AEPA
WIFIA
PROGRAM
SAMPLE CASH
FLOW PRO FORMA
FEBRUARY 2, 2016
This document is intended to serve as an example of a cash
flow pro forma for WIFIA prospective borrowers.
Prospective borrowers should use this file as guidance for
the type of information that should be provided in the
"Letter of Interest" pro forma submission. However, it
should not be used as a template.
Due to the variety of eligible borrowers and projects, some
information provided in this file may not be applicable to
certain projects and does not need to be included in every
submission. Some projects should provide additional
relevant information that is not provided herein.




*This is a sample only. It is not intended to serve as a template, reflect any actual credit, or convey acceptable
ratios and/or project costs.

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SPECIMEN FINANCIAL PRO FORMA
SOURCE AND USES OF FUNDS ($000; Year 2016)


FINANCING:
Treatment Plant Upgrade


WWTP - Base Case


USES

SOURCES


Facility Costs

Gross Funding Requirements
$
180,728
Headworks $
1,485



Primary Clarifiers
6,277



Trickling Filters & Pumping Stations
28,682
Public or Private Funds

35,530
Secondary Clarifiers
33,716
Public or Private Funds %

20%
Chlorine Cantact Tank
2,521



Anaerobic Digesters
29,900
Debt

145,199
Solids Dewatering Building
10,887
Debt %

80%
Site Work & Utilities
7,954



Relief Sewer
4,060



Project Services
44,184



Other
758



Subtotal - Facility Costs
170,422



Financing Costs

Debt Composition


Development Costs & Owner Contingency
2,500
WIFIA Debt

88,543
Closing Costs
3,076
% of Eligible Project Costs

49%
Reserve Fund Capitalization
4,730



Capitalized Interest
-




-
Senior Debt

56,656
Subtotal - Financing Costs
10,306
% of Eligible Project Costs

31%
WIFIA Eligible Project Costs
180,728



Gross Funding Requirements $
180,728
Total Funds Drawn
$
180,728
Page 1

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SPECIMEN FINANICIAL PRO FORMA
Historical	Actual Actual Actual Actual Actual Projected Projected Projected Projected Projected Projected Projected Final Maturity
Prospective Borrower: Wastewater System 20XX <	 2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023 	> 20XX
Financing: Treatment Plant Upgrade
Scenario Number: 1 - WWTP - Base Case
Income Statement
Revenues
Existing Operations Revenue $ 20,402 $ 20,606 $ 20,812 $ 21,020 $ 21,230 $ 21,443 $ 21,657 $ 21,874 $ 22,092 $ 22,313 $ 22,537 $ 22,762	XXX
New Project Revenue		; 	; 	; 	; 	; 	; 5.414 10.937 11.046 11.157 11.268 11.381	XXX
Total Revenues
20,402
20,606
20,812
21,020
21,230
21,443
27,071
32,811
33,139
33,470
33,805
34,143
XXX
Expenses













Cash Operating Expenses
3,166
3,245
3,327
3,410
3,495
3,582
4,590
5,645
5,787
5,931
6,080
6,232
XXX
Amortization Expense
-
-
-
-
-
154
205
205
205
205
205
205
XXX
Depreciation Expense
3,315
3,315
3,315
3,315
3,315
6,866
8,996
8,996
8,996
8,996
8,996
8,996
XXX
Total Expenses
6,481
6,561
6,642
6,725
6,810
10,602
13,791
14,846
14,988
15,132
15,281
15,433
XXX
Operating Income
13,921
14,045
14,170
14,295
14,420
10,841
13,281
17,964
18,151
18,338
18,524
18,710
XXX
Non-Operating Items













Add:













Interest Income
-
-
-
-
-
-
189
189
189
189
189
189
XXX
Less:













Interest Expense













WIFIA Debt
-
-
-
-
-
1,968
2,553
2,468
2,382
2,293
2,201
2,106
XXX
Project Senior Debt
-
-
-
-
-
2,073
2,705
2,634
2,560
2,482
2,400
2,313
XXX
Existing Senior Debt
2.400
2.300
2.200
2.100
2.000
1.900
1.800
1.700
1.600
1.500
1.400
1.300
XXX

2,400
2,300
2,200
2,100
2,000
5,942
7,058
6,803
6,542
6,274
6,000
5,719
XXX
Net Income/Change in Net Assets
$ 11,521 $
11,745 $
11,970 $
12,195 $
12,420 $
4,899 $
6,412 $
11,350 $
11,798 $
12,253 $
12,713 $
13,180
XXX
Page 2

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SPECIMEN FINANICIAL PRO FORMA
Prospective Borrower: Wastewater System
Financing: Treatment Plant Upgrade
Scenario Number: 1 - WWTP - Base Case
Balance Sheet
ASSETS
Current Assets
Cash	$ 13,326 $ 26,349 $ 39,597 $ 53,070 $ 66,768	$ 76,095	$ 84,284	$ 97,237	$ 111,661	$ 126,372	$ 141,369	$ 156,651	XXX
Accounts Receivable (Net)	5,031 5,081 5,132 5,183 5,235	5,287	6,675	8,090	8,171	8,253	8,335	8,419	XXX
Other 	! 	! 	! 	! 	! 	!		! 	! 	! 	L	L	L	MK
Total Current Assets	18,356 31,430 44,729 58,253 72,002	81,383	90,959	105,328	119,833	134,625	149,704	165,070	XXX
Property, Plant & Equipment
Non-Depreciable Assets	............	xxx
Existing Depreciable Assets	82,880 82,880 82,880 82,880 82,880	82,880	82,880	82,880	82,880	82,880	82,880	82,880	XXX
New Gross Assets	.....	170,422	170,422	170,422	170,422	170,422	170,422	170,422	XXX
Accumulated Depr.	(38.195^ (41.510^ (44.826^ (48.141^ (51.456^	(58.322^ (67.318^	(76.314^	(85.309^	(94.305^	(103.301^	(112.297^	XXX
Net PP&E	44,685 41,370 38,054 34,739 31,424	194,981	185,985	176,989	167,993	158,997	150,001	141,005	XXX
Other Assets
Capitalized Financing Costs	.....	2,922	2,717	2,512	2,307	2,102	1,897	1,692	XXX
R&R Reserve Fund	............	XXX
Debt Service Reserve Fund	......	4,730	4,730	4,730	4,730	4,730	4,730	XXX
Other 	; 	; 	; 	; 	; 	;		; 	; 	; 	; 	; 	;	XXX
Subtotal	.....	2,922	7,447	7,242	7,037	6,832	6,627	6,422	XXX
Total Assets	63,041 72,800 82,783 92,992 103,426	279,286	284,391	289,559	294,862	300,454	306,332	312,497	XXX
LIABILITIES
Current Liabilities
Accounts Payable	520 533 547 560 575	589	754	928	951	975	999	1,024	XXX
Accrued Expenses	............	%XX
Other 	! 	! 	! 	! 	! 	!		! 	! 	! 	L	L	L	MK
Subtotal	520 533 547 560 575	589	754	928	951	975	999	1,024	XXX
Long-Term Liabilities
Existing Senior Debt	46,000 44,000 42,000 40,000 38,000	36,000	34,000	32,000	30,000	28,000	26,000	24,000	XXX
Project Senior Debt	.....	55,636	54,218	52,729	51,165	49,523	47,799	45,988	XXX
WIFIA Debt 	; 	; 	; 	; 	;	86.509	83.726	80.859	77.905	74.862	71.727	68.497	XXX
Subtotal	46,000 - 42,000 40,000 38,000	178,146	171,944	165,587	159,069	152,384	145,525	138,485	XXX
44,000
Total Liabilities	46,520 44,533 42,547 40,560 38,575	178,735	172,698	166,515	160,021	153,359	146,525	139,509	XXX
EQUITY/NET ASSETS
Capital Stock	............	XXX
Paid-in Capital	.....	30,800	35,530	35,530	35,530	35,530	35,530	35,530	XXX
Retained Earnings/Change in Net Assets	16,521 28,266 40,236 52,432 64,852	69,751	76,163	87,514	99,312	111,565	124,278	137,458	XXX
Additional Paid-in Capital 	: 	: 	- 	- 	- 	-		- 	- 	- 	- 	- 	-	XXX
Total Capital	16,521 28,266 40,236 52,432 64,852	100,551	111,693	123,043	134,842	147,094	159,807	172,987	XXX
Total Liabilities and Capital	$ 63,041 $ 72,800 $ 82,783 $ 92,992 $ 103,426	$ 279,286	$ 284,391	$ 289,559	$ 294,862	$ 300,454	$ 306,332	$ 312,497	XXX
Historical Actual Actual Actual Actual Actual Projected Projected Projected Projected Projected Projected Projected Final Maturity
20XX <	 2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023 	> 20XX
Page 3

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SPECIMEN FINANICIAL PRO FORMA
Prospective Borrower: Wastewater System
Financing: Treatment Plant Upgrade
Scenario Number: 1 - WWTP - Base Case
Historical
20XX <-
Actual
2012
Actual
2013
Actual
2014
Actual
2015
Actual
2016
Projected Projected Projected Projected Projected Projected Projected Final Maturity
2017	2018	2019	2020	2021	2022	2023 	> 20XX
Statement of Cashflows
Operations
Net Income/Change in Net Assets
Depreciation
(Increase) Decrease in Receivables
(Increase) Prepaid Expenses
(Increase) Customer Deposits
(Increase) in Other Current Assets
(Decrease) Accounts Payable
(Decrease) Accrued Expenses
(Decrease) Other Current Liabilities
Cash Flow from Operations
$ 11,521 $ 11,745 $ 11,970 $ 12,195 $ 12,420 $ 4,899 $ 6,412 $ 11,350 $ 11,798 $ 12,253 $ 12,713 $ 13,180
3,315
(31)
520
3,315
(50)
13
3,315
(51)
13
3,315
(51)
14
3,315
(52)
14
6,866
(52)
14
8,996
(1,388)
166
8,996
(1,415)
174
8,996
(81)
23
8,996
(82)
24
8,996
(83)
24
8,996
(83)
25
15,326
15,023
15,248
15,473
15,698
11,727
14,186
19,105
20,737
21,191
21,651
22,118
XXX
XXX
XXX
XXX
XXX
XXX
XXX
XXX
XXX
XXX
Investing
Net New Non-Depreciable Assets
Net New Depreciable Assets
Cash Flow From Investing
(170,422)
(170,422)
XXX
XXX
XXX
Financing
Net Increase (Decrease) in Existing Senior Debt
(2,000)
(2,000)
(2,000)
(2,000)
(2,000)
(2,000)
(2,000)
(2,000)
(2,000)
(2,000)
(2,000)
(2,000)
XXX
Net Increase (Decrease) in Project Senior Debt
-
-
-
-
-
55,636
(1,418)
(1,489)
(1,564)
(1,642)
(1,724)
(1,810)
XXX
Net Increase (Decrease) in WIFIA Debt
-
-
-
-
-
86,509
(2,783)
(2,867)
(2,954)
(3,043)
(3,135)
(3,230)
XXX
Issuance (Buy Back) of Capital Stock
-
-
-
-
-
30,800
4,730
-
-
-
-
-
XXX
(Increase) in Other Financing Assets
-
-
-
-
-
(2,922)
(4,525)
205
205
205
205
205
XXX
Dividends Paid
_
_
_
_
_
_
_
_
_
_
_
_
XXX
Cash Flow From Financing
(2,000)
(2,000)
(2,000)
(2,000)
(2,000)
168,023
(5,997)
(6,152)
(6,313)
(6,480)
(6,654)
(6,835)
XXX
Net Change in Cash
$ 13,326 $
13,023 $
13,248 $
13,473 $
13,698 $
9,328 $
8,189 $
12,953 $
14,424
$ 14,710
$ 14,997
$ 15,283
XXX
Cash-Beginning of Year
_
13,326
26,349
39,597
53,070
66,768
76,095
84,284
97,237
111,661
126,372
141,369
XXX
Cash-End of Year
13,326
26,349
39,597
53,070
66,768
76,095
84,284
97,237
111,661
126,372
141,369
156,651
XXX
Page 4

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SPECIMEN FINANICIAL PRO FORMA
Prospective Borrower: Wastewater System
Historical
20XX <	
Actual
2012
Actual
2013
Actual
2014
Actual
2015
Actual
2016
Projected
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Final Maturit'
	> 20XX
Financing: Treatment Plant Upgrade
Scenario Number: 1 - WWTP - Base Case














I Calculation of CFADS
Revenue
Existing Operations Revenue
New Project Revenue
Interest Income


$ 20,402
$ 20,606
$ 20,812
$ 21,020
$ 21,230
$ 21,443
$ 21,657
5,414
189
$ 21,874
10,937
189
$ 22,092
11,046
189
$ 22,313
11,157
189
$ 22,537
11,268
189
$ 22,762
11,381
189
XXX
XXX
XXX

Subtotal

20,402
20,606
20,812
21,020
21,230
21,443
27,261
33,000
33,328
33,659
33,994
34,332
XXX
Expenses
Operating Expenses
Fixed Expenses
Variable Costs
Corporate Income Taxes


982
2,184
1,006
2,239
1,032
2,295
1,057
2,352
1,084
2,411
1,111
2,471
1,423
3,166
1,751
3,895
1,795
3,992
1,839
4,092
1,885
4,194
1,933
4,299
XXX
XXX
XXX
Subtotal

3,166
3,245
3,327
3,410
3,495
3,582
4,590
5,645
5,787
5,931
6,080
6,232
XXX
Capital Expenditures
Inc. / (Dec.) in Working Cap. Reqs.
Subtotal

37
37
37
37
37
37
38
38
38
38
38
38
1,222
1,222
1,242
1,242
58
58
58
58
58
58
58
58
XXX
XXX
XXX
Cashflow Available for Debt Service


17,199
17,323
17,448
17,573
17,698
17,822
21,449
26,113
27,484
27,670
27,856
28,042
XXX
Page 5

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SPECIMEN FINANICIAL PRO FORMA
Historical	Actual Actual Actual Actual Actual Projected Projected Projected Projected Projected Projected Projected Final Maturity
Prospective Borrower: Wastewater System 20XX <	 2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023 	> 20XX
Financing: Treatment Plant Upgrade
Scenario Number: 1 - WWTP - Base Case
Debt Service
WIFIA Debt
Opening Balance
Drawdowns
Repayments
Closing Balance
Interest (capitalized)
Interest (expensed)
$
-
$
-
$
-
$
-
$
-
$
88,543
2,034
$
86,509
2,783
$
83,726
2,867
$
80,859
2,954
$
77,905
3,043
$
74,862
3,135
$
71,727
3,230
XXX
XXX
XXX

-

-

-

-

-

86,509
1,968

83,726
2,553

80,859
2,468

77,905
2,382

74,862
2,293

71,727
2,201

68,497
2,106
XXX
XXX
XXX
Total Interest

-

-

-

-

-

1,968

2,553

2,468

2,382

2,293

2,201

2,106
XXX
WIFIA Debt Service

-

-

-

-

-

4,002

5,336

5,336

5,336

5,336

5,336

5,336
XXX
Project Senior Debt

























Opening Balance
$
-
$
-
$
-
$
-
$
-
$
-
$
55,636
$
54,218
$
52,729
$
51,165
$
49,523
$
47,799
XXX
Drawdowns

-

-

-

-

-

56,656

-

-

-

-

-

-
XXX
Repayments

-

-

-

-

-

1,019

1,418

1,489

1,564

1,642

1,724

1,810
XXX
Closing Balance

-

-

-

-

-

55,636

54,218

52,729

51,165

49,523

47,799

45,988
XXX
Interest (capitalized)

_

_

_

_

_

_

_

_

_

_

_

_
XXX
Interest (expensed)

-

-

-

-

-

2,073

2,705

2,634

2,560

2,482

2,400

2,313
XXX

-

-

-

-

-

2,073

2,705

2,634

2,560

2,482

2,400

2,313
XXX
Project Senior Debt Service

-

-

-

-

-

3,093

4,124

4,124

4,124

4,124

4,124

4,124
XXX
Existing Senior Debt

























Opening Balance
$
48,000
$
46,000
$
44,000
$
42,000
$
40,000
$
38,000
$
36,000
$
34,000
$
32,000
$
30,000
$
28,000
$
26,000
XXX
Principal Payments

2,000

2,000

2,000

2,000

2,000

2,000

2,000

2,000

2,000

2,000

2,000

2,000
XXX
Interest Payments

2,400

2,300

2,200

2,100

2,000

1,900

1,800

1,700

1,600

1,500

1,400

1,300

Closing Balance

46,000

44,000

42,000

40,000

38,000

36,000

34,000

32,000

30,000

28,000

26,000

24,000
XXX
Existing Senior Debt Service

4,400

4,300

4,200

4,100

4,000

3,900

3,800

3,700

3,600

3,500

3,400

3,300
XXX
Total Debt Service

























WIFIA Debt Service
$
-
$
-
$
-
$
-
$
-
$
4,002
$
5,336
$
5,336
$
5,336
$
5,336
$
5,336
$
5,336
XXX
Project Senior Debt Service

-

-

-

-

-

3,093

4,124

4,124

4,124

4,124

4,124

4,124
XXX
Existing Senior Debt Service

4,400

4,300

4,200

4,100

4,000

3,900

3,800

3,700

3,600

3,500

3,400

3,300
XXX


4,400

4,300

4,200

4,100

4,000

10,995

13,260

13,160

13,060

12,960

12,860

12,760
XXX
Cash Flow Available for Debt Service
$
17,199
$
17,323
$
17,448
$
17,573
$
17,698
$
17,822
$
21,449
$
26,113
$
27,484
$
27,670
$
27,856
$
28,042
XXX
Senior Debt Service Coverage

3.91 X

4.03X

4.15x

4.29X

4.42X

2.55X

2.71 X

3.34X

3.56X

3.63X

3.70X

3.78X
XXX
WIFIA Debt Service Coverage

N/A

N/A

N/A

N/A

N/A

1.62X

1.62X

1.98X

2.1 Ox

2.14X

2.17x

2.20X
XXX
Page 6

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