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Measures of Performance
September 20, 2017 Annual Meeting Portland, Maine
Maine Municipal Bond Bank
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Maine Municipal Bond Bank Measures Of Performance
Page 1 I Lending Activity
The General Resolution program saw a rise in sales due to several large school construction bonds. In 2015 and 2016, the CWSRF program funded unusually large capital improvement projects. The Bank sells Garvee bonds usually every two years and TransCap bonds were sold in 2015.
DOLLARS LOANED BY PROGRAM
DOLLARS LOANED
In 2017 the General Resolution program
processed three sales which produced a higher
sales volume due to a large school construction loan for
the City of Sanford. Two more large school
construction projects are being financed in the 2017
fall sale. The SRRF program has been very active for the past two
years with the processing of 33 loans. Additional
dollars were loaned in 2015 for TransCap and in 2016
for Garvee.
$0 $100,000,000 $200,000,000 $300,000,000
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
$305,060,880
$345,829,478
$215,317,057
$339,417,221
$61,381,021
$315,097,391
$112,140,805
$170,537,904
$182,853,841
$148,037,374 $138,819,164
Principal LoanedBy Calendar Year
Principal Loaned Estimated To Year End
$0
$25,000,000
$50,000,000
$75,000,000
$100,000,000
$125,000,000
$150,000,000
$175,000,000
$200,000,000
$225,000,000
$250,000,000
CW/DW Garvee GenRes TransCap SRRF
Dollars LoanedBy Program & Calendar Year
2014 2015 2016 2017 *
* Includes year to date and estimated to year end figures.
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Maine Municipal Bond Bank Measures Of Performance
Page 2 Lending Activity - continued
NUMBER OF LOANS WITH PRINCIPAL BALANCE
NUMBER OF LOANS
The General Resolution program sees a steady
number of loans each year, averaging 30 loans
annually, with another 30 loans through the DWSRF
and CWSRF programs. Prior to 2012 the Bank
saw an increase in loans processed largely due to the QSCB program, the SRRF program, both in addition to the General
Resolution program.
Since 2008, the Bank has seen an increase in the number of loans outstanding, due to increases in the types of loans offered, such as the QSCBs, Garvee, TransCap as well as new loan approvals coming through the SRRF program.
0
20
40
60
80
100
120
140
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
93
129
106111
78
66
74
63
110
46
31
Number of Loans ClosedBy Calendar Year
Loans Closed Estimated To Year End
600
700
800
900
1,000
1,100
1,200
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
1,1311,155
1,177
1,211 1,206 1,207 1,211 1,1931,211 1,222
Number Loans With Principal BalanceBy Calendar Year
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Maine Municipal Bond Bank Measures Of Performance
Page 3 Lending Activity - continued
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 QSCBs causing the spike in issuance from 2009-2011.
BONDS ISSUED
The dollar amount of loans outstanding has
remained steady since the addition of new
programs over the past 10 years.
PRINCIPAL BALANCE OF LOANS OUTSTANDING
$500,000,000 $1,000,000,000 $1,500,000,000
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
$1,363,288,465
$1,564,622,115
$1,641,791,944
$1,825,277,331
$1,725,947,576
$1,880,106,120
$1,831,185,203
$1,829,563,673
$1,823,920,663
$1,919,185,869
Outstanding Principal Balance By Calendar Year
$25,000,000 $100,000,000 $175,000,000 $250,000,000 $325,000,000
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
$199,070,000
$297,405,000
$288,355,000
$293,300,000
$155,696,142
$251,240,238
$173,810,000
$195,070,000
$172,230,000
$113,750,000 $198,935,000
Bonds IssuedBy Calendar Year
Bonds Issued Estimated To Year End
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Maine Municipal Bond Bank Measures Of Performance
Page 4 Lending Activity - continued
Borrowers benefit when the Bank refunds their outstanding bonds. The Bank passes along these savings to the borrowers who make up the refunded series. Over the past 10 years, the Bank has provided savings to 232 borrowers and 550 loans through the General Resolution, CWSRF, DWSRF and TransCap programs.
The Bank is always looking for refunding opportunities
when market conditions are favorable. This allows the
Bank to take advantage of lowering the costs to our borrowers. In 2015, the
Bank processed two refunding sales. In 2012, the
Bank processed four refunding sales which
involved tax-exempt and taxable bonds. The Bank is currently reviewing a 2017
sale to refund four separate series with a par amount estimated at $88 million.
REFUNDINGS PAR AMOUNT
$0 $50,000,000 $100,000,000 $150,000,000
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
$43,360,000
$99,425,000
$26,145,000
$120,410,000
$92,295,000
$135,340,000
$62,815,000
RefundingsBy Calendar Year
$0 $2,500,000 $5,000,000 $7,500,000 $10,000,000
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
$4,167,884
$8,103,658
$2,090,368
$10,345,677
$7,988,215
$10,490,434
$8,098,179
SavingsBy Calendar Year
PRESENT VALUE SAVINGS FROM REFUNDINGS
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Maine Municipal Bond Bank Measures Of Performance
Page 5 Lending Activity - continued
DISTINCT BORROWERS SERVED
The General Resolution program has issued loans to
11 new borrowers in the past two years. By adding
new borrowers to the portfolio, we are further
diversifying the pool, reinforcing the effectiveness of our marketing efforts, and
reflecting the strong reputation the Bank has with eligible borrowers.
Repeat customers show the Bond Bank has a good
working relationship with its clientele and strives to
continue that relationship for the future.
300
325
350
375
400
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
393 394 390
400 399395
392
380 378
385
1
Distinct Borrowers ServedBy Calendar Year
Distinct Borrowers
Estimated To Year End
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Maine Municipal Bond Bank Measures Of Performance
Page 6 II Activities In Support Of Lending
The Bank processes a large number of draws annually. The number of draws varies depending on the type of loans issued.
DRAWS PROCESSED
Custodial assets under management have
increased or decreased depending on the
timing of contributions from the State for the TransCap and Liquor funds and new loans
versus loan repayments in the
CWSRF and DWSRF programs.
CUSTODIAL ASSETS UNDER MANAGEMENT
100
200
300
400
500
600
700
800
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
539
753
684644
614
475
550
617642
368
176
Draws ProcessedBy Calendar Year
Draws Processed
Estimated To Year End
$0 $100,000,000 $200,000,000
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
$106,402,271
$126,054,387
$142,154,012
$161,776,147
$169,854,245
$168,910,673
$193,451,427
$223,143,415
$244,932,632
$230,907,908
Custodial Assets Under Management By Fiscal Year
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Maine Municipal Bond Bank Measures Of Performance
Page 7 Activities In Support Of Lending - continued
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
provides in-house billing for the following
programs: DWSRF, CWSRF, School SRF,
Garvee, and TransCap.
INVOICES PROCESSED
0
200
400
600
800
1,000
1,200
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
600
706
793
865 887
916 932 978
1,034
949
120
Invoices Processed By Calendar Year
Invoices Processed Estimated To Year End
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Maine Municipal Bond Bank Measures Of Performance
Page 8 III Accompanying Services
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 not-for-profit institutions.
There remains a high level of interest in our
energy consortium and new members are
joining to take advantage of the
program.
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
268 264 273 277 304 280 262 246 248 246
1,874 1,685
3,126
3,867
6,2225,850
4,961
2,761
3,752 3,700
MPO Contracted ElectricityMembers & Accounts
Members Accounts
MPO ELECTRICITY PROGRAM - CONTRACTED MEMBERS & ACCOUNTS
The number of participants in the MPO electricity program remains strong with many loyal members. 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.
MMBB County, 15
MMBB Religious, 28
MHHEFA Higher Ed, 31
MMBB Sewer, 34
MMBB Cultural, 60
MMBB Water, 71
MHHEFA Healthcare, 77
MMBB Non-Profit, 132
MMBB Education, 148
MMBB Municipality, 248
Membership By Category
MAINE POWEROPTIONS (MPO) MEMBERSHIP
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Maine Municipal Bond Bank Measures Of Performance
Page 9 Accompanying Services - continued
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 many in Kennebec Valley have converted to natural gas in the past couple of years. As larger numbers of participants use natural gas, MPO is hopeful about offering a purchasing program for this product.
MPO ELECTRICITY PROGRAM - ACCOUNTS
BY UTILITY
MPO FUEL PROGRAM - CONTRACTED MEMBERS & ACCOUNTS
0
50
100
150
200
250
300
350
400
450
500
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
8664
54 53 49 43 43 42 33 36
470
274254
321295 283
271 272
173203
MPO Contracted FuelMembers & Accounts
Members Accounts
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.
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
2,029
8,213
155 55 26 67 19
Number of Electricity Accounts By Utility Company
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Maine Municipal Bond Bank Measures Of Performance
Page 10 IV Budget Detail
BUDGETED VS. ACTUAL EXPENDITURES
Time allocated for all of the employees to all of the Bond Bank programs has remained constant over the last several 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
The Liquor Bond program was added in FY14, which increased
the approved budget and actual expenditures in FY14 and FY15. The
approved budget and actual expenditures
have remained stable since FY14.
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$1,800,000
$2,000,000
$2,200,000
$2,400,000
$2,600,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Budgeted vs. Actual ExpendituresBy Fiscal Year
Approved Budget
Actual Expenditures
8.00
9.00
10.00
11.00
12.00
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
10.80
10.10 10.20
11.0011.20 11.20 11.24 11.22 11.16 11.05
Full Time Employee EquivalentsBy Fiscal Year
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Maine Municipal Bond Bank Measures Of Performance
Page 11 Budget Detail - continued
Gross assets include all loans as well as all other
assets.
TOTAL ASSETS
$1,000,000,000 $1,500,000,000 $2,000,000,000
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
$1,604,467,470
$1,885,154,500
$2,028,683,670
$2,281,702,462
$2,308,394,405
$2,218,135,335
$2,362,028,990
$2,364,502,682
$2,321,245,558
$2,375,501,185
Total Assets By Fiscal Year
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Maine Municipal Bond Bank Measures Of Performance
Page 12 V Year To Date Estimates & Footnotes
Year To Date (YTD) Estimates are calculated as follows:
Distinct Borrowers Served = Based on anticipated applications from the General Resolution, SRRF, CWSRF and DWSRF programs. Dollars Loaned = Based on anticipated applications from the General Resolution, 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 2017. Loans Processed = Based on anticipated applications from the General Resolution, SRRF, CWSRF and DWSRF programs. YTD figures are as of 9/5/2017. Maine PowerOptions YTD figures as of 9/8/2017.
Acronyms & Abbreviations:
ARRA = American Recovery Reinvestment Act 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 QSCB = Qualified School Construction Bond SRF = State Revolving Fund (CWSRF/DWSRF) SRRF = School Revolving Renovation Fund TransCap = Transportation Infrastructure Revenue Bond
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