March-April 2009

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In Hard Times, Money for Water

Funding is tougher, trickier, and leaner, but ultimately available.

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Photo: @iStockphoto.com/Kativ

By David Engle

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Just when water agencies were getting used to rainfall droughts, comes a financial one. In the wake of the housing market collapse, towns and cities have seen revenues plummet for over a year. A recent survey by the National League of Cities found that falling property and other tax revenues were impacting nearly 80% of the communities polled, and shortfalls were anticipated to continue at least two more years. Many state governments are now also running in the red or facing deficits. Departments and agencies must wrangle over what dwindling income remains. The federal deficit continues to explode beyond control.

Water agencies—which in sunnier times have enjoyed relatively easy access to funding—also are finding that times have changed. As a fact sheet from the Missouri Department of Natural Resources (MoDNR) put it to its state water agencies in mid-2008: “The days of 100% construction grants are long gone, and the reality is that all communities will have to borrow money for water and wastewater infrastructure at some point.”

Borrowing for water projects has long been routine in most places, of course, but here too, the late-2008 capital crisis applied unprecedented pressure on bond markets, adversely impacting interest rates and affordability.

Taking stock of this drastically altered funding landscape, the same MoDNR fact sheet noted that water agencies (even during a relatively easier bond market) have sometimes unwisely balked at drawing upon subsidized state-revolving funds to pay for projects, protesting the many attached strings (e.g., meeting state wage rates). Impatient with such requirements, agencies are thus tempted to explore independent financing and, in an almost eerie parallel to bad subprime mortgage deals, have sometimes been lured into debt financing, such as lease-purchase arrangements or issuing their own bonds. As the fact sheet cautioned, these have sometimes resulted in doubling, and even tripling, a project’s total cost.

Also, in last November’s elections, a rather extreme measure was placed on Missouri’s ballot—amending the state constitution to: limit future bond funding to only public water and sewer districts, remove any restrictions on the amount of funds that can be raised for them, and, thirdly, remove restrictions on disbursing funds—all while simultaneously requiring that this should have “no impact on taxes.”

Voter, Can You Spare $10 Million?
Actually, agencies having any experience in ballot referendums undoubtedly know already, that water project bonds almost invariably succeed: Who in their right mind ever votes against water? Approval is so assured, in fact, that legislatures are generally happy to put water issues up for vote. In last November’s elections nationwide, all water-related proposals passed easily, the larger ones being Arkansas ($300 million), Maine (“clean water” bonds), Minnesota  (“clean water”), and Pennsylvania ($400 million for water and sewer). Putting “apple pie” up for a public vote enables legislatures to obscure from view other pork-barrel, corporate welfare, or self-dealing appropriations, as Pennsylvania’s Commonwealth Foundation observed in a white paper dissecting the state’s serious budget challenges. Besides this, as the Commonwealth Foundation noted: “Functionally, there is little difference between legislators approving new bonded debt and putting debt questions before the public. Indeed, legislators could have just as easily approved the $400 million in new debt [in November 2008] without voter approval. However, forcing voters to decide the fate of their water and sewer systems allows them to shift responsibility and take political cover.”

Raising Billions, Jacking Up Rates
Pennsylvania is perhaps typical of an increasing number of states now confronting the current economic crisis, coinciding with a dire need for repairs of a crumbling water infrastructure. The untimely combination means the State must not only borrow billions of dollars for still more capital projects in tough markets, but must raise water rates higher than ever before—during serious recessionary times—to pay for them.

In Pennsylvania’s case, more specifically, a recent federal EPA Clean Water Needs Survey concluded more than a year ago, that the State urgently needed nearly $11 billion in drinking water infrastructure improvements, along with at least $7.2 billion in unmet wastewater infrastructure work. With a population of about 12.5 million, this cost works out to nearly $1,500 per capita. 

And in a larger perspective, Pennsylvanian’s current cumulative indebtedness of all kinds (i.e., state, local, county, school bonds, etc.) comes to $110.6 billion—or nearly $9,000 per person. Thus, for a tax-paying household of four, paying the interest cost alone is already a strain. It’s perhaps another eerie parallel with recent housing lending—not unlike giving people interest-only mortgages for which the principle is almost impossible to retire. And again, all of this is facing Pennsylvania precisely as times are at their leanest: The State’s fiscal year 2008 revenues were projected to fall short by $2 billion.

Yet, given the severity and urgency of the EPA’s water-quality estimate, in 2008 Governor Edward G. Rendell had no choice but to empanel a task force to come up with a comprehensive solution for the daunting challenge funding water and wastewater infrastructure. This report emerged just before the elections.

In it, the panel drastically revised the EPA’s estimate upward; instead of a combined $18.2 billion in urgently needed work, they calculated the more realistic tab at $36.5 billion.

In addition, for a truer picture, the panel decided to include the annual expense for operation and maintenance, ongoing replacement, repair, and debt retirement over the next 20 years; this produces an additional $77.1 billion. The two figures total $113.6 billion.

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To pay for this enormous sum, the projected income from water and sewer billings for the next 20 years come to an estimated $69.8 billion, leaving an unfunded gap of $43.8 billion—about $3,500 for every citizen. For a household of four, that’s about $14,000 over 20 years.

The only way to cover this, the panel concluded, will be to raise water and sewer rates many hundreds of dollars annually—specifically, a total of about $1,455 per year per household (half-and-half for water and wastewater). This increase comes to about 1.5% of the current total median household income there. The blue-ribbon panel noted: “Many customers in Pennsylvania are currently paying substantially less [than this].” Next Page >

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What Do You Think?

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pfmpfm

March 5th, 2009 10:33 AM PT

Contrary to the belief of some, American voters, taxpayers, water users, will ... "do the right thing" ... when as Abraham Lincoln so correctly noted they are given the truth, the whole truth and nothing but the truth. Today, however, so much of what passes as authentic information from water purveyors, be they government or private industry, is nothing more than camouflaged propaganda in easily digestible pabulum form. Give people full open disclosure and fact about their water and see what they do...?

davidc@saulhill.com

March 4th, 2009 8:18 AM PT

David's article is spot on: Voter reluctance to raise taxes; shrinking municipal tax base translates to lower tax revenues; reduced growth means fewer tap fees; and, more. A combination of grants, subsidies and non-voter municipal leasing will help bridge these gaps.

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