arizona’s
water &
wastewater
funding source

05

A N N U A L

R E P O R T

WATER INFRASTRUCTURE FINANCE AUTHORITY OF ARIZONA

WIFA annual report

About WIFA

2

About WIFA, Contents, Vision & Mission

Report Contents
Message from the Governor .

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3

WIFA Chairman's Message

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4

Goals and Performance Measures

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5

Goals and Performance Measures

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6

Goals and Performance Measures

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7

CWSRF Loan and Grant Awards

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8

DWSRF Loan and Grant Awards

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9

Clean Water Fund Activity

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10

As a "bond bank," WIFA is able to issue
water quality bonds on behalf of
communities for basic water
infrastructure. Through active portfolio
and financial management, WIFA
provides significant savings due to lower
interest rates and shared or reduced
closing costs. WIFA is able to lower a
borrower's interest costs to between
seventy and one hundred percent of
WIFA's tax-exempt cost of borrowing.

Drinking Water Fund Activity

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11

Statement of Financial Position

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12

Statement of Financial Position

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13

Statement of Financial Position

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14

WIFA Board & Staff .

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15

WIFA's principal tools for providing low
interest financial assistance include the
Clean Water Revolving Fund for publicly
held wastewater treatment projects and
the Drinking Water Revolving Fund for
both publicly and privately held drinking
water systems. Both funds are capitalized
by contributions from the state and the
U.S. Congress.

Vision

WIFA is an independent agency of the
state of Arizona and is authorized to
finance the construction, rehabilitation
and or improvement of drinking water,
wastewater, wastewater reclamation, and
other water quality facilities. Generally,
WIFA offers borrowers below market
interest on loans for up to one hundred
percent of eligible project costs.

WIFA also manages a Technical
Assistance (TA) program. The TA
program offers pre-design and design
grants to all eligible wastewater and
drinking water systems. The
purpose of the TA program is to enhance
project readiness to proceed with a WIFA
project construction loan. Both pre-design
and design loans are also available.

.

.

WIFA’s vision is to guide our
resources to communities with the
greatest need to maintain and
enhance Arizona's quality of life.
Mission

WIFA's mission is to maintain and
improve water quality in Arizona by
providing financial assistance and
technical assistance for basic water
infrastructure.

STATE
JANET NAPOLITANO
GOVERNOR

OF

ARIZONA

OFFICE OF THE GOVERNOR
1700 WEST WASHINGTON STREET, PHOENIX, AZ 85007

MAIN PHONE: 602-542-4331
FACSIMILE: 602-542-7601

December 2005

Dear Members of the Legislature and Citizens of Arizona:
Protecting the state's precious water resources and building the new Arizona economy are two of my top priorities as
Governor. I affirm this commitment by supporting agencies that understand and make efforts to address challenges the
prolonged drought and growing communities present in Arizona communities.
The Water Infrastructure Finance Authority of Arizona is one of those agencies. WIFA protects Arizona's water and helps
communities develop the water infrastructure needed to grow and prosper. WIFA accomplishes its mission through its
financial and technical assistance programs that maintain and improve water quality in Arizona.
WIFA is raising the bar in its contribution to Arizona's economy. As a premier financial institution in both Arizona and
nationally, the agency originates over $100 million annually in community wastewater and drinking water investments.
Infrastructure projects are an economic investment in Arizona because they bring jobs to local communities and provide
long-term solutions to clean water and drinking water challenges.
The funds WIFA provides Arizona's communities have grown because of smart utilization of WIFA's federal allocations.
This year, Arizona received an increase in the Drinking Water State Revolving Fund capitalization grant from the U.S.
Congress but faced a major cut in its Clean Water State Revolving Fund allocation. I continue to fight for a needs based
formula that accurately reflects the state's clean water needs.
With the natural disasters Arizona has faced, I was proud to sign into law WIFA's Emergency Funding bill (SB1267). This
legislation allows WIFA to provide communities with funding quickly during emergency situations and serves as an
effective use of the state's water infrastructure funding resources.
I offer my sincere appreciation to WIFA Board Chairman Steve Owens, the WIFA Board of Directors and the WIFA staff
for their outstanding record of achievement and dedication to serving Arizona's communities. With appreciation of the key
financial and environmental role it plays, WIFA's programs will continue to benefit our citizens by maintaining and
enhancing Arizona's natural resources, public health and quality of life.

Yours very truly,

Janet Napolitano,
Governor

Janet Napolitano
Governor

Stephen A. Owens
Chairman

Water Infrastructure Finance Authorit y of Arizona
Jay R. Spector
Executive Director

December 2005

As director of the Arizona Department of Environmental Quality (ADEQ), I have had the opportunity to serve
as chairman of the WIFA Board of Directors during the past three
years. As Arizona's water and wastewater funding source, WIFA is
an agency with a successful track record. This annual report highlights some of our achievements for 2005. ADEQ and WIFA enjoy a
close working partnership. This partnership has enabled us to effectively meet ongoing challenges, such as the federally-mandated
arsenic standards, sustainable growth and
infrastructure funding.

Stephen A. Owens,
WIFA Chairman and
Director
of the Arizona
Department of
Environmental Quality

Helping Communities Meet Federal Arsenic Standard
In an effort to help commonalities meet the January 23, 2006 federal arsenic standard, WIFA and ADEQ
teamed up and presented workshops around the state. WIFA also made funding arsenic related projects a top
priority. Those projects were put at the top of the list and were moved through the funding process as quickly
and efficiently as possible.
Meeting the Funding Challenges
Although Arizona has made significant strides in water quality, our continued responsiveness to future
water quality requirements is highly dependent on revisiting the state revolving fund formula which is based
on outdated 1970s population figures and infrastructure needs.
In August, growing states like Arizona faced a tough hit when federal funding for the SRF was cut by
$190 million, reducing Arizona's share by $1.5 million to $6.5 million. The cuts have a negative impact on
Arizona's ability to meet the demand for new infrastructure and improvements to existing systems. Over the
last two years, the clean water SRF absorbed $450 million in cuts. A consistent and more accurate funding
mechanism needs to be tied to the clean water SRF to ensure that the states with the greatest need are
given the resources to meet that need.
On the other hand, due to a major increase in identified drinking water infrastructure needs in Arizona,
WIFA received a drinking water capitalization grant award of $23 million, a $14 million increase over last year.
This allows WIFA to continue to make arsenic related projects a priority and guide them through the funding
process more quickly so that water systems can meet the new federal standard.
WIFA has provided communities throughout Arizona with funding for critical drinking water and wastewater infrastructure. WIFA plays an invaluable role in protecting Arizona's precious water supplies, ensuring
safe drinking water and providing a foundation for sound growth across the state. WIFA's accomplishments
this past year point to continued progress for the future.
Very Truly yours,

Stephen A. Owens, Chairman
WIFA Board of Directors

Goals & Performance Measures

WIFA annual report

5

Goal 1: Award WIFA’s resources in accordance with the needs of Arizona’s citizens.
As shown in Table 1, in Funding Cycle 2005, WIFA continues to provide financial assistance to a diverse
number of communities with varying levels of water quality and infrastructure needs. By balancing
communities’ relative environmental health and financial needs, WIFA is able to prioritize and expedite project
funding in an efficient and timely manner.
Table 1
Projects Funded by Priority List Ranking
Priority List Rank
Projects in Top 10
# of Projects
$ of Projects
Projects in Top 25
Cumulative # of Projects
Cumulative $ of Projects
Projects in Top 50
Cumulative # of Projects
Cumulative $ of Projects
Remainder of List
Cumulative # of Projects
Cumulative $ of Projects

Clean Water Revolving Fund
FY04
FY05

Drinking Water Revolving Fund
FY04
FY05

7
$24,004,141

3
$12,795,000

3
$2,113,750

3
$1,199,593

9
$27,604,141

5
$40,269,950

4
$5,446,030

8
$6,645,870

13
$45,257,738

9
6
$80,219,062 $36,399,466

11
$25,199,034

13
$45,257,738

9
9
$80,219,062 $43,318,812

13
$30,776,612

During Funding Cycle 2005, WIFA dedicated its resources to improving the water and wastewater
infrastructure of cities, towns, and tribes of all sizes throughout Arizona. Table 2 illustrates how WIFA dollars
were disbursed to loan recipients by population.
A vital measure of the benefit WIFA loans provide to communities throughout Arizona is the savings to
tax/rate payers when compared to traditional market financing. In Funding Cycle 2005, WIFA’s below market
interest rates and reduced closing costs will save Arizona communities an estimated $31 million over the term
of the loans. Since the inception of the Authority, WIFA conservatively estimates total savings of $208 million
to tax/rate payers.
Table 2
Projects Funded by Population Category
Population Category
Less than 2,500
# of Projects
$ of Projects
Between 2,501 & 5,000
Cumulative # of Projects
Cumulative $ of Projects
Between 5,001 & 10,000
Cumulative # of Projects
Cumulative $ of Projects
Above 10,001
Cumulative # of Projects
Cumulative $ of Projects

Clean Water Revolving Fund
FY04
FY05

Drinking Water Revolving Fund
FY04
FY05

1
$300,000

0
$0

2
$167,000

5
$1,068,947

3
$1,056,333

3
$39,874,950

5
$3,857,630

8
$4,727,551

7
$18,365,651

3
$39,874,950

6
$5,804,380

11
$14,430,012

13
$45,257,738

9
9
$80,219,062 $43,318,812

13
$30,776,612

WIFA annual report

6

Goals & Performance Measures

Goal 2: Maintain the fiscal integrity of WIFA’s funds and assure continuous enhancement for future
generations.
In addition to maintaining fiscal integrity,
Income By Fiscal Year
WIFA invests its monies to ensure the fund’s
Millions (dollars)
growth keeps pace with inflation. Total
non-program earning increased by
$10
FY04
$8
approximately $2.9 million, or 43.3% during
$6
FY05
Fiscal Year 2005 shown in Figure 1. WIFA
$4
$2
loan interest revenues increased by 77.2%
$0
from the previous year. Loan serving fees
Loan Loan Fees
Nonincreased by $1,407, 891.
program Interest
Revenues
Type of Incom e

Further evidence of WIFA’s commitment to preserve and
grow the funds is shown in WIFA’s Statement of Financial
Position (page 12-14).
Figure 2 reflects a decrease in WIFA's investment portfolio,
which provides funds for a myriad of uses by the
Authority. The dollars invested are primarily used to
originate loans to WIFA borrowers as well as provide
additional security to our bond portfolio. Additionally,
interest generated from the invested funds helps subsidize
WIFA borrower interest rates.

Millions (dollars))

Funds Invested
$400
$300
$200
$100
$0
FY04

FY05
Fiscal Year

Goal 3: Facilitate access to financial and technical assistance and efficiently deliver these services.
The number of loans and the amount of loan disbursements made by WIFA is shown in Figure 3. There was
an 8% increase in the number of disbursements since fiscal year 2005. The amount disbursed decreased from
the previous fiscal year. $100,443,077 was disbursed by WIFA in 2005, roughly a million dollars less than in
2004.
Amount Disbursed

$230
$220
$210
$200
$190
FY04

FY05
Fiscal Year

Millions (dollars)s

Millions (dollars)

Disbursements
$110
$90
$70
$50

FY04

FY05
Fiscal Year

Goals & Performance Measures

WIFA annual report

During Funding Cycle 2005, WIFA provided
financial assistance to a diverse portfolio of
borrowers. The presence of strong borrowers
within the portfolio benefits all program
participants.

Funding Cycle '05 Loans by Rating Category
$114,979,534

Millions (dollars)

$80
$70
$60
$50
$40
$30
$20
$10
$0

As shown in Figure 4, WIFA
provided fewer loans in Funding Cycle 2005 to
borrowers with strong credit ratings as compared
to those who had no credit rating at all.

A Rated (4 loans) Unrated (18
$44,143,822
loans)
$70,835,712

Figure 4

Goals 4: Efficiently administer WIFA programs within a positive work environment
WIFA seeks to reduce operating expenses
and secure services from those qualified to
provide that service at the least cost. Figure
5 shows the allocation of operating
expenditures.

Budget Com pared to Expenditures

Millions (dollars)

Budget

$2
$2
$1
$1
$0

WIFA’s FY 2005 budget (July 2004 - June
2005) decreased. For FY 2006 (July 2005 June 2006), the WIFA Board adopted an
operating budget of $1,662,010. This is an
over $50,000 reduction from the approved
FY 05 budget of $1,712,685. WIFA
continues to operate at levels substantially
below its budget authority as indicated in
Figure 6.

Expenditures

FY04

FY05
Figure 5

Operating Expenditures (actual) FY 05-$1,262,315
Equipment
1%
Overhead
3%
Operating
13%
Travel
2%
Contracts
7%
Personnel
58%
Benefits
16%

Figure 6

7

WIFA annual report

Clean Water Revolving Loan Fund Loan & Grant Awards 8

Funding Cycle 2005 Activity
Buckskin Sanitary District $30,000 (TA)
City of Bisbee $7,500 (TA)
City of El Mirage $30,000 (TA)
City of Flagstaff $23,100,000 (FA)
City of Tucson $7,395,000 (FA)
Country Roads Improvement District $4,374,950 (FA)
Fawnbrook Domestic Water Improvement District $35,000 (TA)
Lake Havasu City $6,220,000 (FA)
Mogollon Domestic Water Improvement District $20,000 (TA)
Pima County $1,952,112 (FA)
Town of Queen Creek $34,000,000 (FA)
Town of Clarkdale $35,000 (TA)
Town of Florence $1,000,000 (FA)
Town of Miami $12,500 (TA)
Town of Quartzsite $10,000 (TA)
Town of Taylor $1,500,000 (FA)
Virgin River Domestic Wastewater Improvement District $35,000 (TA)
Funding Cycle 2004 Activity
Bullhead City $12,918,443 (FA)
Bullhead City $35,000 (TA)
City of Douglas $12,500 (TA)
City of Eloy $35,000 (TA)
City of Kingman $12,500 (TA)
City of Tucson $2,997,000 (FA)
Gila Resources, Inc. $35,000 (TA)
Lake Havasu City $3,3560,000 (FA)
Lake Havasu City $5,490,000 (FA)
Lake Havasu City $5,075,000 (FA)
Overgaard Domestic Water Improvement District $300,000 (FA)
Pima County $18,015,219 (FA)
Pinal County $22,918 (TA)
Pinal Sanitary District and Regional Wastewater Partners $35,000 (TA)
Pima County $585,388 (FA)
Pima County $115,217 (FA)
Pima County $2,078,1049 (FA)
Raven Ridge Community Facilities District $925,446 (FA)
Somerton $4,400,000 (FA)
Town of Clarkdale $8,750 (TA)
Town of Florence $20,000 (TA)
Town of Prescott Valley $9,317,470 (FA)
Town of Springerville $10,500 (TA)
Town of Taylor $156,333 (FA)
Yavapai-Apache Nation Economic Development Authority $35,000 (TA)
Yuma County Housing Department $3,750 (TA)

WIFA annual report

Drinking Water
Revolving Loan Fund Loan & Grant Awards 9

Funding Cycle 2005 Activity
Beaver Dam Water Company $170,703 (FA)
Camp Verde Water System $26,250 (TA)
City of Globe $5,000,000 (FA)
City of Somerton $35,000 (TA)
City of St. Johns $35,000 (TA)
City of Williams $35,000 (TA)
Cosanti Foundation $22,500 (TA)
Double G Mobile Park $7,500 (TA)
Elfrida Domestic Water Users Association $150,000 (FA)
Flowing Wells Irrigation District $966,600 (FA)
Green Valley Domestic Water Improvement District $1,700,000 (FA)
Lagoon Estates Water Company $26,250 (TA)
Marana Domestic Water Improvement District $1,617 (TA)
Maricopa Mountain Water Company $20,000 (TA)
Metro Domestic Water Improvement District $12,350,000 (FA)
Mountain Glenn Water Service $182,993 (FA)
Naco Water Company, LLC $35,000 (TA)
North Mohave Valley Corporation $250,000 (FA)
Pineview Water Company $577,578 (FA)
Rainbow Acres $26,250 (TA)
Thunrderbird Farms Domestic Water Improvement District $21,000 (TA)
Town of Jerome $30,000 (TA)
Town of Patagonia $35,000 (TA)
Valencia Water Company $2,831,026 (FA)
Village of Lower Moencopi $10,000 (TA)
Water Utilities of Community Facilities District $3,002,461 (FA)
Water Utilities of Greater Tonopah $500,000 (FA)
Water Utilities of Greater Tonopah $11,250 (TA)
Water Utilities of Greater Buckeye $165,251 (FA)
Water Utilities of Greater Buckeye $3,750 (TA)
Woodruff Domestic Water Improvement District $50,000 (FA)
Funding Cycle 2004 Activity
Alpine Water System Inc. $11,000 (TA)
Avra Water Company $1,946,750 (FA)
Carefree $3,332,280 (FA)
Centennial Park Domestic Water Improvement District $25,000 (TA)
Chandler Heights Irrigation District $203,000 (FA)
City of Benson $3,750 (TA)
City of Globe $5,000,000 (FA)
City of Tucson $2,500,000 (FA)
Flowing Wells Irrigation District $31,000 (TA)
Golden Valley County Improvement District $2,250 (TA)
Graham County Utilities $35,000 (TA)
Livco Water & Sewer Company $18,000 (TA)
Mountain Glen Water Service, Inc. $35,000 (TA)
Mt. Lemmon Domestic Water Improvement District $1,050,000 (FA)
Paloma Irrigation & Drainage District $40,000 (TA)
Picacho Peak Water Company $30,000 (TA)
Picacho Water Improvement Corporation $19,000 (TA)
Ponderosa Park Domestic Water Improvement District$25,000 (TA)
Sitgraves Water Co. $25,000 (TA)
SoHi Domestic Water Improvement District $18,000 (TA)
Walden Meadows Community Co-Op $18,000 (TA)

WIFA annual report

Clean Water Revolving Loan Fund Activity

10

The map below shows the combined loan and grant funding from the Clean Water Revolving Loan
Fund by county in Arizona for calendar year 2005.

WIFA annual report

Drinking Water Revolving Loan Fund Activity 1 1

The map below shows the combined loan and grant funding from the Drinking Water Revolving Loan
Fund by county in Arizona for calendar year 2005.

12

Statement of Financial Position

WIFA annual report

Assets
During Fiscal Year 2005, WIFA’s assets decreased by $1.8 million as compared to Fiscal Year 2004. In the last
three years, WIFA assets have nominally decreased from $716.5 million to $714.7 million. The decrease can be
attributable to a decrease in WIFA’s monies for loan disbursements due to borrower loan draw requests loan as
well as additional cuts in federal and state contributions.
WIFA's Assets -- $ 716.5M
FY 04
Receivables &
Capital Assets
1%
Reserves
10%

WIFA's Assets -- $ 714.7M
FY 05
Cash &
Investments
32%

Receivables &
Capital Assets
1%

Cash &
Investments
32%

Loans
57%
Reserves
10%

Loans
57%

Liabilities
WIFA’s liabilities decreased from the previous year by $12.5 million primarily due to retirement of long-term
debt obligations. These liabilities are directly linked to the Authority’s leveraged loan portfolio and are also
secured by investment reserves managed by WIFA.

WIFA's Liabilities -- $444.8 M
FY 04

WIFA's Liabilities -- $432.3M
FY 05
Long Term
Liabilities
92%

Short T erm
Liabilities
4%

Long T erm
Liabilities
96%

Short Term
Liabilities
8%

Liabilities

Net Assets
WIFA’s net assets continue to grow rapidly. In 2003, net assets were $238.7 million. By fiscal year 2004, net
assets reached $271.7 million. This year net assets increased to $282.4 million.
WIFA's Net Assets -- $ 271.7M
FY 04

WIFA's Net Assets -- $ 282.4M
FY 05
Unrestricted
Net Assets
14%

Unrestricted
Net Assets
17%

Restricted Net
Assets
83%

Restricted Net
Assets
86%

WIFA annual report

13

Statement of Financial Position

S T AT E ME N T OF N E T AS S E T S
AS S E T S
Cash
Investments
Accrued Interest Receivable
Capital Assets (net of depreciation)
Debt Management Fees Receivable
Loans
Deferred Bond Issue Costs
Deferred Loss On Retirement Of Bonds
TOTAL ASSETS

FY 04
$232,328,770
68,081,810
3,437,416
15,638
880,331
409,169,550
2,579,427
0
$716,492,942

FY 05
$147,746,319
68,081,810
5,339,462
11,728
2,109,805
489,071,853
2,406,168
0
$714,767,145

LIABILIT IE S AN D N E T AS S E T S
LIABILIT IE S
Accounts Payable
Accrued Payroll
Compensated Absences
Interest Payable
Bonds Payable
Unamortized Bond Premiums
Deferred Amount on Retired Bonds
Deferred Administrative Funds (Loaned)
Loan Reserve
TOTAL LIABILITIES

$0
20,310
52,798
5,105,470
417,400,000
29,887,221
(9,190,263)
0
1,568,195
$444,843,731

$0
15,662
26,014
5,027,882
405,675,000
28,206,089
(8,608,526)
0
2,022,108
$432,364,229

N E T AS S E T S
Net assets invested in capital assets
Restricted for capitalization grants
Unrestricted
TOTAL NET ASSETS

15,638
232,602,952
39,030,621
$271,649,211

11,728
240,079,736
42,311,457
$282,402,921

T OT AL LIABILIT IE S AN D N E T AS S E T S

$716,492,942

$714,767,150

WIFA annual report

14

Statement of Financial Position

S T AT E ME N T OF R E V E N U E S , E XP E N S E S ,
AN D CH AN GE S IN FU N D N E T AS S E T S
P R OGR AM R E V E N U E S
Interest Income
Debt Management Fees
T OT AL P R OGR AM R E V E N U E

FY 04
$5,240,954
4,066,852
$9,307,806

FY 05
$9,287,547
5,474,743
$14,762,290

P R OGR AM E XP E N S E S
Interest Expense
Depreciation
AAdministration & Set Asides
Hardship Grant Expense
Financial Assitance
Technical Assitance
T OT AL E XP E N S E S

$12,876,283
29,032
2,405,960
3,179
188,475
625,080
$16,128,009

$17,884,713
3,910
2,448,673
0
180,374
519,062
$21,036,732

N E T IN COME

($6,820,203)

($6,274,442)

$1,696,915
4,966,405
$6,663,320

$971,462
8,579,906
$9,551,368

N ON P R OGR AM R E V E N U E S
Adminstrative Grants
Investments Earnings
Total Nonprogram Revenues
IN COME BE FOR E CON T R IBU T ION S
CONTRIBUTED CAPITAL - FEDERAL
CONTRIBUTED CAPITAL - STATE
CH AN GE IN N E T AS S E T S

($156,883)

$3,276,926

$30,503,773
2,918,875
$33,265,765

$5,031,684
2,445,100
$10,753,710

T OT AL N E T AS S E T S - Beginning of Year
Cummulita ve e ffe ct of cha nge in a ccounting principa l
P rior P e riod Adjustme nt

$238,667,168

$238,667,168

T OT AL N E T AS S E T S - Beginning of Year- Restated
T OT AL N E T AS S E T S - End of year

238,383,446
$271,649,211

(283,722)
271,649,211
$282,402,921

The financial statements for WIFA for the year ended June 30, 2005 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.

WIFA annual report

WIFA Board Members & Staff

Board of Directors
Stephen A. Owens, Chairman
Arizona Department of Environmental Quality

Paul T. Gardner, Vice Chairman
Water systems which serve more than 500
customers

Gerald Flannery
Cities of more than 50,000 residents and
counties of more than 500,000 residents

Steve Olea
Arizona Corporation Commission

William Garfield
Water systems which serve less than 500
customers
Ron Gray
Arizona Department of Water Resources

Cynthia Seelhammer
Counties of less than 500,000 residents
E. Blaine Vance
Arizona Treasurer's Office
Seth Mones
Arizona Department of Commerce

Gail Hackney
Sanitary districts
Joseph A. Hughes
Cities more than 50,000 residents and
counties of more than 500,000 residents

WIFA Staff
Jay R. Spector, WIFA Executive Director
Jon Bernreuter, Environmental Specialist
Manny Brizar, Accountant
Julie Flores, Accountant
Melissa Hawkins, Business Manager
Angelica Martinez, Loan Processing and
Documentation Specialist
Yolanda Mendoza, Administrative Assistant
Mark A. Ramirez, Sr., IT Specialist III
Dennis Schiefen, Network Administrator
Mona Spellman, Controller
Tiffany N. Troidl, Communications Director
Angie Valenzuela, Senior Loan Officer

15