Water Infrastructure Finance Authority of Arizona

Annual Report 2003

1
42-433
: 602-5 -7601
HONE
MAIN P ILE: 602-542
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STATE

1700
APOLI

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JA N E T N RNOR
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2004
January

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With ke to benefit our c
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Yours v
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Janet N
or
Govern

Authority with checks for $2 million for sewer
infrastructure and $3 million for drinking water
improvements for the Apache Dawn housing
project on the White Mountain Apache Indian
Reservation.

New Executive Director
After nine years of distinguished service, long-time
executive director, Greg Swartz, left WIFA for the
private sector. In September 2003, Jay Spector
became WIFA’s new executive director. Jay’s skills
As director of the Arizona Department of

and experience will help WIFA address the federal

Environmental Quality (ADEQ), I am pleased to

funding allocation disparity as well as lead the

serve as chairman of the WIFA Board of Directors,

agency to the next level of performance. Prior to

an agency with a long history of accomplishments.

joining WIFA, he served as special assistant to the

This report on WIFA’s year in review highlights

Secretary of the Interior in Washington, D.C. and

some of its recent successes. ADEQ and WIFA

as the director of intergovernmental affairs and

enjoy a close working partnership, and this part-

outreach for ADEQ.

Chairman’s Message

awarded the White Mountain Apache Housing

nership has enabled us to effectively meet ongoing
challenges such as the federally-mandated arsenic

Arizona Funding Disparity

standards, economic constraints, sustainable

Although Arizona has made significant strides in

growth and infrastructure funding.

water quality, our continued responsiveness to
future water quality requirements is highly depend-

Colorado River Water Quality

ent on revising the state revolving fund formula,

Coordination between WIFA and ADEQ has laid

which is based on outdated 1970s population

the groundwork for substantial public health and

figures and needs. WIFA, ADEQ and other strategic

water quality improvements in communities along

partners are proactively addressing this funding

the Colorado River, a significant water resource

allocation disparity to obtain a greater and more

with some of the region’s most critical wastewater

equitable share of infrastructure funding for

infrastructure needs. WIFA continues to provide

Arizona.

financial support for Lake Havasu City’s $463
WIFA plays an invaluable role in protecting

over 25,000 septic tanks. This year the board also

Arizona’s precious water supplies, ensuring safe

approved $16.2 million for additional sewer

drinking water, and providing a foundation for

improvements in Bullhead City and provided $7.4

growth across the state. WIFA’s accomplishments

million to the City of Yuma for drinking water

this past year point to continued progress for the

upgrades.

future.

Historic Tribal Loans
WIFA became the first state agency in the nation
to lend revolving funds to a tribal nation. In
February 2003, Governor Napolitano and I

Stephen A. Owens
Board Chairman

Annual Report 2003

million centralized sewer project, which replaces

1

Goals and Performance Measures

Projects Funded by Priority List Ranking
Clean Water Revolving Fund
FY 02
FY 03

Priority List Rank

Goal 1: Award WIFA’s
resources in accordance
with the needs of
Arizona’s citizens.

Drinking Water Revolving Fund
FY 02
FY 03

Projects in Top 10
#
$

1
54,890,000

2
3,217,670

3
1,304,488

4
4,061,938

Projects in Top 25
Cumulative #
Cumulative $

6
56,520,575

6
33,400,245

10
10,082,988

5
4,601,938

Projects in Top 50
Cumulative #
Cumulative $

9
75,020,575

7
36,400,245

14
27,057,432

11
14,616,858

Remainder of List
#
$

0
0

0
0

3
7,000,000

0
0

Table 1
As shown in Table 1, all 11 water projects funded

A vital measure of the benefit WIFA loans provide

during 2003 were in the top 50 of the DWRF

to communities throughout Arizona is the savings

Priority List. Similarly, all 7 wastewater projects

to tax/rate payers when compared to traditional

funded were in the top 50 of the CWRF Priority

market financing. In Funding Cycle 2003, WIFA’s

List. Like Funding Cycle 2002 WIFA maintains its

below market interest rates and reduced closing

level of assistance directed to the most significant

costs will save Arizona communities an estimated

public health and water quality problems.

$7,870,774 over the term of the loans. Since the
inception of the Authority, WIFA conservatively

During Funding Cycle 2003, WIFA provided 8

estimates total savings of $150,000,000 to tax/rate

loans to small, rural communities, allocating

payers.

financial assistance to correct problems in communities with fewer resources. As shown in Table 2,

Arizona continues to position itself as a state

the majority of these loans went to communities

revolving loan fund leader nationally and in the

with populations under 2,500.

region. EPA Region 9 includes Arizona, California,
Nevada and Hawaii.

Projects Funded by Population Category
Clean Water Revolving Fund
Population Category FY 02
FY 03

Annual Report 2003

Less than 2,500
#
$

2

Drinking Water Revolving Fund
FY 02
FY 03

During 2003 Arizona was
on par with the region
but below the US in per-

2
2,005,575

2
2,613,530

10
1,861,672

5
4,601,938

cent of Drinking Water

Between 2,501 and 5,000
#
2
$
12,000,000

1
3,000,000

2
420,000

0
0

assistance to communi-

Between 5,001 and 10,000
#
3
$
11,250,000

1
4,400,000

0
0

1
100,000

Above 10,001
#
$

Revolving Fund (DWRF)
ties with less than 10,000
population. Forty-seven
percent of DWRF funds
were provided to com-

2
49,765,000

3
26,368,715

Table 2

5
31,775,760

5
8,788,080

munities between 10,000
and 100,000 population.

Arizona ranks 8th nationally in percent of total

population continues to decline from 30% in 2001

DWRF assistance provided for system compliance.

to 11% in 2003, as reflected in Figure 1.

Arizona’s percent is 77.1 compared with 42.8%
for the US and 89.5% for California. In terms of

From July 1987 through July 2003, WIFA has

total cumulative dollars provided for compliance,

provided $412.3 million in Clean Water Revolving

Arizona ranks 4th in the US after New York, Texas

Fund (CWRF) loans. Shown in Figure 2, Arizona’s

and California.

CWRF funds allocated to communities with fewer

CWRF Assistance

than 10,000 population increased from 38% in

Communities Under 10,000

2002 to 48% in 2003.

July 1987 to July 2003

DWRF Assistance
Communities Under 10,000

Percent

Percent

July 1996 to July 2003
40
35
30
25
20
15
10
5
0

60
50
40
30
20
10
0
US
Under 3,500

US

Region 9

Under 3,300

3,300-9,999

Arizona

Region 9

Arizona

3,500-9,999
10,000 & Above

Under 10,000

Figure 2*

Under 10,000

Among the 10 states funding non-point source

Figure 1*

(NPS) projects, Arizona ranks 2nd with 19%

WIFA ranks 5th nationally in the percent of DWRF

of monies allocated to wastewater treatment

assistance allocated to privately-owned drinking

solutions. Arizona leads the nation with 31% or

water systems. Arizona provides almost twice the

$91.41 million provided for wastewater treatment

US average of 4.8%, indicated in Table 3.

solutions to NPS pollution.

DWRF Assistance to Private Systems and for System Compliance

Goals and Performance Measures

Funding to communities with less than 3,500

July 1996 - July 2003
DWRF
Assistance Total
(in millions)
US

Assistance
to Private Systems
(in millions)

Private Systems
Assistance as %
of DWRF Total
4.8%

Assistance for
Compliance
(in millions)
$2,727.4

System Compliance
Assistance as %
of DWRF Total

$304.4

434.1

18.4

4.2

327.1

42.8%
75.4

AZ

186.9

17.0

9.1

144.1

77.1

CA

190.3

0.7

0.4

170.3

89.5

HI

14.6

0.0

0.0

6.7

46.1

NV

42.4

0.7

1.7

6.0

14.2

Table 3*
*Sources: Progress of the Drinking Water State Revolving Fund Program and Progress of the Clean Water State Revolving Fund
Program, U.S. Environmental Protection Agency, 2003.

Annual Report 2003

$6,377.8

Region 9

3

revolving fund loan in Arizona and the US to the

Income By Fiscal Year

White Mountain Apache Housing Authority on
the White Mountain Apache Indian Reservation.
WIFA was the first state agency to qualify as a

10

US Housing and Urban Development lender,
allowing the Authority to obtain a Title VI
loan guarantee.

Goal 2: Maintain the fiscal integrity of
WIFA’s funds and assure continuous
enhancement for future generations.

$ in Millions

Goals and Performance Measures

In 2003 WIFA made history with the first tribal

In addition to maintaining fiscal integrity, WIFA
invests its monies to ensure that growth in the

8
6
4
2
0
Non-program
Loan Interest
Loan Fees
Revenues
FY ’02
FY ’03

fund keeps pace with inflation. WIFA’s loan

Figure 3

interest revenues increased by 11% from 2002,
as shown in Figure 3. Loan servicing fees also
increased by 34%. However, total non-program

Arizona leads the nation in DWRF assistance

earnings decreased over $.164 million, or

provided as a percent of total revolving funds

approximately 2% during Fiscal Year 2003.

available for projects, more than twice the US
average of 72%. It now exceeds the national aver-

Further evidence of WIFA’s commitment to

age and comparable states for CWRF assistance,

preserve and grow the funds is shown in WIFA’s

indicated in Figure 5.

Statement of Financial Position (see page 12.)
Arizona’s DWRF ranks 3rd nationally in assistance
Figure 4 reflects a decrease in WIFA’s investment

as a percent of federal capitalization grants, trail-

portfolio which provides security to loans and

ing only New York and Colorado, shown in Figure

generates interest earnings. The decrease is a result

6. Arizona’s CWRF ranks first among the 52 states

of cash disbursements to WIFA borrowers during

and US territories; it was previously in 8th place.

Fiscal Year 2003.
As a result of leveraging, Arizona’s CWRF has

Funds Invested

increase. Arizona’s DWRF ranks second in the

$ in Millions

Annual Report 2003

250

4

provided an additional $193.2 million, or a 49%
US in additional leveraged assistance at $131.6

200

million.

150
100
50
0
FY ’02

FY ’03

Figure 4

July 1987 – July 2003

July 1987– July 2003

200

500

150

400

Percent

Percent

CWRF & DWRF Assistance Provided
as Percent of Federal Cap. Grants

100
50

300
200
100

0

0
US

AZ

RI

WS

MS

CWRF

NH

NY

PA

NE

US

AZ

DWRF

RI

CT

MA MN

CWRF

Figure 5*

NY

CO

KS

DWRF

Figure 6*

Goal 3: Facilitate access to and efficiently deliver
financial and technical assistance.

when WIFA issues bonds. This allows WIFA to set

WIFA’s principal mission is to improve water

the benefit of its credit rating along to borrowers.

its loan rates as low as possible, thereby passing

quality through the use of its funds. The Authority
often provides assistance to borrowers with rela-

During Funding Cycle 2003 WIFA received 52

tively weak or no credit. WIFA must do so without

applications requesting $149,022,259 in financial

harming the integrity of the funds it manages.

assistance for wastewater projects and 55 applications requesting $101,829,268 in financial

During Funding Cycle 2003, WIFA financed a

assistance for drinking water projects.

diverse portfolio of borrowers. The presence of
strong borrowers within the portfolio benefits the

WIFA approved loan resolutions for 7 waste-

weaker ones. As shown in Figure 7, WIFA provided

water construction projects for a total amount of

fewer loans in Funding Cycle 2003 to borrowers

$36,400,245 and 11 drinking water loans totaling

with strong credit ratings than to those who were

$14,616,858.

not rated. However, in monetary terms, the total
amount loaned to strong borrowers exceeded the
amount loaned to those who were not rated.

Funding Cycle ’03 Loans by Rating Category

Goals and Performance Measures

CWRF & DWRF Assistance Provided
as Percent of Total Assistance Available

$34,992,802

Through Funding Cycle 2003, WIFA maintained
“Aaa” and “AAA” credit ratings from Moody’s

20

Investors Service and Fitch, respectively. WIFA
commitment to responsible fiscal fund management. These ratings are the highest awarded, and

5 Loans,
10

Not Rated

$19,895,840 13 Loans,
$15,096,962

0

Figure 7
*Sources: Progress of the Drinking Water State Revolving Fund Program and Progress of the Clean Water State Revolving Fund
Program, U.S. Environmental Protection Agency, 2003.

Annual Report 2003

reduce WIFA’s cost of borrowing from investors

A Rated

$ in Millions

was awarded these ratings due to its demonstrated

5

tance pre-design and design grants and loans to

Goal 4: Efficiently administer WIFA within a
positive work environment.

eligible wastewater and drinking water systems. It
targets this assistance, made available through
interest and fee earnings, to communities with
fewer resources to develop projects.

WIFA seeks to reduce operating expenses and
secure services from those qualified to provide

In Funding Cycle 2003 WIFA received 22 CWRF

that service at the least cost. Figure 9 shows the

applications requesting $927,574 in technical

allocation of operating expenditures.

assistance for wastewater projects and 32 DWRF
applications requesting $2,173,490 (includes one

Operating Expenditures FY ’03

$1 million request) in technical assistance for

$ 1,336,210

drinking water projects. Thirteen (13) wastewater
projects received $247,000 in technical assistance
grants, and 18 drinking water projects received

Equipment 8%

Contracts 20%
210
Operating 13%

200
190

Figure 9

180
170

In Fiscal Year 2003 WIFA increased its budget to

160

accommodate growth and expenditures, and levels

150

FY ’02

FY ’03

increased accordingly. WIFA continues to expend
at levels substantially below its budget authority as

Amount Disbursed

indicated in Figure 10.

90
85

Budget Compared to Expenditures

80
75
FY ’03

Figure 8
The number and amount of loan disbursements
made by WIFA is shown in Figure 8. The number
and amount of disbursements decreased by 14%,
as compared to the prior year, and the amount of
funds disbursed decreased accordingly.

2.0

$ in Millions

FY ’02

Annual Report 2003

Personnel 55%

Disbursements

70

6

Overhead 2% Travel 1%

$355,000 in TA grants.

$ in Millions

Goals and Performance Measures

The Authority is able to provide technical assis-

1.5
1.0
0.5
0
FY ’02
Budget

FY ’03
Expenditures

Figure 10

Alpine Sanitary District $10,000 (TA)

Seligman Sanitary District $26,000 (TA)

Bisbee $20,000 (TA)

Somerton $4,400,000 (FA)

Bullhead City $16,149,535 (FA)

Somerton $22,000 (TA)

Clifton $10,000 (TA)

Taylor $10,000 (TA)

Coolidge $25,000 (TA)

Virgin River DWWID $20,000 (TA)

Holbrook $15,000 (TA)

White Mountain Apache Housing Authority
$2,000,000 (FA)

Nogales $35,000 (TA)

Wickenburg $3,000,000 (FA)

Pima County $9,001,510 (FA)
Pinewood Sanitary District $631,530 (FA)

Williams $35,000 (TA)
Yuma County $4,000 (TA)

Quartzsite $15,000 (TA)
Raven Ridge CFD $1,217,670 (FA)
Financial Assistance Loans – (FA)

Technical Assistance Grants – (TA)

Hardship Grants – (HG)

Funding Cycle 2002 Activity
Arizona City SD $9,000,000 (FA)

Oatman Wastewater District $15,000 (TA)

Bisbee $4,000,000 (FA)

Overgaard Townsite DWID $25,000 (TA)

Bisbee $20,200 (TA)

Patagonia $375,000 (FA)

Chino Valley $750,000 (FA)

Patagonia $15,000 (TA)

Clay Springs DWID $22,500 (TA)

Pima County Wastewater Management

Country Roads RV Village $17,500 (TA)
Desert Vista SD $4,500 (TA)
Eloy $1,630,575 (FA)
Florence $6,500,000 (FA)

Lake Havasu City $22,780,000 (FA)
Navajo County $20,000 (TA)

Authority $20,000 (HG)
Pinecrest Lake Property Owners Association
$32,425 (HG)
Snowflake $3,000,000 (FA)
Snowflake $25,000 (TA)
Somerton $150,000 (FA)
Yuma $44,000,000 (FA)

Annual Report 2003

Holbrook $17,500 (TA)

CWRF Loan & Grant Awards

Funding Cycle 2003 Activity

7

CWRF & DWRF Activity 2002
Annual Report 2003
8

Funding Cycle 2002
Clean Water Revolving Fund

Drinking Water Revolving Fund

Wastewater Technical Assistance

Drinking Water Technical Assistance

Wastewater Financial Assistance

Drinking Water Financial Assistance
Hardship Grant Assistance

CWRF & DWRF Activity 2003

Funding Cycle 2003
Clean Water Revolving Fund

Drinking Water Revolving Fund
Drinking Water Technical Assistance

Wastewater Financial Assistance

Drinking Water Financial Assistance

Annual Report 2003

Wastewater Technical Assistance

9

DWRF Loan & Grant Awards
Annual Report 2003
10

Funding Cycle 2003 Activity
Abra Water Company $163,888 (FA)

Rincon Water Company $15,000 (TA)

Chloride DWID $800,000 (FA)

St. Johns $35,000 (TA)

Chloride DWID $15,000 (TA)

Show Low $20,000 (TA)

Cottonwood $10,000 (TA)

Silverbell Irrigation & Drainage District
$12,000 (TA)

Eager $100,000 (FA)
Eagar $13,000 (TA)

Tucson Water $2,500,000 (FA)

Frank Lloyd Wright Foundation/Taliesin West

Water Utility of Greater Tonopah $5,000 (TA)
Wenden DWID $25,000 (TA)

$35,000 (TA)
Fredonia $35,000 (TA)

West End Water Co. $13,000 (TA)

Keaton Development Co. $35,000 (TA)

White Mountain Apache Housing Authority

KEW Water Development Board $30,000 (TA)

$3,000,000 (FA)

Marana DWID $12,000 (TA)

Yuma $2,500,000 (FA)

Mayer DWID $30,000 (TA)

Yuma $2,410,000 (FA)

Mt. Lemmon Water Co-op $540,000 (FA)

Yuma $1,126,840 (FA)

Mt. Lemmon Water Co-op $35,000 (TA)

Yuma $1,378,080 (FA)

Prescott Mobile Home Estates ID $98,050 (FA)
Financial Assistance Loans – (FA)

Technical Assistance Grants – (TA)

Funding Cycle 2002 Activity
Alpine Water System $892,488 (FA)

Oatman Water Company $163,500 (FA)

Antelope Peak Water Association $15,000 (TA)

Prescott Mobile Home Estates $125,000 (FA)

Copper Mountain Ranch CFD $207,000 (FA)

Saguaro Acres CFD $150,000 (FA)

Desert Hills Water Company $300,000 (FA)

Somerton $40,000 (TA)

Dragoon Water Company $78,684 (FA)

Tangerine Water Group $17,500 (TA)

East slope Water Company $7,000 (TA)

Tucson $8,300,000 (FA)

El Mirage $35,000 (TA)

Valley Pioneers Company, Inc. $120,000 (FA)

Eloy $25,000 (TA)

Valley Utilities Water Company $25,000 (TA)

Flagstaff, $6,775,760 (FA)

Water Utility of Greater Buckeye $55,000 (FA)

Flowing Wells Irrigation Dist. $300,000 (FA)

Water Utility of Greater Tonopah $100,000 (FA)

Glendale $6,400,000 (FA)

Why Utility $15,000 (TA)

Holiday Hills DWID $65,000 (FA)

Williams $30,000 (TA)

Hopeville Water Co., Inc. $5,000 (TA)

Willow Valley Water Company $110,000 (FA)

Marana DWID $3,650 (TA)

Yuma $10,000,000 (FA)

Oak Creek Utility Corp. $12,000 (TA)

Funding Cycle

2002

2003

Assets
$ 479.0 Million
Cash & Investments 24%

$ 479.2 Million

Loans 58%

Loans 71%

Cash & Investments
12%

Receivables 2%

Receivables 2%

Reserves 16%

Reserves 15%

During Fiscal Year 2003, WIFA’s assets grew by $.2 million, remaining almost the same as
the previous year. In the last three years, WIFA assets have increased from $346.5 million
to $479.2 million. This growth is attributable to increases in the loan portfolio and additional federal and state contributions.

Liabilities
$ 252.4 Million

$ 240.5 Million

Short Term Liabilities 4%

Long Term Liabilities 94%

Long Term Liabilities 96%

Short Term Liabilities 6%

WIFA’s liabilities decreased from the previous year by $11.9 million, primarily due to a
reduction in bonds payable. These liabilities are directly linked to the Authority’s leveraged

Statement of Financial Position

Funding Cycle

loan portfolio and are also secured by investment reserves managed by WIFA.

Net Assets
$ 226.6 Million
Restricted Net Assets 86%

Unrestricted Net Assets 14%

$ 238.7 Million
Unrestricted Net Assets 17%

Restricted Net Assets 83%

Year 2002 they were $226.6 million, and this year net assets increased to $238.7 million.
The equity growth rate for 2003 was 5%. The overall growth rate since 2001 is 17%.

Annual Report 2003

WIFA’s net assets are growing rapidly. In 2001, its net assets were $204.3 million; by Fiscal

11

Statement of Financial Position

STATEMENT OF NET ASSETS
ASSETS
Cash
Investments
Accrued Interest Receivable
Due from other Government
Capital Assets (net of depreciation)
Debt Management Fees Receivable
Loans
Deferred Bond Issue Costs
Deferred Loss on Retirement Of Bonds
TOTAL ASSETS
LIABILITIES AND NET ASSETS
LIABILITIES
Accounts Payable
Accrued Payroll
Compensated Absences
Interest Payable
Bonds Payable
Unamortized Bond Premiums
Deferred Administrative Funds (Loaned)
Loan Reserve
TOTAL LIABILITIES
NET ASSETS
Net assets invested in capital assets
Restricted for capitalization grants
Unrestricted
TOTAL NET ASSETS
TOTAL LIABILITIES AND NET ASSETS

$

$

$

$

58,852
0
0
3,973,046
241,855,000
4,964,386
883,912
625,127
252,360,323

$
$

0
193,971,147
32,687,016
226,658,163
479,018,486

PROGRAM EXPENSES
Interest Expense
Depreciation
Administration & Set-asides
Hardship Grant Expense
Financial Assistance
Technical Assistance
Bond Issue Costs - Amortization
TOTAL EXPENSES

NON-PROGRAM REVENUES
Administrative Grants
Investments Earnings
Total Non-program Revenues

Annual Report 2003

$

$

$

FY03
57,803,870
73,458,184
5,325,044
0
25,120
1,384,707
338,555,406
1,509,469
1,145,070
479,206,870

$

12,517
16,110
58,655
3,806,903
230,280,000
4,672,665
490,875
1,201,977
240,539,702

$
$

25,120
199,180,304
39,461,744
238,667,168
479,206,870

STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS
PROGRAM REVENUES
Interest Income
Debt Management Fees
Hardship Financial Assistance
TOTAL PROGRAM REVENUE

$

$
$

$

NET INCOME

12

FY02
114,750,480
77,679,812
3,250,881
2,286,851
0
756,574
277,401,356
1,605,844
1,286,688
479,018,486

9,891,902
0
1,730,195
3,713
677,847
323,237
0
12,626,894

$

$
$

$

($1,854,670)
$
$

INCOME BEFORE CONTRIBUTIONS
CONTRIBUTED CAPITAL - FEDERAL
CONTRIBUTED CAPITAL - STATE
CHANGE IN NET ASSETS

$

TOTAL NET ASSETS - Beginning of Year
Cumulative effect of change in accounting principal
Prior Period Adjustment

$

TOTAL NET ASSETS - Beginning of Year- Restated
TOTAL NET ASSETS - End of year

FY02
8,314,273
2,457,951
0
10,772,224

$

$

2,042,229
6,801,250
8,843,479

11,881,633
27,306
2,208,994
83,648
35,642
295,200
14,532,423
($2,019,214)

$
$

6,988,809
12,385,132
2,995,100
22,369,041

$

24,753,497
179,535,625
0

$

204,289,122
226,658,163

FY03
9,228,422
3,284,787
0
12,513,209

$

$

2,260,484
6,418,515
8,678,999
6,659,785
3,325,469
1,971,325
11,956,579
226,658,163
0
52,426
226,710,589
238,667,168

The financial statements for WIFA for the year ended June 30, 2003 have been audited by an independent certified public accounting firm,
Henry & Horne, P.C. Copies of the complete audited financial statements are available upon written request to WIFA, 1110 W. Washington
#290, Phoenix, AZ 85007.

Board of Directors

Staff

Stephen A. Owens, WIFA Chairman

Jay R. Spector, Executive Director

Director, Arizona Department of
Environmental Quality

Frank Castro, Controller

Paul T. Gardner, Vice Chairman

Julie Flores, Accountant

Water Systems > 500
Val Gonzales, Network Administrator
William M. Garfield
Water Systems < 500

Layla Hedayat, Environmental Coordinator

Ron Gray

Chris Inghram, Financial Analyst

Arizona Department of Water Resources Representative
Angelica Martinez, Administrative Assistant
Gail Hackney
Sanitary Districts from Counties < 500,000

Suzanne Price, Communications Director

Joseph A. Hughes

Mark Ramirez, IT Specialist III

Cities < 50,000; Counties < 500,000
Tony Taylor, Director of Information Technology
Edward Manuel
Tribal Representative

Moncef Tihami, Environmental Manager

Steve Olea

Angie Valenzuela, Business Manager

Arizona Corporation Commission Representative
Adam Williams, Finance Director
Gerald Flannery
Cities > 50,000

Credits
Cynthia Seelhammer
Counties > 500,000

Editor: Suzanne Price

E. Blaine Vance

Typesetting and Maps: Mark Wille, Arizona Department

Arizona Office of Treasurer Representative

of Administration, Interagency Printing Services

Joseph F. Yuhas

Photos: Office of the Governor, State of Arizona (inside front

Arizona Department of Commerce Representative

cover); Director’s Office, Arizona Department of Environmental
Quality (page 1); GettyImages™ (covers and interior page
photos).
Printing: Interagency Printing Services, Department of
Administration, State of Arizona
Printed on Recycled Paper

WIFA’s Mission Statement:
To maintain and improve
water quality in Arizona by providing
below market financing for basic
water infrastructure.

Vision:
Guide WIFA’s resources to communities
with the greatest need.

Water Infrastructure
Finance Authority of Arizona
1110 W. Washington, Suite 290, Phoenix, Arizona 85007
Telephone: (602) 364-1310 Toll Free: 1-877-298-0425
Fax: (602) 364-1327 Web site: www.wifa.state.az.us