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VED PRAKASH, Univ. of Wisconsin/Madison(q?.FKey Issues in Developing Financially Viable Water & Wastewater SystemsJ@ IntroductionA regular supply of drinkable water is essential for survival Sources of water are  natural monopolies and are free for all to use (e.g., rivers, reservoirs, rainwater, etc.) Purification and distribution of water requires manpower and money .National Policies & Institutional ArrangementsNational and local water/wastewater quality standards Provision of service, ownership, pricing, O&M National ministerial departments Regional Organizations State or Provincial Agencies Local Authorities Public/Private Entities Regulation and enforcementFdZZZdH>Fiscal PoliciesCriteria and method of allocating intergovernmental grants National priority Performance Matching Responsibilities for assessment and collection of property taxes Local discretion in controlling tax/fee rates Authority to enact new taxes/feesF;Z(ZZ;(.%Decentralization PoliciesLocal authorities assume greater responsibility for financing and implementing water/wastewater projects Must look at local fiscal health and revenue potential first May be more politically correct to deflect responsibility to higher levels of government*iZZi5A Community Question: To Improve or Not to Improve...Is there a perceived benefit from an improved service? Public health Economic incentives Convenience Would economies of scale be achieved with an improved service? How will it be paid for? Is there a willingness to pay? Public good vs. polluter pays What is useful life of facility?^7Z/ZXZ^Z7/X^  Consequences of DelayMore expensive solutions later Disincentives for growth and/or tourism Public health problems Reinforces further environmental degradation and apathy Capital Inventory AssessmentWhat do we own? What is its use? When was it built? What is its useful life? What is its condition? How much will it cost to replace?$Local Fiscal Capacity to Absorb DebtThe ability of a community to generate taxes and other revenues from its own sources Fiscal capacity dependent on legal authority granted to it by national government The need for fiscal capacity -revenues- varies with the needs of the communityZ Willingness to PayOnly of equation: Willingness to Charge! Affordability based on income (e.g., 1.5%) Look for similar examples in nearby communities Costs of current service (e.g., water vendors) Hypothetical situations to find  demand curve User Fees Should....Provide fair rates for different types of user classes, e.g., cross-subsidization Have transparent components Be easily understood Be manageable Provide for system operation, maintenance and (hopefully) replacementZ0'HSuggestions for Developing a Financially Viable Water/Wastewater SystemTake steps to tailor the quality and quantity of service to local demand Take steps to increase investor confidence (fiscal and financial management capacity) Take steps to facilitate, or not impede, the expansion and deepening of capital marketsZC:Snapshot of Your CommunityWhat needs exist in my city? What growth trends are occurring in my city? What are future requirements? Does the existing infrastructure meet these needs? What can we afford? How will we pay for it on a sustainable basis?Dh3Ch3C33Economic Growth IndicatorsPopulation growth Per capita income Growth prospects in economic sectors such as manufacturing, agriculture, services, etc. Unemployment/underemployment0Financial Independence and Management IndicatorsRelationship to tax and revenue base of government % of revenues collected locally Budget surplus/deficit Incidence of revenue shortfalls Amount of uncollected taxes/fees at end of year Financial Management PoliciesGreater fiscal transparency and reporting Computerized financial data Separation of operating & investment budgets Capital improvement programs Billing and collection practices Linkage between revenue and expenditure Use of fiscal indicators by policymakers1(Borrowing for InfrastructureAmounts of financing to be obtained based on creditworthiness Locks in prices and avoids inflation in land and construction costs Benefits now, pay as you use (intergenerational equity) Reduces peaks and valleys in the budget planning processZIs the City Creditworthy?A municipality is  creditworthy when its borrowing meets the risk standards of a lender Standards can be set by the lender, a regulatory authority, or the market Ultimate responsibility rests with project participants  are beneficiaries willing and able to pay?ZI? Debt Policies,Should be limited to financing costs of project design, land, buildings and equipment (no pencils and paper!) Exhaustive analysis of future O&M costs Maximize potential life off all assets Should not borrow for a term longer than a conservative estimate of the useful life of the asset to be financed-Z- Improving CreditworthinessDGenerally Accepted Accounting Principles (GAAP) Annual Independent Audits Regular Financial Reporting Public Disclosure A  Full Faith and Credit Promise to RepayCredit Enhancement ToolsLegal Mandate Institutional Guarantees Tax or Revenue Pledges Intercept Rules Property Collateral Insurance Regulatory (fees), Competition and Expropriation Covenants A8)Review of Available Urban Finance Options /&Mobilizing CapitalPay-as-you-go Central government direct access to financing capital Local direct access Local indirect access through a government financial intermediary Direct private investment Options for FinancingTruisms for Capital FinancingMust  corporatize the services Autonomy from outside management Services priced to meet costs Enterprise like accounting and control functions Should be the lowest cost alternative yet meet regional or national standards Proportion of income that consumers have to pay is reasonable by regional standards Must create a serious regulatory environmentF ZpZZ p Grant FinanceTypical funding from national/local governments and bilateral/multilateral aid programs Solution for inability or unwillingness to pay Reduces incentive to find most efficient systems&Government & Multilateral Loan FinanceBelow-market interest rates Guarantees Longer grace and repayment periods Provides incentives to find least cost/best use system Develops fiscal responsibilities,#7Typical Weaknesses of Govt. Sponsored Credit FacilitiesPoliticized lending Allocation Forgiveness Interest rate subsidies can undermine emerging commercial alternatives Fails to initiate relationships with  real world lenders Little or no independent auditing@ZZZ Market FinancingCommercial capital markets Perceived lack of creditworthiness limits confidence to lend Usually unwilling to match loan term with useful life of utility High interest rates make cost recovery more difficult! Bond IssuesMunicipality borrows against tax or project revenues In U.S., are tax-exempt to investors which reduces interest rate to borrower Particularly suitable for institutional investors such as insurance companies, pension plans, and social security funds which require long recovery periodsZ-$Risk/Return RelationshipQLack of credit history or financial information will result in higher interest rates Typical local government bond issue includes several costs to the borrower besides the rate of interest: Underwriter (initial purchaser of the debt) will charge 50 to 100 basis points (bp) Bond counsel (legal opinion) Bond insurance usually 20 to 40 bp*#Public-Private PartnershipsPrivate companies usually have better trained staff to manage facilities seek to lower operating costs and secure more revenue are more creditworthy and have access to larger pools of capital&$Service ContractsPublic sector secures capital investment and retains ownership of facility Public sector contracts only part of facility operation to private sector Typical duration of 1-2 years%Management ContractsPublic sector secures capital investment and retains ownership of facility Public sector contracts all operation and maintenance duties to private sector Payments can be tied to improved performance of facility Typical duration of 3-5 years&Sale-Lease Back ArrangementQPublic sector is original owner of facility Public sector sells facility to private sector in order make capital improvements Private sector secures capital investment and retains ownership Private sector leases facility (tax-exempt) back to public sector to pay for its investment Public sector responsible for management and operation RZR'Alternative Financing ModelsConcessions BOT/BOOT/BOO contracts Divestiture Tax Incremental Financing Impact Fees Capacity Credits Other Private Arrangements*!(Most Popular Options Around the World...CService Contracts Build-Own-Transfer Concession Management Contract6-:Financial Institutions Reform and Expansion (FIRE) Project 7.Project PreparationDemand for environmental infrastructure in India could not be met through public sector financing alone Recognized that resources did exist for project development within financial institutions and private capital markets Initiated activities in November 19948/ ObjectivesDevelop commercially viable urban environmental infrastructure Develop a commercially viable urban infrastructure finance system Improve municipal administration Strengthen capacity building90Strategic Partners$National Institute of Urban Affairs  advocate policy change and coordinate the delivery of technical assistance and training Housing and Urban Development Corp. & Infrastructure Leasing and Technical Services Ltd. (IL&FS)  identify and develop commercially viable projects.#[X=:1$Creating a Financially Viable SystemDevelopment of a municipal credit rating system Introduction of new financing instruments Strengthening municipal accounting and budgeting practices Improved project development and administrationZ;2)Ahmedabad Water Supply & Sewerage Project-Ahmedabad Municipal Corporation (AMC) teamed up with USAID in 1994 to produce environmental map of city AMC identified needed improvements in water supply and sewerage services to reduce public health risks FIRE assisted AMC to build its capacity in financial management and non-tax revenue generation..<3 "From 1994 to 1996, AMC was able to turn around its financial position from a net deficit to cash surplus FIRE, in association with IL&FS, worked with AMC to prioritize investment proposals, develop financial packages, and assist in the technical aspects of water and sewerage development =4 .Overall improvements resulted in AMC becoming the first city in India to request and receive a rating for a municipal bond issue in 1996 In January 1998, AMC issued US$25 million in bonds -- without a state government guarantee -- to partially finance a US$110 million water supply and sewerage project$/$L>5Challenges for the FutureDevelopment of infrastructure projects on a commercial format takes a long time and requires considerable resources Need active participation by state governments to champion the commercial format $,?6 Need to develop a commercial financing orientation among public sector authorities charged with service provision Need to further develop the capacity of the private sector in water and wastewater operations ` MMM̙Cff3` fГ̳t` ` f` Ǫff3^` 3f7SFFx` ̙c`` TOI.%s>?" dd@,?" dd@   K " d@ `$ n?" dd@   @@``PP   @ ` ` p>> T_(  T T H  ?J   T Click to edit Master title style! !"$ T 0$  Ii   RClick to edit Master text styles Second level Third level Fourth level Fifth level!     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