUND PROGRAMS
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CWSRF PROGRAMS: CLEANING OUR WATERS, RENEWING OUR COMMUNITIES, CREATING JOBS
Flexibility is a hallmark of the CWSRF programs. The
Clean Water Act gives states a broad array of financing op-
tions beyond traditional and very popular low-interest
CWSRF loans. CWSRF programs may also offer local debt
guarantees or insurance for local debt and even provide guar-
antees for local borrowing that is used to create "sub-state"
revolving funds. States can use a combination of these assis-
tance options to maximize the impact of available funds.
The CWSRF programs can also fund a wide range of proj-
ect types, including those that contain sustainable, low-im-
pact, and climate change mitigation design components.
EPA encourages innovation across CWSRF programs. The
annual Performance and Innovation in the SRF Creating En-
vironmental Success (PISCES) Awards recognize projects
and programs that creatively and effectively use CWSRF
funding to meet the environmental needs of communities.
This latitude allows states to direct CWSRF funding to the
most deserving projects, which are evaluated according to
state-defined priority ranking systems that may be altered
to reflect new priorities and new project types. Many states
have modified their priority setting process over time and
now have integrated priority systems that include evalua-
tion criteria to assess all types of projects. New priorities
such as green infrastructure, energy conservation, and cli-
mate change impact can be incorporated into state
CWSRF priority systems as states respond to new fund-
ing opportunities.
As Figure 3 demonstrates, states have proven to be ex-
tremely successful at structuring their programs so funds
are directed towards pressing environmental problems.
Through 2008, the CWSRF programs have committed
over 98 percent of the $70 billion in cumulative funds
available. This exceptional rate of fund utilization demon-
strates continued strong demand for CWSRF financing,
and is a direct result of the large number of important
needs, the attractiveness of below market interest rates,
the flexibility of financing options, and sound state pro-
gram management.
FIGURE 3 I 98% of CWSRF Funds Committed to Projects as of 2008
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Cumulative Funds Available
Cumulative Assistance Provided
CLEAN WATER STATE REVOLVING FUND PROGRAMS 2008 ANNUAL REPORT
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CWSRF PROGRAMS: CLEANING OUR WATERS, RENEWING OUR COMMUNITIES, CREATING JOBS
In addition to their significant environmental contribu-
tions, the CWSRF programs play an important role in im-
proving local economies. Numerous jobs across multiple
sectors are created through the construction and renova-
tion of wastewater infrastructure. Many are directly related
to the projects being funded, covering planning, design,
and construction. Others are indirect, resulting from
spending associated with project implementation, such as
the production of raw materials like steel and concrete.
Several private and public studies conducted over the past
several years estimate that 20,000 - 60,000 jobs are
created for every $1 billion in federal invest-
ment in wastewater infrastructure.2 This
number is likely low for the CWSRF
programs, because unlike standard
grant-based federal infrastructure in-
vestment programs, CWSRF dol-
lars are spent repeatedly as loan ,
repayments are recycled back
through the program. The Council
of Infrastructure Financing Au-
thorities estimated in 2005 that
600,000 construction jobs and
116,000 additional jobs resulted from
CWSRF funding over the programs'
first seventeen years.3
Once projects are completed, economic benefits
continue, as water is an important resource and commod-
ity for businesses across the country. In 2000, the agricul-
ture industry used more than fifty trillion gallons of water
for irrigation of fields and another two trillion gallons to
support livestock and aquaculture.4 Another seven trillion
gallons of fresh water were used for industrial purposes
such as fabricating a product or cooling during manufac-
turing. Water is also essential for industries including the
$50 billion/year water-based recreation industry and the
$300 billion/year coastal tourism industry.5 CWSRF
funded projects greatly aid these substantial components of
the national economy by protecting and restoring the
water that they need to operate.
The economic impact of CWSRF funding is enhanced
through partnerships between assistance recipients
and local businesses. Some communities work
with sources of industrial waste, such as
local manufacturing, to figure out ways
to most effectively deal with waste
streams. For example, Le Center,
Minnesota made a landmark deal
with a local manufacturing com-
pany, which agreed to install an
oil/water separator and monitoring
station if the city would expand its
treatment facility to accept the re-
sulting wastewater. Le Center re-
ceived a CWSRF loan for this
expansion. Other communities find that
local businesses can make use of effluent
instead of drawing from stressed public water
supplies. Eastern Idaho Regional Wastewater Au-
thority received a CWSRF loan to build a new treatment fa-
cility and the effluent from the plant will be supplied to a
manufacturing company for reuse. This will protect the local
aquifer while simultaneously supporting local business.
Council of Infrastructure Financing Authorities (CIFA). The Clean Water State Revolving Fund (CWSRF): State Report 2005. 2005; Federal Highway Administration. High-
way Infrastructure Investment and Job Generation. 1996; National Utility Contractors Association. A Report on Clean Water Investment and Job Creation. 1992; Natural
Resources Defense Council. All Dried Up: How Clean Water is Threatened by Budget Cuts. September 2004; RTI International/Global Insight, Inc. Estimating Employment
Impacts of Water Infrastructure Funding, A Report to Congress. September 2004.
Council of Infrastructure Financing Authorities (CIFA). The Clean Water State Revolving Fund (CWSRF): State Report 2005.
United States Geological Survey. Estimated Use of Water in the United States in 2000.
Water Infrastructure Network. Water Infrastructure Now: Recommendations for Clean and Safe Water in the 21st Century. February 2001.
2008 ANNUAL REPORT CLEAN WATER STATE REVOLVING FUND PROGRAMS
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STRATEGIC MANAGEMENT: A CONTINUED COMMITMENT TO MEETING NEEDS
Since being established, the CWSRF programs have been very successful in reaching and serving communi-
ties across the country. More than 22,000 loans have been made, with 66% going to communities with a pop-
ulation of fewer than 10,000 people. Recognizing the importance of addressing newly identified or unmet
needs, states have directed CWSRF funding towards a variety of traditional and innovative water quality proj-
ects. States are also engaging in better planning that considers new eligibilities, financial assistance terms,
and repayment sources.
EPA is actively exploring and promoting strategic manage-
ment to assist CWSRF programs as they continue to clean
our water and renew our communities. During the past year,
EPA has encouraged states to take a fresh look at program
eligibilities and consider what new funding solutions might
be implemented to respond to new and continuing water
quality issues. Concurrent with state efforts, EPA has un-
dertaken a comprehensive re-examination of financing op-
tions and project eligibilities allowed by the Clean Water
Act with the draft white paper "The Clean Water State Re-
volving Fund Program: Tapping its Untapped Potential."
Together, these strategic management efforts enhance the
ability of the CWSRF to meet current and future needs.
STRATEGIC PLANNING
Many CWSRF programs periodically evaluate their struc-
ture to ensure funds are being used efficiently over time.
States across the country, including California, Texas, Mis-
souri, New Mexico, Arizona, and Hawaii, have undertaken
strategic management and planning assessments with EPA
support. These and other states, such as Ohio, are examin-
ing their program mission and objectives, reaching out to
communities with the greatest financial needs, and stream-
lining processes to reduce the time and effort it takes to
fund a project through the CWSRF.
An important aspect of strategic planning is the periodic
assessment of the project priority setting system to ensure
that it adapts to changing state water quality priorities.
States have the flexibility to structure priority setting cri-
teria so that they address state-specified water quality
goals. A well conceived priority system is an important
step in ensuring that program funding reaches both re-
gionally important projects and small, disadvantaged com-
munities. States may also consider how best to partner
CWSRF assistance with other federal or state funding
CLEAN WATER STATE REVOLVING FUND PROGRAMS 2008 ANNUAL REPORT
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STRATEGIC MANAGEMENT: A CONTINUED COMMITMENT TO MEETING NEEDS
programs to create the most attractive funding solution for
loan applicants.
Another important step in CWSRF strategic planning and
management is streamlining the loan process to
make it as efficient as possible. Many small
and disadvantaged communities find fi-
nancial and environmental require-
ments complicated, so working to
reduce the number of steps in
the application process is a key
to reaching these types of bor-
rowers. For example, some
states have worked with other
public lenders to create a com-
mon application, making it eas-
ier for communities to find the
funding source that is right for
them. Others have assigned state
staff to assist borrowers as they move
through the loan process. Making the pro-
grams easier for communities to navigate helps ensure
that those with the greatest need are able to apply for and
receive assistance.
CWSRF programs are also interested in getting commu-
nities to start planning well in advance of construction, in
order to facilitate a continuous pipeline of new projects
ready to receive funding. Many states provide planning and
design loans to help with pre-construction costs. Commu-
nities are then encouraged to apply for CWSRF financing
when they are ready to begin
construction. A project
pipeline helps to ensure
that states have high pri-
ority projects ready to
go each year that will
take full advantage of
program assistance.
EPA SUPPORT OF STATE EFFORTS TO
REEXAMINE EXISTING ELIGIBILITIES
By identifying water quality needs and priorities, states can
pursue projects that will best address water quality
concerns. To support these efforts, the draft
white paper lists many types of water
quality and infrastructure projects el-
igible for CWSRF assistance. The
white paper includes several new
project types which have yet to
be funded (see box below). It
also explores the forms of fi-
nancial assistance that may be
offered by CWSRF programs
in addition to traditional loans,
including guarantees, insurance,
and the purchase of local bonds.
To incorporate comments from stake-
holders, a second draft of the white paper is
being developed. The new draft will include additional fi-
nancial innovations that can augment the amount of
CWSRF funding available to protect and restore our wa-
Project types identified in the white paper that
are yet to be funded by a CWSRF include:
• Energy audit of public wastewater treatment
facility or system.
• Generation of pollution control credits.
• Control of source of atmospheric deposition
that adversely affects water quality.
• Estuary projects outside of current National
Estuary Program (NEP) study areas but within
estuarial watershed (requires expansion of NEP
study areas).
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2008 ANNUAL REPORT CLEAN WATER STATE REVOLVING FUND PROGRAMS
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STRATEGIC MANAGEMENT: A CONTINUED COMMITMENT TO MEETING NEEDS
ters. Information on eligibilities is being restructured so
that states can easily evaluate whether a proposed project
can receive CWSRF financing. Finally, the new version of
the white paper will have a greater emphasis on strategic
management, demonstrating that the environmental im-
pact of the programs can be maximized when various proj-
ect eligibilities are coordinated with the possible financial
innovations.
EPA is seeking feedback from a variety of sources to en-
sure that the draft white paper is a truly useful document.
The paper will continue to be discussed at EPA sponsored
regional training workshops, biannual EPA/State Work-
group meetings, and regional roundtables. Many of the
programs' best ideas and innovations have been developed
at the state and regional level and EPA is committed to in-
cluding them in the new draft of the white paper.
FOCUS ON ALTERNATIVE
PROJECTS
Many of the alternative project types identified in the draft
white paper have already been funded by states. Several
programs are focusing on sustainable infrastructure and
projects that use low impact development practices because
these types of projects can provide effective solutions that
responsibly address long-term environmental needs. Other
states are funding projects which contribute to national ef-
forts to promote climate change mitigation and adaptation.
Effective management of water resources will require the
CWSRF programs to seriously consider these innovative
areas while maintaining their commitment to traditional
pipe and plant projects. Several examples include:
• Sustainable infrastructure projects. Sustainable infra-
structure projects include green infrastructure, water
reclamation, and water reuse projects and have been
funded by states throughout the country. Orange
County, California and Madison, Wisconsin have
funded projects specifically designed to recharge the
water supply in depleted aquifers and watersheds.
Other assistance recipients, such as Grand Lake, Okla-
homa, plan to use effluent from new wastewater treat-
ment facilities for other purposes, including the
irrigation of local recreational areas.
Low-impact projects, A number of states have focused
on ways to lessen the impact of wastewater treatment
facilities on the environment as well as the surrounding
community. For example, an Arizona community used
CWSRF funds to convert underused oxidation ditches
into highly efficient sludge processors, and a commu-
nity in Maine constructed a new treatment facility on
the site of old, derelict buildings that had become com-
munity eyesores. Seattle, Washington received a
CWSRF loan to implement low-impact urban
storm water management projects, including rain gar-
dens and porous pavement, in order to protect water
quality in an urban creek with an endangered salmon
population.
Climate change projects. Projects that aim to lessen the
impact of climate change often have additional bene-
fits, such as long-term cost savings when compared to
traditional alternatives. A township in Michigan re-
8
CLEAN WATER STATE REVOLVING FUND PROGRAMS 2008 ANNUAL REPORT
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STRATEGIC MANAGEMENT: A CONTINUED COMMITMENT TO MEETING NEEDS
ceived a CWSRF loan to add methane capture energy
production to its solid waste treatment facility, which
will save the municipality approximately $30,000 a year
in energy costs. In Arkansas, a community funded a
project to restructure its collection system, replacing
several pump stations with gravity lines, reducing its
carbon emissions and saving the community significant
energy and maintenance costs.
TARGETED OUTREACH
CWSRF programs are only as effective as the projects they
fund, so outreach to prospective borrowers has become an
increasingly important part of strategic management ef-
forts. Several states, including Iowa and Missouri, are re-
examining their outreach strategies to ensure that projects
they target help achieve state water quality goals. Outreach
efforts often go hand in hand with strategic planning.
States first contact current and potential borrowers, col-
lecting information on how those communities
perceive the CWSRF as well as how mu-
nicipalities make financial decisions.
Gathered through interviews and
focus groups, this information
helps programs identify places
where improvements can be
made. States then work with
experienced communication
professionals to determine ways
to improve the impressions com-
munities have of the CWSRF
programs. EPA then assists states in
using this information to develop and
execute marketing plans.
Iowa exemplifies these efforts as it begins implementing its
2008 outreach plan. Activities highlighted include the cre-
ation of a set of ads for magazines that target government
employees, the production of a new brochure that will be
distributed at industry events, and the development of a
new website that will make it easier for communities to
learn about the CWSRF. EPA will be working with Iowa
to monitor the success of these new outreach tools.
USING CWSRF ENVIRONMENTAL
RESULTS DATA
EPA is supporting states as they develop tools to assist in
planning and outreach efforts, often taking advantage of
data that states input into the CWSRF Benefits Reporting
(CBR) system. Some states use this data to enhance out-
reach, while others use it to evaluate their success in ad-
dressing state water quality priorities. One example of using
CBR data for management and outreach purposes is to use
CBR data entries when developing maps that include
CWSRF funded project information.
Several states including Iowa, Maryland, New
York, Ohio, and Oklahoma have begun to de-
velop state mapping capabilities. While
v each state's mapping system is different,
they all display the locations of proj-
ects funded by the CWSRF together
with other environmental and eco-
nomic information for the state.
Oklahoma's maps show the location
of projects within specific water-
sheds, counties, and congressional
districts (see Figure 4). Iowa's system
focuses on comparing the location of
funded nonpoint source projects to priority
areas within the state, for example showing agri-
cultural best management practice projects on the same
map as the location of open feedlots. Maps are an accessi-
ble way for CWSRF managers to demonstrate the cumu-
*
2008 ANNUAL REPORT CLEAN WATER STATE REVOLVING FUND PROGRAMS
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STRATEGIC MANAGEMENT: A CONTINUED COMMITMENT TO MEETING NEEDS
lative, long-term positive effects that years of CWSRF
funding have had on local water bodies.
Efforts have also been undertaken to combine the infor-
mation collected by the CBR system with other national
water quality data. The CBR data has been added to the
Office of Water's Watershed Assessment, Tracking & En-
vironmental ResultS (WATERS), which is a publicly avail-
able EPA platform for storing and viewing national
information on nutrient criteria, water quality standards,
and impaired waters. Through the Expert Query tool, the
WATERS platform allows users to search for and sort
through projects based on loan and project details. WA-
TERS also includes a mapping application, EnviroMap-
per, which can display CWSRF project locations on maps
together with information from other EPA datasets, such
as 303(d) listed impaired water bodies. WATERS can be
accessed online at http://www.epa.gov/waters.
FIGURE 4 I Oklahoma CBR Mapping
Map showing CWSRF project locations, rivers, and counties within the Lake Eufaula watershed in Oklahoma.
10
CLEAN WATER STATE REVOLVING FUND PROGRAMS 2008 ANNUAL REPORT
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THE 2008 PISCES AWARDS: PERFORMANCE AND INNOVATION
THE CWSRF
2008 CWSRF PISCES AWARDS
ERFORMANCE AND INNOVATION
IN THE SRF
The CWSRF programs are dedicated to
funding projects that protect and improve
the environment without burdening the
financial capacity of local communities.
The 2008 PISCES Awards (Performance
and Innovation in the SRF Creating
Environmental Success) recognize assistance
recipients across the county that have
showed exemplary leadership and
innovation in project planning, design, and
implementation to further EPA water
quality protection goals.
In 2008, states identified 34 outstanding assistance recipi-
ents to receive PISCES Awards. Each state had the oppor-
tunity to nominate one or more projects that demonstrated
high-quality performance, financial integrity, and Clean
Water Act compliance. Nominees also had to demonstrate
performance in at least one of seven key areas:
Better management practices
Full-cost pricing
Efficient water use
Watershed-based planning
Innovation in financing
Innovation in project implementation
Creative use of partnerships
One recipient from each state was selected to receive the
Award. Winners were announced at the national meeting
of the Council of Infrastructure Financing Authorities
(CIFA) in Providence, RI in October 2008.
The recipients of the Fourth Annual PISCES Awards are
examples of the types of projects that best represent the
CWSRF's commitment to innovative and sustainable water
quality financing.
In effectively meeting local and state water quality goals,
they demonstrate that creative planning and design can bal-
ance environmental needs with fiscal responsibility.
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2008 ANNUAL REPORT CLEAN WATER STATE REVOLVING FUND PROGRAMS
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THE 2008 PISCES AWARDS: PERFORMANCE AND INNOVATION
THE CWSRF
2008
PISCES
AWARD
REGION 8
Sioux Falls, South Dakota: Funded a
cost share contribution to the Central Big
Sioux River Watershed Restoration project
in addition to the construction of a new
sanitary sewer.
Alpine, Wyoming: Replaced an existing
wastewater treatment facility with a new,
larger facility and a new sewage collection
system.
REGION 5
Fox Metro Water Reclamation District,
Illinois: Installed energy saving systems, in-
cluding a heat exchange system and a sludge
drier, to improve treatment plan efficiency.
Peru, Indiana: Doubled treatment plant
capacity by converting the existing anaerobic
digestion process to aerobic/anaerobic
sequencing digestion.
Delhi Charter Township, Michigan:
Rehabilitated a wastewater treatment plant
WINNERS
Eastern Idaho Regional Wastewater
Authority, Idaho: Connected four cities to
a new wastewater treatment facility which
will produce effluent to be supplied to local
industry for reuse.
Community of Rieth, Umatilla County,
Oregon: Constructed a new collection
system, pump, and sewer line to connect
wastewater to a neighboring sewer system.
REGION 9
Prescott Valley, Arizona: Converted
underused oxidation ditches to activated
sludge processors, replacing existing, lesser
quality filters.
Orange County, California: Implemented
a groundwater replenishment system
designed to return highly treated waste-
water to the County's groundwater supply
through a series of recharge basins.
Hawaii, Hawaii: Replaced existing
cesspools at publicly owned facilities with
onsite wastewater systems.
REGION 7
Charles City, Iowa: Expanded and
upgraded the existing water pollution
control plan to address capacity needs.
Hutchinson, Kansas: Constructed a
facility to pump water from a contaminated
local aquifer and treat it befor
to the aquifer.
: it before returning it
REGION 6
Beebe, Arkansas: Replaced several pump
stations in its wastewater system with energy
and maintenance saving gravity lines.
Lafourche Sewer District No. i,
Louisiana: Upgraded the local wastewater
system to meet advanced treatment criteria.
Grand Lake Public Works Authority,
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CLEAN WATER STATE REVOLVING FUND PROGRAMS 2008 ANNUAL REPORT
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THE 2008 PISCES AWARDS: PERFORMANCE AND INNOVATION
THE CWSRF
so that the biosolids it produces can be used
for methane capture energy production.
Le Center, Minnesota: Partnered with local
industry to ensure that increasing levels of
waste will be effectively processed.
Madison Metropolitan Sewerage
District, Wisconsin: Constructed an
effluent force main to return treated waste-
water to the Sugar River basin to augment
stream flows.
REGION 1
Point O'Woods Association,
Connecticut: Replaced onsite septic
systems and a seasonal water system with
sanitary sewer and year-round water
distribution systems.
Bucksport, Maine: Constructed a new
combined sewer overflow treatment
facility utilizing low-energy swirl
concentrator technology.
Cohasset, Massachusetts: Implemented a
low impact stormwater runoff management
system, including forty rain gardens, to
protect drinking water supply.
Middletown, Rhode Island: Purchased
forty-five acres of agricultural land in
order to prevent it from being developed,
thereby protecting the local drinking
water reservoir.
Colchester, Vermont: Capitalized a local
homeowner septic system revolving fund.
Oklahoma: Protected Grand Lake by
replacing a large number of residential
septic systems with a new secondary
treatment facility.
Eagle Pass, Texas: Expanded regional
wastewater treatment capacity to treat
waste from previously un-served areas of
Maverick County.
REGION 3
Lewes, Delaware: Expanded the city's
wastewater treatment plant to meet
additional system capacity needs.
Easton, Maryland: Capped nutrient
load discharge to the Chesapeake Bay
through the installation of enhanced
nutrient removal technologies in the
existing wastewater system.
Schuylkill Valley Sewer Authority, Penn-
sylvania: Built a regional wastewater treat-
REGION 4
Marathon, Florida: Implemented a compre-
hensive approach to wastewater management,
including the construction of an innovative
vacuum wastewater collection system.
Gainesville, Georgia: Expanded reclama-
tion facilities to include energy efficient
membrane filtration as part of a watershed-
wide water quality plan.
REGION 2
Rahway Valley Sewerage Authority, New
Jersey: Upgraded the city's wastewater
treatment facility, including the installation
of a new UV disinfection system.
Rockland County Sewer District No. i, New
York: Replaced septic systems with a new
collection system and advanced treatment plant
designed to protect the local aquifer.
ment facility to replace direct discharge of
residential sewage and stormwater runoff.
Abingdon, Virginia: Upgraded a reclama-
tion facility to include capacity to treat
septic tank wastewater, grease, and other
special wastes.
Morgantown, West Virginia: Reconstructed
an existing wetland to improve stormwater
detention and implemented natural stream
restoration to stabilize stream banks.
Brunswick County, North Carolina:
Constructed a regional tertiary wastewater
reclamation system capable of producing
reuse-quality effluent.
Lexington County, South Carolina:
Replaced septic tanks with a sewer
connection to an existing treatment system.
2008 ANNUAL REPORT CLEAN WATER STATE REVOLVING FUND PROGRAMS
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STATE AGENCIES THAT MANAGE CWSRF PROGRAMS
STATE AGENCIES THAT MANAGE CWSRF PROGRAMS
EPA Region 1 - Boston, Massachusetts
Connecticut Department of Environmental Protection
Connecticut Office of the Treasurer
Maine Municipal Bond Bank
Maine Department of Environmental Protection
Massachusetts Water Pollution Abatement Trust
Massachusetts Department of Environmental Protection
New Hampshire Department of Environmental Services
Rhode Island Clean Water Finance Agency
Rhode Island Department of Environmental Management
Vermont Department of Environmental Conservation
Vermont Municipal Bond Bank
EPA Region 2 - New York, New York
New Jersey Department of Environmental Protection
New Jersey Environmental Infrastructure Trust
New York State Environmental Facilities Corporation
New York Department of Environmental Conservation
Puerto Rico Environmental Quality Board
Puerto Rico Infrastructure Financing Authority
EPA Region 3 - Philadelphia, Pennsylvania
Delaware Department of Natural Resources
and Environmental Control
Maryland Department of the Environment
Pennsylvania Infrastructure Investment Authority
Pennsylvania Department of Environmental Protection
Virginia Department of Environmental Quality
Virginia Resources Authority
West Virginia Department of Environmental Protection
West Virginia Water Development Authority
EPA Region 4 - Atlanta, Georgia
Alabama Department of Environmental Management
Florida Department of Environmental Protection
Georgia Environmental Facilities Authority
Kentucky Infrastructure Authority
Kentucky Division of Water
Mississippi Department of Environmental Quality
North Carolina Department of Environment
and Natural Resources
South Carolina Department of Health
and Environmental Control
South Carolina Budget and Control Board
Tennessee Department of Environment and Conservation
Tennessee Comptroller of the Treasury
EPA Region 5 - Chicago, Illinois
Illinois Environmental Protection Agency
Indiana Department of Environmental Management
Indiana State Budget Agency
Indiana Finance Authority
Michigan Department of Environmental Quality
Michigan Municipal Bond Authority
Minnesota Public Facilities Authority
Minnesota Pollution Control Agency
Minnesota Department of Agriculture
Ohio Environmental Protection Agency
Ohio Water Development Authority
Wisconsin Department of Natural Resources
Wisconsin Department of Administration
EPA Region 6 - Dallas, Texas
Arkansas Soil and Water Conservation Commission
Arkansas Development Finance Authority
Louisiana Department of Environmental Quality
New Mexico Environment Department
Oklahoma Water Resources Board
Texas Water Development Board
EPA Region 7 - Kansas City, Missouri
Iowa Department of Natural Resources
Iowa Finance Authority
Kansas Department of Health and Environment
Kansas Department of Administration
Kansas Rural Water Finance Authority
Kansas Development Finance Authority
Missouri Department of Natural Resources
Missouri Environmental Improvement
and Energy Resources Authority
Nebraska Department of Environmental Quality
Nebraska Investment Finance Authority
EPA Region 8 - Denver, Colorado
Colorado Water Resources and Power Development Authority
Colorado Department of Public Health and Environment
Colorado Department of Local Affairs
Montana Department of Environmental Quality
Montana Department of Natural Resources and Conservation
North Dakota Department of Health
North Dakota Public Finance Authority
South Dakota Department of Environment
and Natural Resources
Utah Department of Environmental Quality
Wyoming Department of Environmental Quality
Wyoming Office of State Lands and Investments
EPA Region 9 - San Francisco, California
Arizona Water Infrastructure Finance Authority
California State Water Resources Control Board
Hawaii Department of Health
Nevada Department of Conservation and Natural Resources
EPA Region 10 - Seattle, Washington
Alaska Department of Environmental Conservation
Idaho Department of Environmental Quality
Oregon Department of Environmental Quality
Washington Department of Ecology
14
CLEAN WATER STATE REVOLVING FUND PROGRAMS 2008 ANNUAL REPORT
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ONGOING CWSRF INITIATIVES IN 2008
New
ives
for 2009
EPA will pursue many activities during
2009 that focus on professional develop-
ment, promoting effective management
and oversight, and expanding marketing
and outreach. Designed to provide CWSRF
staff with the resources they need to max-
imize program performance and to docu-
ment and share best management
practices, these initiatives show EPA's
commitment to the continued improvement
of the CWSRF programs.
PROFESSIONAL DEVELOPMENT
EPA is committed to providing CWSRF staff with the resources nec-
essary for effective program management. In addition to holding
training workshops in five regions, EPA will implement several new
training tools in 2009:
New Employee Training Workshop
EPA is conducting a three-day training workshop for new federal em-
ployees, covering basic oversight of the CWSRF programs. Partici-
pants will be shown how to review core CWSRF documents,
including intended use plans and annual reports. The proper procedure
for conducting annual onsite reviews will also be covered. The train-
ing workshop will be held in Chicago, Illinois from May 5-7, 2009.
CWSRF Training Videos
EPA is developing a series of videos presenting basic programmatic in-
formation as well as more advanced topics. Basic CWSRF program
overview and CWSRF Benefits Reporting System training videos
were released in 2008. Additional videos planned for 2009 will cover
program structures, requirements, and documentation, as well as
strategic marketing.
CWSRF Financial Accreditation Program: Module II
The CWSRF Financial Accreditation Program is designed to ensure
that personnel are familiar with financial and statutory topics essen-
tial to the proper oversight and management of the CWSRF pro-
grams. Through a series of open book exams, the Accreditation
Program allows staff to enhance their skills as they relate to the fi-
nancial requirements of the programs and practices commonly found
in the municipal finance industry. Module I was released in late 2007
and the intermediate level Module II is currently being developed.
Module II will include more advanced questions on cash draw rules
and reporting and auditing requirements, as well as subjects such as
15
2008 ANNUAL REPORT CLEAN WATER STATE REVOLVING FUND PROGRAMS
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ONGOING CWSRF INITIATIVES
2008
municipal bond issuance and financial management and
planning. Module I and updates on the status of Module II
of the Accreditation Program can be found on the CWSRF
discussion forum at http://cwsrf.invisionzone.com.
EFFECTIVE MANAGEMENT AND OVERSIGHT
It is important to not only highlight examples of strategic
management and other best practices throughout the
CWSRF community, but to also provide effective oversight
of the programs. To this extent, EPA is developing:
CWSRF Standard Operating Procedures
EPA is creating a series of Standard Operating Procedures
(SOPs) which will outline the various components of the
annual EPA Regional review of state programs. The first
SOP, "Transaction Testing for Erroneous Payments," was
released in 2008, and additional SOPs are expected in 2009.
SOPs are intended to streamline the review process for re-
gional staff by establishing a clear set of guidelines for re-
views. Additionally, SOPs will clearly explain to state
programs what is expected of them. Both measures will
make the annual review process more efficient, help ensure
state programs conform to CWSRF statute, and maximize
the use of program resources.
2009 CWSRF Conference
The CWSRF's 2009 National Conference, "Strategic
Management of the Clean Water State Revolving Fund
Programs: The Next 20 Years," is scheduled to be held in
Chicago, Illinois from July 14 - 15, 2009. The conference
will bring managers and senior staff from throughout the
country together to discuss CWSRF program strategic
management in an interactive discussion format. The con-
ference will address management of CWSRF environ-
mental and financial performance, and present practices
and solutions to enhance state efforts to address the na-
tion's current and future water quality problems. Meeting
materials will be made available as a resource for states to
use when considering the implementation of new manage-
ment strategies. Potential topics to be discussed include:
• Major trends affecting the strategic direction of the
CWSRF programs.
• Progress and opportunities presented by stimulus funding.
• Opportunities in managing financial resources to meet
long-term water quality and public health goals.
• Positioning the CWSRF to play an effective role in in-
tegrated water quality planning and management.
• Utilizing data management and communication for
improved CWSRF outreach and marketing.
16
Funding green infrastructure projects with the CWSRF.
Issues and opportunities presented by potential CWSRF
reauthorization.
Updated information on the Conference, including regis-
tration details, can be found at: http://www.cwsrfconfer-
ence.net.
EXPANDING MARKETING AND OUTREACH
Marketing and outreach are very important for the contin-
ued success of the CWSRF programs. For 2009, EPA will
assist these efforts by producing the following:
SRF's Up Newsletter
SRF's Up is a. biannual newsletter presenting up-to-date pro-
gram news and examples of state innovation. It is designed to
highlight new and creative practices, allowing states to learn
about what other CWSRF programs are doing. It is also a
great way to showcase the programs' achievements in a for-
mat accessible to the general public. In 2008, two issues of
SRF's Up were published, addressing the draft white paper,
program marketing, and strategic management and planning.
Additional issues are planned for 2009, with information on
topics such as the American Recovery and Reinvestment Act
of 2009 and the 2009 CWSRF Conference.
Activity Updates
CWSRF Activity Updates focus on financial or program-
matic innovations being implemented in the CWSRF pro-
grams, and each includes several specific examples of states
that have successfully adopted these new strategies. They
are great resources for states that are looking to learn from
the successes of other CWSRF programs. Several new Ac-
tivity Updates are planned for 2009, including one on map-
ping data in the CWSRF Benefits Reporting system.
FACT-Lite
The Financing Alternatives Comparison Tool (FACT) al-
lows users to compare the annual and cumulative costs of
different financing options. In response to feedback, EPA
is improving FACT by adding Fact-Lite, an analysis op-
tion that simplifies this tool by reducing the amount of in-
formation users must enter to conduct a comparison. A
comprehensive user guide is also being developed. The new
version of FACT will be more accessible to small commu-
nities and will serve as an effective marketing tool by
demonstrating the cost savings of pursuing CWSRF fi-
nancing when compared to funding alternatives. It is
scheduled to be released in the spring of 2009.
CLEAN WATER STATE REVOLVING FUND PROGRAMS 2008 ANNUAL REPORT
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CWSRF 2008 PERFORMANCE HIGHLIGHTS
CWSRF 2008 PERFORMANCE HIGHLIGHTS
A Continued Source of Project Financing
In 2008, the CWSRF programs funded over $5.8 billion in
projects, raising cumulative assistance to nearly $69 billion
over the last 21 years. This number is projected to continue
growing in the coming years, as interest earnings and re-
payments of outstanding loan principal increase, and states
with high demand continue to leverage by issuing revenue
and general obligation bonds.
Saving Communities Money
According to a popular municipal borrowing index, the av-
erage municipal borrowing rate was 4.6 percent in 2008. The
average CWSRF loan received a rate of 2.2 percent. This
means that communities that borrowed from the CWSRF in
2008 will save an average of 20 percent over the life of a typ-
ical 20-year loan. SRF interest rates continue to provide sig-
nificant subsidies to communities across the country.
FIGURES I CWSRF Cumulative Assistance Reached $68.8 billion through 2008
$68.8
$5.8
1989 1990 1991 1992 1993 1994 1995 1996 1997
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Annual Assistance I Cumulative Assistance
FIGURES I CWSRF Loans Save Communities 20 Percent
1989 1990 1991 1992 1993 1994 1995 1996 1997
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
* Market Rate is measured as the Bond Buyer Index for 20 Year, AA-Rated GO Bonds
CWSRF Interest Rate Market Rate*
2008 ANNUAL REPORT CLEAN WATER STATE REVOLVING FUND PROGRAMS
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CWSRF 2008 PERFORMANCE HIGHLIGHTS
Funding a Broad Range of Project Types
The CWSRF was designed to allow state programs the
flexibility to fund projects based on state water quality pri-
orities. As a result, the CWSRF programs fund a wide
range of project types each year. In 2008, this included $2.7
billion for secondary and advanced treatment facilities, $2.9
billion for sewer construction, as well as more than $220
million for nonpoint source projects such as sanitary land-
fill and brownfield rehabilitation, hydromodification, urban
stormwater runoff management, onsite systems, and agri-
cultural best management practices.
Serving Communities of All Sizes
The CWSRF programs provide funding to environmen-
tally critical projects in small, medium, and large commu-
nities. In 2008,62 percent of all assistance agreements were
made with communities of fewer than 3,500 people and
nearly $1.2 billion went to communities with populations
below 10,000. Large communities also received consider-
able funding, including nearly $2.5 billion for projects in
communities with populations of more than 100,000.
FIGURE 7 I CWSRFs Provide $68.8 Billion Clean Water Financing through 2008
Nonpoint Source and Estuary
4%
Advanced
Treatment
Secon
Treatment
41%
New Sewers
18%
POTW: Publicly Owned Treatment Works; SSO: Sanitary Sewer Overflow; CSO: Combined Sewer Overflow
Note: Chart on the right represents various POTW categories
1%
Stormwater/ Recycled Water
FIGURES I Communities Served by CWSRFs in 2008
100,000 and Above
10,000(099,999
3,500 to 9,999
Less than 3,500
Dollar Amount of Assistance ($5.8 Billion)
Number of Assistance Agreements (2,033)
CLEAN WATER STATE REVOLVING FUND PROGRAMS 2008 ANNUAL REPORT
-------
CWSRF 2008 PERFORMANCE HIGHLIGHTS
Improving the Environment
Projected environmental benefits information is available for
$19.8 billion in CWSRF funded projects. This information
shows that these projects contribute significantly to the pro-
tection and restoration of rivers, lakes, and streams through-
out the country. For example, over $13 billion went to projects
that positively affect aquatic life and wildlife, and nearly $6
billion funded projects that help provide clean water for in-
dustry, agriculture, and public drinking water supply.
Impacting Millions of Americans
The CWSRF Benefits Reporting System demonstrates that
CWSRF funded projects have improved water quality for
millions of Americans. This includes improved access to
water for recreational purposes for over 95 million people,
improvements to water that supports fish and shellfish for
consumption for 45 million people, and improved access to
clean drinking water for more than 33 million people.
FIGURES I Linking CWSRF Financing to the Protection and Restoration of our Nation's Waters
$19.8 Billion in
CWSRF Loans
$7.0 Billion of
Cost Savings..
115 Million
People Served
Funding for Clean Water Act Goals
.' '*
Based on initial reporting of recent projects that account for approximately 29% of cumulative CWSRF financing.
19
2008 ANNUAL REPORT CLEAN WATER STATE REVOLVING FUND PROGRAMS
-------
2008 FINANCIAL PERFORMANCE OVERVIEW
2008 Financial Performance Overview
The Clean Water Act requires an annual financial audit of the 51 state-level CWSRF programs. Each state and
Puerto Rico conducts these audits according to the generally accepted auditing standards established by the
Governmental Accounting Standards Board (GASB). States often define their CWSRF programs as ongoing enter-
prise funds under the GASB definitions of funds. The standardized financial statements used for CWSRF programs
include the following:
Statement of Fund Activities
This statement provides an overview of major indicators of
fund activity, including the capitalization grant levels, proj-
ect commitments, and project disbursements. Both annual
and cumulative data are given.
Statement of Revenues, Expenses, and Earnings
This statement describes the overall performance of the
CWSRF fund over the reporting period.
Statement of Cash Flows
This statement provides a detailed accounting of the actual
flow of cash into and out of the CWSRF fund.
Statement of Net Assets
This statement describes a fund's assets and liabilities
through the end of the fiscal year. Assets include financial
assets and capital assets; liabilities include both current and
long-term liabilities. CWSRF fund assets include grant
funds that have been drawn from the federal treasury to
date, but do not include total grant awards.
Because the 51 constituent CWSRF programs are inde-
pendent state-level entities, no nationally audited CWSRF
program financial reports are available. However, using
EPA's National Information Management System, national
aggregate financial statements have been developed and are
included in the following pages. The statements are best
viewed as non-audited, cash flow-based financial reports.
FINANCIAL STATEMENT HIGHLIGHTS
• Total assets increased by $2.9 billion, a 5.3%
increase from 2007.
• CWSRF program equity (net assets) totals
$33.9, a 5.8% increase from 2007.
• Total program revenues exceeded expenses by
$1.9 billion, with interest earnings from loans
and investments totaling almost $1.7 billion.
• Loan principal repayments to the CWSRF were
$2.3 billion.
• Leveraged bond proceeds added more than $1.9
billion to program cash flow.
20
CLEAN WATER STATE REVOLVING FUND PROGRAMS 2008 ANNUAL REPORT
-------
2008 FINANCIAL PERFORMANCE OVERVIEW
CWSRF NATIONAL PERFORMANCE SUMMARY (Milli
ns of Dollars)
Fund Activity
Annual Fund Activity
Federal Capitalization Grants
State Matching Funds
New Funds Available for Assistance
Project Commitments (Executed Loan Agreements)
Project Disbursements
Cash Draws from Federal Capitalization Grants
Cumulative Fund Activity
Federal Capitalization Grants
State Matching Funds
Funds Available for Assistance
Project Commitments (Executed Loan Agreements)
Project Disbursements
Cash Draws from Federal Capitalization Grants
2008
1,164.9
265.5
5,014.9
5,835.7
5,525.6
1,176.2
26,132.4
5,572.8
70,135.8
68,781.1
59,685.4
24,791.6
2007
776.7
159.7
4,193.8
5,336.3
5,095.4
1,421.2
24,967.5
5,307.3
65,120.9
62,945.4
54,159.9
23,615.4
Revenue, Expenses, and Earnings
Operating Revenues
Interest on Investments
Interest on Loans
Total Operating Revenues
Operating Expenses
Bond Interest Expense
CWSRF Funds Used for Refunding
Amortized Bond Issuance Expense
Administrative Expenses
Total Expenses
Nonoperating Revenues and Expenses
Federal Contribution
State Contributions
Transfers from (to) DWSRF
Total Nonoperating Revenues (Expenses)
Increase (Decrease) in Net Assets
Net Assets
Beginning of Year
End of Year
2008
2007
733.1
956.8
1,690.0
1,010.1
135.5
14.4
44.0
1,204.0
1,176.2
206.9
(11.4)
1,371.6
765.3
919.3
1,684.6
980.3
117.1
16.2
43.0
1,156.6
1,421.2
119.1
(12.7)
1,527.6
1,857.6
32,088.2
33,945.8
2,055.6
30,032.6
32,088.2
Note: Statement presents a compilation of reporting from 51 state programs and is not audited. Sum of individual values may not exactly equal the total due to
rounding error. 2007 data was revised from the 2007 Annual Report to incorporate updated state information. Source: EPA's CWSRF National Information Man-
agement System (June 30, 2008).
2008 ANNUAL REPORT CLEAN WATER STATE REVOLVING FUND PROGRAMS
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2008 FINANCIAL PERFORMANCE OVERVIEW
Net Assets
Assets
Cash and Cash Equivalents
Debt Service Reserve - Leveraged Bonds
Loans Outstanding
Unamortized Bond Issuance Expenses*
Total Assets
Liabilities
Match Bonds Outstanding
Leveraged Bonds Outstanding
Total Liabilities
Net Assets
Federal Contributions
State Contributions
Transfers - Other SRF Funds
Other Net Assets
Total Net Assets
Total Liabilities & Net Assets
2008
9,107.9
7,186.5
39,799.9
293.2
56,387.6
572.5
21,869.3
22,441.8
24,791.6
4,236.3
(398.9)
5,316.7
33,945.8
56,387.6
2007
9,575.2
7,095.4
36,573.8
288.5
53,532.8
582.7
20,861.9
21,444.6
23,615.4
4,029.4
(387.5)
4,830.8
32,088.2
53,532.8
FIGURE 10 I Net Worth of the CWSRF is increasing as Net Assets Grow Faster
$33.9
$22.4
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Net Assets
Liabilities
Note: Statement presents a compilation of reporting from 51 state programs and is not audited. Sum of individual values may not exactly equal the total due to
rounding error. 2007 data was revised from the 2007 Annual Report to incorporate updated state information. Source: EPA's CWSRF National Information Man-
agement System (June 30, 2008).
"Unamortized bond issuance costs that have been incurred but have not been fully recognized (amortized).
These costs will be recognized (amortized) overtime over the remaining life of the bonds outstanding, similar to a pre-paid expense, and consistent with GAAP.
22
CLEAN WATER STATE REVOLVING FUND PROGRAMS 2008 ANNUAL REPORT
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2008 FINANCIAL PERFORMANCE OVERVIEW
Cash Flows
Operating Activities
Cash Draws from Federal Capitalization Grants
Contributions from States
Loan Disbursements Made to Borrowers
Loan Principal Repayments
Interest Received on Loans
Administrative Expenses
Total Cash Flows from Operating Activities
Noncapital Financing Activities
Gross Leveraged Bond Proceeds
Bond Issuance Expense
State Match Bond Proceeds
Cash Received from Transfers with DWSRF
Interest Paid on Leveraged and State Match Bonds
CWSRF Funds Used for Refunding
Principal Repayment of Leveraged Bonds
Principal Repayment of State Match Bonds
Net Cash Provided by Noncapital Financing Activities
Cash Flows from Capital and Related Financing Activities
Investing Activities
Interest Received on Investments
Deposits to Debt Service Reserve for Leveraged Bonds
Net Cash Provided by Investing Activities
Net Increase (Decrease) in Cash and Cash Equivalents
Beginning Balance - Cash and Cash Equivalents
Ending Balance - Cash and Cash Equivalents
2008
2007
1,176.2
206.9
(5,525.6)
2,299.4
956.8
(44.0)
(930.3)
1,966.5
(19.2)
58.6
(11.4)
(1,010.1)
(135.5)
(959.1)
(68.8)
(179.0)
1,421.2
119.1
(5,095.4)
2,364.2
919.3
(43.0)
(314.6)
1,931.7
(18.3)
40.6
(12.7)
(980.3)
(117.1)
(1,180.4)
(81.9)
(418.4)
0.0
733.1
(91.2)
642.0
(467.3)
9,575.2
9,107.9
0.0
765.3
(348.4)
416.9
(316.1)
9,891.3
9,575.2
Note: Statement presents a compilation of reporting from 51 state programs and is not audited. Sum of individual values may not exactly equal the total due to
rounding error. 2007 data was revised from the 2007 Annual Report to incorporate updated state information. Source: EPA's CWSRF National Information Man-
agement System (June 30, 2008).
2008 ANNUAL REPORT CLEAN WATER STATE REVOLVING FUND PROGRAMS
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CWSRF AT A GLANCE
CWSRF AT A GLANCE
Funds Available for Projects (Billions of Dollars) Assistance Provided to Projects
2008 1988-2008
Total Funds 5.0
Federal Cap Grants 1.2
State Match 0.3
Net Leveraged Bonds 1.8
Net Loan Principal Repaid 1.3
Net Interest Earnings 0.5
Net Transfers with DWSRF (0.01)
Less Administration (0.05)
Number of Loans in 2008 = 2,030; Total = 22,700
Interest Rate in 2008 = 2.2% (Market = 4.6
As of 2008
Return on Federal Investment = 2.41 Times
SRF Assistance as % of Funds Available = '
27 States Leverage; 21 Issue Match Bonds
40 States Fund Nonpoint Source Projects
30 States Use Integrated Priority Setting Systems
48 States Conduct Separate Audits
40 States Fund Separate Grant/Loan Programs
70.1 Total, Project Type
26.1 Wastewater Treatment
5.6 Nonpoint Source
22.4 Not Classified
11.7
5.7 Total, Population Served
(0.4) < 3,500
(1.1) 3,500-9,999
10,000 - 99,999
100,000 and Above
Wastewater Treatment
Secondary Treatment
Advanced Treatment
SSO Correction
New Sewers
CSO Sewers
Storm Sewers
Recycled Water
2008
5.8
5.58
0.22
0
5.8
0.58
0.62
2.14
2.50
5.6
1.75
0.93
0.98
0.93
0.86
0.05
0.08
1988-2008
68.8
65.3
2.9
0.6
68.8
7.3
8.2
23.2
30.1
65.3
26.3
11.8
7.8
12.0
6.7
0.4
0.3
CLEAN WATER STATE REVOLVING FUND PROGRAMS 2008 ANNUAL REPORT
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I
&EPA
OFFICE OF WATER MARCH 2009 I EPA-832-09-001
Clean Water
State Revolving Fund
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