Maine Municipal Bond Bank Measures of Performance September 10, 2015 Annual Meeting Portland, Maine Lending Activity I Page 1 DOLLARS LOANED Principal Loaned By Calendar Year Principal Loaned The amount of new money, which does not reflect refundings, loaned to borrowers has varied over the past several years due to changes in various programs. In 2013 the Bank issued $220 million in Liquor Bonds. New money bonds increased from 2008 to 2011 due to funds from ARRA as well as the addition of Garvee and TransCap loans. Additional dollars were loaned through the QSCB program beginning in 2011 to present. Estimated To Year End $64,602,309 $66,935,000 2015 $112,877,375 2014 $328,734,690 2013 $61,397,685 2012 $339,945,986 2011 $215,317,057 2010 $345,829,478 2009 $305,060,880 2008 $195,591,749 2007 $89,284,294 2006 $0 $100,000,000 DOLLARS LOANED BY PROGRAM Both the General Resolution and SRRF programs have had fairly steady amounts of dollars loaned. The CWSRF and DWSRF programs are returning to average loan levels after increases from ARRA funds. The Garvee, TransCap and QSCB programs have had very sporadic loan levels due to fluctuations with funding for these programs. $200,000,000 2012 2013 2014 $300,000,000 2015 Dollars Loaned By Program & Calendar Year $250,000,000 $225,000,000 $200,000,000 $175,000,000 $150,000,000 $125,000,000 $100,000,000 $75,000,000 $50,000,000 $25,000,000 $0 Maine Municipal Bond Bank CW/DW Garvee GenRes Liquor QSCB SRRF Measures Of Performance Lending Activity - continued Page 2 NUMBER OF LOANS Number of Loans Closed By Calendar Year Loans Closed Estimated To Year End The number of loans closed has remained constant over the past four years. In 2009 and 2010, ARRA funds contributed to the spike in number of loans. Garvee and TransCap bonds were closed as well from 2008 through 2011. SRRF activity rose in 2010, 2011, and 2013 due to increased project approvals by the DOE. The introduction of QSCB loans were also made in 2011. 140 129 120 115 100 80 106 93 111 93 78 74 66 60 28 40 36 20 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 NUMBER OF LOANS WITH PRINCIPAL BALANCE The number of loans with principal balances increased with the addition of ARRA funds and loans from the Garvee, TransCap and QSCB programs in 2010 -2011 and has remained constant since that time. Number Loans With Principal Balance By Calendar Year 1,200 1,211 1,211 1,100 1,206 1,207 1,000 1,112 1,139 1,131 1,155 2008 2009 1,183 1,177 900 800 700 600 2006 Maine Municipal Bond Bank 2007 2010 2011 2012 2013 2014 2015 Measures Of Performance Lending Activity - continued Page 3 AMOUNT OF PRINCIPAL BALANCE Outstanding Principal Balance By Calendar Year $1,824,952,280 2014 $1,872,578,949 2013 $1,718,349,819 2012 $1,817,161,597 2011 $1,633,088,305 2010 $1,552,566,534 2009 $1,350,205,195 2008 $1,200,549,162 2007 $1,150,087,533 2006 $500,000,000 The dollar amount of loans outstanding has continued to grow with the addition of new programs over the past 7-8 years. $1,854,860,477 2015 $1,000,000,000 $1,500,000,000 BONDS ISSUED The dollar amount of bonds issued over the last four years has been inline with historic averages. The Liquor bonds were issued in 2013. ARRA funds, as well as the addition of QSCB’s caused the spike in issuance from 2009-2011. Bonds Issued By Calendar Year 2015 $70,380,000 $173,810,000 2014 $251,240,238 2013 $155,696,142 2012 $293,300,000 2011 $288,355,000 2010 $297,405,000 2009 $199,070,000 2008 $174,275,000 2007 2006 $25,000,000 Maine Municipal Bond Bank $38,105,000 $100,000,000 $175,000,000 $250,000,000 Measures Of Performance Lending Activity - continued Page 4 Distinct Borrowers Served By Calendar Year DISTINCT Distinct Borrowers BORROWERS Estimated To Year End 400 403 375 391 392 396 397 402 393 6 395 392 The number of distinct borrowers served has remained relatively steady over the past several years due to the addition of new loans and payoff of existing loans. 380 350 325 300 2006 2007 2008 2009 2010 Maine Municipal Bond Bank 2011 2012 2013 2014 2015 Measures Of Performance Activities In Support Of Lending II Page 5 CUSTODIAL ASSETS UNDER MANAGEMENT Custodial Assets Under Management By Fiscal Year Custodial assets under management have increased steadily as TransCap, Liquor and ARRA bonds have been added over the years. $223,143,415 2015 $193,451,427 2014 2013 $168,910,673 2012 $169,854,245 $161,776,147 2011 $142,154,012 2010 $126,054,387 2009 $106,402,271 2008 $112,756,261 2007 $121,416,790 2006 $0 $100,000,000 $200,000,000 DRAWS PROCESSED The number of draws processed has returned to more historic levels since the spike created by the various ARRA bonds. Draws Processed Estimated To Year End Draws Processed By Calendar Year 800 700 753 691 684 600 500 400 300 200 543 644 614 206 539 475 548 400 100 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Maine Municipal Bond Bank Measures Of Performance Activities In Support Of Lending - continued Page 6 INVOICES PROCESSED Invoices Processed By Calendar Year Invoices Processed Estimated To Year End 1,200 1,000 161 800 865 916 793 706 600 400 887 504 558 600 933 865 200 Semi annual debt service invoicing for the equity loan programs is processed in-house. Increases in the number of invoices over the past several years reflects an increase in loan activity in these programs. The Bank does in-house billing for the following programs: DWSRF, CWSRF, School SRF, Garvee, and TransCap. 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Maine Municipal Bond Bank Measures Of Performance III Accompanying Services Page 7 MAINE POWEROPTIONS (MPO) MEMBERSHIP Membership By Category MPO membership is open to all MHHEFA and MMBB borrowers and not-for-profit institutions in Maine. The highest percentage of membership is from the municipal sector, although in recent years there has been more interest from notfor-profit institutions. There remains a high level of interest in our energy consortium and new members are joining to take advantage of the program. MMBB Religious, 27 MMBB County, 15 MHHEFA Higher Ed, 31 MMBB Municipality, 247 MMBB Sewer, 33 MMBB Cultural, 60 MMBB Water, 70 MHHEFA Healthcare, 78 MMBB Education, 143 MMBB Non-Profit, 129 MPO ELECTRICITY PROGRAM - CONTRACTED MEMBERS & ACCOUNTS The number of participants in the MPO Electricity Program remains strong with many loyal participants. Participant levels have increased by expanding the program to serve more rate classes and adding load response programs. The small rate class participation will continue to fluctuate with short-term market opportunities. MPO’s continued efforts to explain a complex electricity market has maintained interest in the program. Members MPO Contracted Electricity Members & Accounts Accounts 7,000 6,000 6,198 5,825 4,935 5,000 4,000 3,867 3,126 3,000 2,000 1,000 1,653 1,543 272 269 2006 2007 1,874 267 1,685 263 272 2009 2010 276 303 279 260 0 Maine Municipal Bond Bank 2008 2011 2012 2013 2014 Measures Of Performance Accompanying Services - continued Page 8 MPO ELECTRICITY PROGRAM - ACCOUNTS BY UTILITY Number of Electricity Accounts By Utility Company The bulk of MPO electricity members are in the Emera-Maine and CMP territory. A strong competitive supply market exists in these regions and easy access to account information allows the programs to flourish. For those accounts not in the New England electricity grid but located in Northern Maine and connected to the New Brunswick (Canada) grid, there are few opportunities. Access to account information in this region is costly and potential suppliers must own generation assets in this area. 8,463 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 2,025 157 55 1,000 65 26 19 0 MPO FUEL PROGRAM CONTRACTED MEMBERS & ACCOUNTS The fuel program participation continues to fluctuate. Higher prices reduce participation, lower pricing increases participation. The conversion from fuel oil to propane or natural gas has also decreased participation levels. Many larger communities in Southern Maine have converted to natural gas and Kennebec Valley will see more conversions to natural gas. As larger numbers of participants use natural gas, MPO is hopeful about offering a purchasing program for this product. Members MPO Contracted Fuel Members & Accounts Accounts 470 500 401 391 450 321 400 274 350 295 283 254 272 271 300 250 200 150 100 Maine Municipal Bond Bank 50 76 68 56 64 54 53 49 43 43 41 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Measures Of Performance IV Budget Detail Page 9 Budgeted vs. Actual Expenditures By Fiscal Year BUDGETED VS. ACTUAL EXPENDITURES Approved Budget The Liquor Operation Program was added in FY14, which increased the approved budget and actual expenditures in FY14 and FY15. Actual Expenditures $2,600,000 $2,400,000 $2,200,000 $2,000,000 $1,800,000 $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 FULL TIME EMPLOYEE EQUIVALENTS Time allocated for all of the employees to all of the Bond Bank programs has remained constant over the last eight years. Full time employee equivalent increased in FY11 and FY12 as a result of adding the Garvee, TransCap, and QSCB programs. Full Time Employee Equivalents By Fiscal Year 12.00 11.00 10.80 10.70 10.00 11.00 10.20 11.20 11.20 11.24 11.22 10.10 10.20 9.00 8.00 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Maine Municipal Bond Bank Measures Of Performance Budget Detail - continued Page 10 TOTAL ASSETS Gross assets include all loans as well as all other assets. Total Assets By Fiscal Year $2,364,502,682 2015 $2,362,028,990 2014 $2,218,135,335 2013 $2,308,394,405 2012 $2,281,702,462 2011 2010 2009 2008 2007 2006 $1,000,000,000 $2,028,683,670 $1,885,154,500 $1,604,467,470 $1,592,191,487 $1,581,491,918 $1,500,000,000 Maine Municipal Bond Bank $2,000,000,000 Measures Of Performance V Year To Date Estimates And Footnotes Page 11 Year To Date (YTD) Estimates are calculated as follows: Distinct Borrowers Served = Based on anticipated applications from the SRRF, CWSRF and DWSRF programs. Dollars Loaned = Based on anticipated applications from the SRRF, CWSRF and DWSRF programs. Draws Processed = ((YTD Amount / # of Days YTD) x 365) - YTD Amount Invoices Processed = Based on the existing portfolio’s unbilled payments for 2015. Loans Processed = Based on anticipated applications from the General Resolution, TransCap, CWSRF and DWSRF programs. YTD figures are as of 10/31/2015. Acronyms & Abbreviations: ARRA = American Recovery Reinvestment Act BAB = Build America Bond CWSRF or CW = Clean Water State Revolving Fund DOE = Department of Education DWSRF or DW = Drinking Water State Revolving Fund Garvee = Grant Anticipated Revenue Vehicle (debt financing for state highways) Liquor Bond = Liquor Operation Revenue Bond MITF = Municipal Investment Trust Fund QSCB = Qualified School Construction Bond RCDP = Riverfront Community Development Program RZEDB = Recovery Zone Economic Development Bond SRF = State Revolving Fund (CWSRF/DWSRF) SRRF = School Revolving Renovation Fund TransCap = Transportation Infrastructure Revenue Bond Maine Municipal Bond Bank Measures Of Performance