Final - Massachusetts Water Resources Authority

In June 2011, MWRA executed a $32.5 million defeasance to achieve debt service reductionsbetween FY12 and FY15. These actions resulting in debt service reductions of $1.4 million in FY12and FY13, $26.4 million in FY14 and $4.8 million in FY15.The Fiscal Year 2012 Final capital financing costs total $368.0 million after offsets. Debt serviceremains the largest portion of the MWRA’s operating expenses, accounting for 60% of totalexpenses.FY12 Final CIP ExpendituresThe MWRA’s total capital budget is $5.5 billion with $3.3 billion spent through FY10 and $2.2billion remaining to be expended. Wastewater System Improvements represent $1.1 billion or51.2% of remaining spending while Waterworks System Improvements are $1.0 billion or 46.6% offuture spending. The FY12 Final CIP (without contingency) includes planned expenditures of$165.5 million for FY12 and total projected expected expenditures of $936.7 million for the FY09-13 timeframe.Table 4 below represents the projected spending by the major program categories:Table 4Program ($ in millions)TotalContractAmountPaymentsThru FY10Balance6/30/10FY09 FY10 FY11 FY12 FY135-Year TotalFY09-13Wastewater System Improvements $2,625.4 $1,494.0 $1,131.4 $123.7 $152.7 $100.6 $87.6 $110.2 $574.9Interception & Pumping $814.7 $497.5 $317.2 $6.8 $2.5 $16.3 $10.4 $24.6 $60.7Treatment $619.0 $122.6 $496.4 $14.7 $56.0 $33.1 $40.0 $46.3 $190.2Residuals $211.7 $64.2 $147.6 $0.0 $0.4 ($0.0) $0.7 $1.3 $2.3CSO $857.1 $710.9 $146.2 $99.4 $89.3 $46.3 $34.7 $36.1 $305.8Other $122.9 $98.9 $24.0 $2.7 $4.5 $4.9 $1.8 $1.9 $15.9Waterworks System Improvements $2,735.7 $1,705.4 $1,030.3 $52.9 $50.1 $40.0 $67.6 $103.8 $314.3Drinking Water Quality Improvements $663.5 $538.9 $124.7 $17.8 $12.4 $2.5 $26.1 $41.1 $100.0Transmission $1,147.2 $694.9 $452.3 $6.3 $15.7 $21.7 $20.8 $30.4 $95.0Distribution and Pumping $881.8 $341.3 $540.5 $19.4 $16.5 $16.5 $12.2 $14.6 $79.2Other $43.2 $130.3 ($87.1) $9.3 $5.5 ($0.8) $8.5 $17.6 $40.2Business & Operations Support $107.1 $57.3 $49.9 $5.7 $8.7 $11.2 $10.3 $11.6 $47.4Total MWRA $5,468.3 $3,256.7 $2,211.6 $182.2 $211.4 $151.9 $165.5 $225.6 $936.7As shown above, the Combined Sewer Overflow (CSO) program continues to drive spending in theFY09-13 timeframe, accounting for $305.8 million or 32.6% of total projected spending. Staffanticipates that by the end of the Cap period, more than 96% of the total CSO program will becompleted.9