Date:
March 31, 2016
To
Robert Ault, Program Services Division Manager
Infrastructure Finance Authority
From:
INTEROFFICE
MEMO
Mary Baker, Regional Coordinator
Infrastructure Finance Authority
Janna Graham, Public Finance Officer
Infrastructure Finance Authority
David Barnett, Senior Finance Accountant
Business Oregon
RE:
Recommendation for Safe Drinking Water Revolving Loan Fund (SDWRLF), City of Ashland,
New 2.5 MG Water Treatment Plant, Client-Deal # 122-12441, ($14,811,865)
Funding Recommendation:
ProjectActivity
IFAFunds
Non-IFA
Funds
Totals
Engineering
$2,608,360
0
Construction
$11,882,540
0 $11,882,540
$40,000
0 $40,000
ProjectManagement
Legal,PermitsandPlanReviewFees
Total
$280,965
$14,811,865
SourceofIFAFunds(IndicateLoanorGrant)
SafeDrinkingWaterRevolvingLoanFund(Loan)
SafeDrinkingWaterRevolvingLoanFund(ForgivableLoan)
SafeDrinkingWaterRevolvingLoanFundLaborStandards(ForgivableLoan)
SafeDrinkingWaterRevolvingLoanFundProjectManagement(ForgivableLoan)
Total
SourceofNon-IFAFunds(IndicateLoanorGrant)
None
Total
122-12441 City of Ashland
0
$2,608,360
$280,965
$0 $14,811,865
Amount
$13,781,865
1,000,000
$15,000
$15,000
$14,811,865
Amount
0
$0
Staff Recommendation
Page 1 of 11
Conditions of Award:
Based upon the following analysis, the award recommended above will be subject to the IFA’s standard
utility loan contract which will include but not be limited to the following conditions:
A. GENERAL FUND PLEDGE. The Recipient will be required to pledge its full faith and credit and
taxing power within the limitations of Article XI, Sections 11 and 11 b, of the Oregon
Constitution to pay the amounts due under the Loan Agreement and the Note. The Loan
Agreement and the Note shall be payable from all legally available funds of the Recipient.
B. PLEDGE OF NET REVENUES AS SOURCE OF REPAYMENT. The Recipient will be required to grant
to the State a security interest in and irrevocably pledge its Net Revenues of the Recipient’s
WATER System to pay all of the obligations owed by the Recipient to the State under the Loan
Agreement and Note.
C. FINANCIAL COVENANTS. The Recipient shall charge rates and fees in connection with the
operation of the Water System which, when combined with other gross revenues, are adequate to
generate Net Revenues each fiscal year at least equal to one hundred twenty (120%) percent of
the annual debt service due in the fiscal year on the Loan, any outstanding senior lien
obligations, and any outstanding Parity Obligations.
D. Affordability Rate. If, at the Project Completion Date, the average monthly residential water
rates for the water supplied by the Water System are not at or above the “affordability rate” of
$45.31 per 7,500 gallons, the amount due under the Disadvantaged portion of the Forgivable
Note will not be forgiven. Further, the Note shall, at IFA’s discretion and after notice to
Recipient, be modified as follows:
(1)
Interest shall accrue at the rate of One and Ninety-Eight/100ths percent (1.98%) per
annum. This rate will no longer be the reduced Affordability rate.
(2)
The annual payments shall be adjusted to an amount to fully amortize the then
outstanding balance of each Loan by the 19th anniversary of the Repayment Commencement
Date, on which date any amounts outstanding under each Loan shall be due and payable in full.
PROGRAM / PROJECT ANALYSIS
1. Need & Solution or Opportunity
Background –
The City of Ashland, owns and operates a municipal drinking water treatment, storage and distribution
system under Public Water System Identification Number 41-00047. On April 17, 2012 the City
adopted a new Water System Master Plan (WMP), prepared by Carollo Engineers. The City used a
citizen selected committee, Ashland Water Advisory Committee (AWAC) to work with City staff and
Carollo Engineers in the development of the WMP. The City adopted WMP was approved by the
Oregon Health Authority – Drinking Water Section (OHA-DWS) on August 8, 2013.
122-12441 City of Ashland
Staff Recommendation
Page 2 of 11
Need –
One of the many recommended improvements in the approved WMP, is the construction of a new 2.5
million gallon (MG) treatment plant in an alternate location that is not subject to flooding. The new plant
is needed since the existing 7.5 MG plant will be at full capacity by 2018 and is nearing the end of its
useful life. The new treatment plant will have the ability to be expanded to 10 MG to meet 2060 needs.
The existing treatment plant will eventually be taken offline.
The nearly 70 year old, existing treatment plant (7.5 MG) is located near Ashland Creek in a canyon
below Reeder Reservoir and Hosler Dam. In 1948 a rapid sand filtration plant was built to treat the
Ashland Creek water, and then in the mid-1960’s the plant was converted to a high rate filtration plant.
The location of the plant is problematic as it is subject to natural disasters (floods, slides and wildfire
etc.). In fact, flood events in 1964, 1974 and 1997 disabled the current plant operations forcing the City
to distribute bottled water to the citizens. The 1997 flood caused much damage to the aging plant. Refer
to the attached pictures. The concern is that eventually a natural disaster will completely destroy the
plant, leaving the community without drinking water for a long period of time. In addition, the current
plant will be at full capacity by 2018.
The new water treatment plant must be built simultaneously with a new 3.0 MG reservoir, Crowson II
Reservoir, which is designed to serve as the clear well providing chlorine contact time for the treated
water before it enters the distribution system. The OHA-DWS determined that the Crowson II Reservoir
project was not an eligible priority under the Safe Drinking Water Revolving Loan Fund (SDWRLF),
and the City determined that it could finance the project at a better interest rate and term than utilizing
the Infrastructure Finance Authority’s (IFA’s) Special Public Works Fund (SPWF). Therefore, City
intends to utilize local funding for the $8,136,600 Crowson II Reservoir project in conjunction with
securing the 14,811,865 of SDWRLF for the new 2.5 MG water treatment plant.
Solution –
Once funding is secured for the treatment plant, the City will issue a Request for Proposal (RFP) for
final design, construction engineering and geotechnical services. The engineering will include an
alternatives analysis for the type of water treatment plant that will work best with the raw water source,
involving bench scale testing of the raw water along with treatment alternatives and comparing to the
finished water of the existing treatment plant to verify all OHA-DWS requirements for potable water are
met. Once a final treatment process alternative is selected, final engineering will commence, along with
appropriate permitting. The construction project will be publicly advertised for bid, and a construction
contract will be awarded to the lowest responsive bidder.
The project will consist of geotechnical site evaluation, final design, construction, and engineering
construction inspection of a new 2.5 MG water treatment plant, which will have the ability to be
expanded to 10 MG to meet 2060 needs. The project will also include related legal, project management,
permits and plan review fees. The construction plans, specifications, contract documents and
advertisement for bid will be reviewed and approved by OHA-DWS and IFA, before the project can be
advertised for bid.
Other –
The City acknowledges that that this request exceeds typical IFA allowances under the SDWRLF
program and is seeking favorable consideration. In considering this request the following is provided,
demonstrating the community’s capacity, local support and economic need:
122-12441 City of Ashland
Staff Recommendation
Page 3 of 11
1) The City of Ashland is proactive in improving its water system and has demonstrated good
performance and administration capacity on the existing SDWRLF funded project #S14005 in
the amount of $3,511,027, matched with $2,400,000 of City funds for a total project cost of
$5,911,027. The funds are being utilized for the Talent Ashland Phoenix (TAP) intertie
(construction is completed), the TAP Booster Pump Station (construction is underway), the
Talent Irrigation District (TID) Pump Station (under final design) and the Loop Road Reservoir
(under final design). The completion date for this project is July 18, 2017. At this time, the City
is managing this project in conformance with the program requirements and it appears the project
will be completed before the required project completion date.
2) The City has the capacity to undertake this project and will enter into an intergovernmental
agreement with the Rogue Valley Council of Governments (RVCOG) to assist with project
management.
3) The City has strong community support through the Ashland Water Advisory Committee for the
proposed 2.5 MG water treatment plant project, and financial plan that established successive
rate increases to support capital improvement projects.
4) Business Oregon has determined that Jackson County, including the City of Ashland is
considered distressed in 2016. In addition the City has a 5.4% unemployment rate that exceeds
the statewide of 4.8%; a tourism based economy that is home to 6,000 students from Southern
Oregon University; a median household income of $43,500 which is 86.1% of the statewide
average of $50,521; and, 42.58% of the residents are considered low to moderate income.
2. Project Description / Contract-Ready Scope-of-Work
The City of Ashland will procure and retain the services of a professional engineering firm to prepare
Oregon Health Authority – Drinking Water Section (OHA-DWS) and Infrastructure Finance Authority
(IFA) approved construction plans, specifications and contract documents, for the 2.5 MG water
treatment plant project. In addition, the City will publicly advertise for bid and retain the services of a
construction contractor to complete the construction of the 2.5 MG water treatment plant.
3. Proposed Workplan
Activity
RFPforEngineeringServicesandenterintoagreement
CompleteOHA-DWSapprovedfinaldesign
Advertiseprojectforbidandenterintoconstructioncontract
Completeconstructionof2.5MGwatertreatmentplant
Date
September2016
October2017
April2018
May2019
4. Eligibility Criteria
Safe Drinking Water Revolving Loan Fund (SDWRLF)
The programmatic and financial sections of the Eligibility Checklist have been completed and the
project has been determined to be:
Eligible for funding under current ORS
Not eligible for funding under current ORS
122-12441 City of Ashland
Staff Recommendation
Page 4 of 11
The detailed review is attached.
5. Other Comments:
The City owns the land where the new 2.5 MG water treatment plant will be located. No land
acquisition is required.
6. Recommended Disbursement and Monitoring Plan
The following is the minimum disbursement and monitoring plan recommended for this project and the
applicant:
Projectsarecontinuallymonitoredthroughatwo-waycommunicationprocess
OngoingMonitoring betweenthestateandtherecipientsandinvolvesfrequenttelephonecontacts,
writtencommunication,analysisofreports,audits,andperiodicmeetings
DesktopMonitoring NA
Monitoron-siteattheearlierof:
FieldMonitoring
A.60%offundsbeingexpended,or
B.24monthsafterthefundsareawarded
SiteInspection
Atprojectcompletion
FINANCIAL REVIEW
1. Eligibility and Financing Recommendation:
The application for the City of Ashland was considered under SDWRLF guidelines. SDWRLF
applicants are required to submit a Letter of Interest and be rated and ranked by Oregon Health
Authority (OHA) to determine eligibility of the project. This project received 60 out of a possible 130
points and ranked 6th on the OHA priority list.
Applicants under the SDWRLF program may be determined Disadvantaged and qualify for Forgivable
Loan, reduced interest rate, and an extended repayment term. A Disadvantaged Community is
determined by; A Communities Median Household Income (MHI) being less than the State’s MHI
(unless the water rate is 1.5 times the Affordability rate) and The Communities Affordability rate is
lower than the actual monthly water rate per Equivalent Dwelling Unit (“EDU”). An EDU is one
residential connection or up to the equivalent of 7500 gallons of usage, whichever is less.
The City of Ashland qualifies as a Disadvantaged Community due to their projected rate at project
completion of $67.96. This exceeds the Affordability Rate (AR) of $45.31. The 2014 Affordability Rate
based on the American Community Survey data is calculated at 1.25% of MHI. The City of Ashland’s
MHI is $43,500 X 1.25%, divided by 12, equaling the Affordability Rate of $45.31.
All The financing consists of an Award in the amount of $14,811,865 which is to be distributed as
follows:
122-12441 City of Ashland
Staff Recommendation
Page 5 of 11
$13,781,865 SDWRLF Loan (30 year term loan at a 1.79% interest rate, as a Disadvantaged
Community).
! The Disadvantaged rate of 1% is limited to a grant equivalent of the subsidy of
$2,500,000 over the life of the loan, thus producing a 1.79% interest rate for this project
• $1,030,000 SDWRLF Forgivable Loan
! All eligible projects up to 10% of Total Award not to exceed $250,000, additionally
! For a Health and Compliance project Up to 20% of Total Award not to exceed $250,000,
additionally
! All Disadvantaged Communities are eligible for up to 50% of Total Award not to exceed
$500,000, additionally
! All eligible Project Management costs, not to exceed $15,000, additionally
! All eligible Labor Standards Compliance costs, not to exceed $15,000
! The forgivable portion not to exceed the lesser of $1,030,000 or 60% of Total Award
•
2. Financing Structure:
The proposed SDWRLF loan will be structured in two phases. The first phase, Planning, Engineering
and Construction Phase, will accrue interest on actual funds disbursed, estimated first disbursement is
May 1, 2016. All accrued interest during the first phase, will be due prior to or with the first principal
and interest payment. The interest rate will be set at 1.79% for the first phase. Planning, Engineering and
Construction is scheduled for completion by May, 2019. The following table summarizes the Planning,
Engineering and Construction Phase interest estimate of the proposed financing:
Planning, Engineering and Construction Phase Interest Estimate
City of Ashland- Ashland 2.5MGD Water Treatment Plant
Estimated
Beginning
Date
5/01/2016
Estimated
Ending
Date
12/1/2019
Loan Principal
Amount
$13,781,865
Annual
Interest
Rate
1.79%
Estimated
Accrual
Period*
43
Estimate
Accrued
Interest**
$442,300
* Number of Months. Based on a 30 day month, 360 day year. Actual accrual period depends
on the dates funds are disbursed.
** The estimate of accrued interest during the initial accrual period is based on 1/2 the
maximum loan amount drawn during the full accrual period. The actual amount of accrued
interest due will be based on the dates and amounts of disbursement.
The second phase, Repayment Phase, will begin with constant annual payments of principal and interest
sufficient to repay the outstanding principal balance, together with interest, within a 30 year period. The
estimated first principal and interest payment due date is December 1, 2020. The loan may be prepaid in
part or in full without penalty. The interest rate will be set at 1.79% for the repayment phase. The
following table summarizes the repayment phase of the proposed financing:
Repayment Phase Loan Summary
City of Ashland
Type
Award
Amount
122-12441 City of Ashland
Forgivable
Loan or
Grant
Amount
Loan
Principal
Amount
Staff Recommendation
Interest
Rate
Amortized
(in years)
Est.
Annual
Payment*
Page 6 of 11
SDWRLF
$14,811,865 $1,030,000
$13,781,865
1.79%
30
$597,700
* Actual payment will likely be different. Payment rounded to nearest $100. Construction Period Interest
is expected to be paid prior to or with the 1st scheduled P&I payment date.
3. Repayment Sources:
Water Fund Operating Revenues
The following table shows the combined historic Schedule of Receipts, Expenses, and Changes in Fund
Balance from the City of Ashland’s Water Fund for 2013 – 2015 audited fiscal years.
Water Fund
City of Ashland
audited
2013
2,708,907
audited
2014
6,437,576
audited
2015
6,273,415
5,547,560
266,196
5,813,756
496,779
4,517,770
5,014,549
10,828,305
5,913,633
269,029
6,182,662
49,733
1,069,377
1,119,110
7,301,772
6,163,924
328,414
6,492,338
41,527
815,389
856,916
7,349,254
6,520,293
6,520,293
(706,537)
200,000
379,343
7,099,636
3,728,669
6,437,576
6,602,426
6,602,426
(419,764)
150,000
713,507
7,465,933
(164,161)
6,273,415
7,366,825
7,366,825
(874,487)
0
1,047,252
8,414,077
(1,064,823)
5,208,592
Performance Review
FY Ending June 30th
Beginning Fund Balance
Revenues
Charges for Services
Other Operating Revenues
Operating Revenues
Interest and Miscellaneous
Intergovernmental & Bond/Ln Proceeds
Total Non-Operating Revenues
Total Revenues
Expenditures
Materials & Services
Total Operating Expenses
Net Operating Income
Interfund Loan and Capital Outlay
Debt Service
Total Expenses
Net Revenues
Ending Fund Balance
Operating Revenue has increased the last three years due to water rate increases. Net Operating Income
has been negative, primarily due to the expenses of the Forest Interface Program being paid through this
fund. Beginning FY 2016 these expenses are being allocated to the General Fund. On Average the
expenses for Forest Interface were approximately $800,000 per year. Materials & Services were up in
2015. The increases were due to expansion of the Conservation Program that included an additional
employee, and a connection to the Medford water source due to the severe drought.
The City’s top ten ratepayers as a percentage of revenues is less than 5%. The City does not have any
one water customer that exceeds 2% of total consumption or 1% of total annual income resulting in
stable revenue.
% of Total
Rank
Name
Annual Revenue
Amount
1 SOU/Physical Plant Department
.68%
$ 49,641.72
2 Lisk, Michael
.64%
47,180.60
122-12441 City of Ashland
Staff Recommendation
Page 7 of 11
3
4
5
6
7
8
9
10
Ashland Community Health Care
Southern Oregon University
SOU/Physical Plant Department
CPM Real Estate Svcs Inc.
City of Ashland
Parks Department -048
Parks Department -054
Ashland Apartments
.55%
.54%
.52%
.50%
.39%
.35%
.35%
.33%
4.86%
40,761.26
39,708.21
38,396.14
36,620.17
28,857.63
26,058.42
25,464.87
24,544.27
$ 357,233.29
Full Faith & Credit Pledge (LTGO):
The Loan shall be payable from the general fund of the Borrower and shall be a full faith and credit
obligation of the Borrower which is payable from any tax which the Borrower may levy within the
limitations of Article XI of the Oregon Constitution.
The table below shows the City’s historic General Fund Schedule of Receipts, Expenditures, and
Changes in Fund Balance for the past three audited fiscal years ending June 30, 2015.
General Fund
City of Ashland
audited
2013
3,495,819
audited
2014
3,385,681
audited
2015
3,719,810
12,278,716
2,677,160
14,955,876
98,036
571,513
669,549
15,625,425
17,805,058
2,342,712
20,147,770
108,199
703,160
811,359
20,959,129
18,128,150
3,041,112
21,169,262
96,771
670,215
766,986
21,936,248
3,621,898
12,117,991
15,739,889
(784,013)
15,739,889
(114,464)
4,326
3,385,681
7,626,596
13,102,433
20,729,029
(581,259)
20,729,029
230,100
104,029
3,719,810
8,519,679
13,328,400
21,848,079
(678,817)
21,848,079
88,169
(187,714)
3,620,265
Performance Review
FY Ending June 30th
Beginning Fund Balance
Revenues
Property Taxes
Other Operating Revenues
Operating Revenues
Interest and Miscellaneous
Intergovernmental and Interfund Loan
Total Non-Operating Revenues
Total Revenues
Expenditures
Personal Services
Materials & Services
Total Operating Expenses
Net Operating Income
Total Expenses
Net Revenues
Net Transfers/Adjustments
Ending Fund Balance
A surge is noted in 2014 in income and expenses. The City changed reporting to include property tax
revenue for Parks as well as Park’s expenses in the General Fund. The fund’s Total Expenses and Total
Revenue vary and often offset from year to year, from a negative $100,000 to a positive $200,000. This
is absorbed annually by a $3+ million ending fund balance.
122-12441 City of Ashland
Staff Recommendation
Page 8 of 11
4. Debt Service Analysis:
Net Revenues for Debt Coverage: The following table reflects that the Projected Net Revenues are
sufficient to provide the required 1.20 coverage for the Safe Drinking Water Revolving Loan Fund loan
request.
Summary of Revenues, Expenditures, and Debt Service Coverage
City of Ashland
PRO FORMA
Year (ending June 30th)
Beginning Fund Balance
Operating Revenues
Charges for Services
SDC charges and Mics/Interest
Other Revenue Source 2
4,028,874
2017
2,849,158
2018
209,051
Projected
2019
519,264
2020
1,851,227
2021
1,929,740
6,710,900
132,400
7,243,700
132,400
7,605,900
195,000
7,986,200
195,000
8,385,500
195,000
8,804,800
195,000
Total Operating Revenues
Operating Expenses
Personal Services
Materials & Services
Total Operating Expenses
Debt Service
6,843,300
7,376,100
7,800,900
8,181,200
8,580,500
8,999,800
1,737,310
3,219,460
4,956,770
1,820,030
3,184,186
5,004,216
1,875,000
3,248,000
5,123,000
1,931,000
3,314,000
5,245,000
1,989,000
3,380,000
5,369,000
2,049,000
3,448,000
5,497,000
Funds Avail for Debt Coverage
Go Bond 2009
Go Bond 2013
Go Bond 2013
Medford Water Comm
S14005 OBDD loan
New Debt Service*
IFA Proposed Loan
Total Debt Service
Debt Service Coverage Ratio
Other Activities
Cash Avail After Debt Service
Loan Proceeds / Bond Issue
Capital Outlay (OUT)
SDC Improvement
Net Other Activity
Net Transfers IN (OUT)
Net Transfers & Adjustments
Ending Fund Balance
1,886,530
66,666
195,275
191,350
163,755
2,371,884
66,666
197,225
188,050
163,755
294,800
1,053,920
0
1,669,616
1.42
2,677,900
66,666
194,125
189,700
163,755
78,271
1,053,920
0
1,746,437
1.53
2,936,200
66,666
195,975
191,250
163,755
78,271
1,172,920
442,300
2,311,137
1.27
3,211,500
66,666
197,725
192,700
163,755
78,271
1,214,920
597,700
2,511,737
1.28
3,502,800
66,666
194,425
189,100
163,755
78,271
1,238,420
597,700
2,528,337
1.39
702,268
11,069,125
(12,289,525)
(1,871,975)
(3,092,375)
(250,000)
(250,000)
209,051
931,463
11,936,900
(11,262,760)
(1,045,390)
(371,250)
(250,000)
(250,000)
519,264
625,063
2,285,050
(1,328,150)
699,763
377,500
(698,125)
(50,625)
(371,250)
(250,000)
(250,000)
1,929,740
974,463
188,500
(559,750)
(371,250)
(250,000)
(250,000)
2,282,953
$61.27
10,032
8,823
$64.80
10,032
8,823
$67.96
10,032
8,823
$69.88
10,233
9,002
$71.88
10,434
9,181
Avg. Rev's per EDU (calc)
EDU's (app)
Connections (app)
Current FY
2016
911,846
2.07
974,684
3,935,000
(5,839,400)
(1,904,400)
(250,000)
(250,000)
2,849,158
$56.85
10,032
8,823
956,900
(250,000)
(250,000)
1,851,227
*New debt service includes Water Supply & Distribution looping 2016, Crowson II Reservoir 2017, Future Distribution
projects and Water Mainlines coming on in 2019, 2020 & 2021.
Revenue is projected to increase through rates and growth at approximately 5% per year, with expenses
anticipated at 2.5% over the next six years. The Water Fund balance and projections, reflect fluctuations
from funding influxes in the form of bonds, loans and grants, with outlay for various capital
improvement projects. This takes place over the course of several years beginning in 2012. The large
projects are anticipated to be winding down in 2019, thus the fund balance stabilizes in 2019-20.
122-12441 City of Ashland
Staff Recommendation
Page 9 of 11
5. Existing Obligations:
The following table shows the City’s existing debt service requirements as of their last audit.
Loan Source
Summary of Outstanding Debt Obligations
City of Ashland
Annual
June 30, 2015
Debt
Payment Source
Balance
Service
Net Direct Debt
GO Bond - 2005
GO Bond - 2009
GO Bond - 2010
GO Bond - 2011
GO Bond - 2013/Medford
GO Bond - 2013
Net Direct Debt
Self-Supporting Debt
OBDD - SPWF B06003
Revenue Bonds 2013 Water Debt
S14005 OBDD loan
Revenue Bonds
Self-Supporting Debt
Gross Bonded Debt
Maturity
$1,190,000
$684,962
$9,620,000
$2,455,000
$11,205,000
$4,210,000
$29,364,962
$274,500
$95,236
$1,622,300
$200,788
$1,250,310
$370,875
$3,814,009
General Fund
*General Fund/Water
General Fund
General Fund
*General Fund/Water
*General Fund/Water
2023
2028
2023
2033
2028
2028
$478,543
$1,400,000
$1,654,000
$5,952,390
$9,484,933
$38,849,895
$84,128
$191,350
$0
$236,882
$428,232
$4,242,241
Street Fund
Water Fund
Water Fund
Utility Fund
2028
2023
2047
2040
*This is blended debt, with a portion attributed to and paid by water.
The current total outstanding debt balance attributed to the Water Fund is $7,003,352. S14005 OBDD
loan is $2,566,027 with $1,654,000 currently drawn and payments beginning Dec, 2017. All debt with
Business Oregon is paid as agreed.
6. Demographic Data and Underwriting Standards:
The City meets 14 of the 19 applicable indicators in the attached Financial Summary. The indicators not
met are as follows:
a)
b)
c)
d)
e)
Net Direct Debt Service to General Fund Revenues (mry) 16.19% < 5%
Net Direct Debt Per Capita (mry) 1,289 <1,000
Percentage of Debt Retired in 10 Yrs. 54.81% >60%
Debt Service Coverage Ratio (mry) -0.84 >1.20
Assessed Value Annual Growth Rate since 2000 .75% >3%
122-12441 City of Ashland
Staff Recommendation
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