Overview/Update of Rural Utilities Service Programs NARUC Subcommittee on Accounts Fall Meeting Springfield, Illinois September 12, 2017
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1 Presented by: Diana Alger Chief Technical Accounting and Auditing Staff Overview/Update of Rural Utilities Service Programs NARUC Subcommittee on Accounts Fall Meeting Springfield, Illinois September 12, 2017
2 Topics Electric Program Update Telecom Program Update Water & Environmental Program Update Accounting & Auditing Topics Questions Copyright 2015 Accenture All Rights Reserved.
3 The New Administration May 11, 2017 Secretary Perdue announced a realignment of USDA On June 12, 2017 Secretary Perdue named Anne Hazlett to lead Rural Development. Her official title is Assistant to the Secretary for Rural Development. Hazlett is the former chief counsel to the Majority on the U.S. Senate Committee on Agriculture, Nutrition, and Forestry. A native of IN, Hazlett is a graduate of Kansas State University and holds a law degree from Indiana University. Copyright 2015 Accenture All Rights Reserved.
4 Rural Utilities Service Administrator Chris McLean, Acting Chief of Staff Michele Brooks, Acting Deputy Administrator Vacant Director of Operations Assistant Administrator Electric Program Chris McLean Policy Advisor Rural Utilities Service Jon Claffey Jim Elliot Policy & Outreach Division Deputy Assist. Admin Gerard (Gerry) Moore Loan Origination & Approval Deputy Assist. Admin Joseph Badin Portfolio Management & Risk Assessment. Deputy Assist. Admin Victor Vu Assistant Administrator Telecommunications Program Keith Adams Deputy Assistant Administrator Sami Zarour Policy & Outreach Division Deputy Assist. Admin. Ken Kuchno Loan Origination & Approval Deputy Assist. Admin. Shawn Arner Portfolio Management & Risk Assessment Deputy Assist. Admin Peter Aimable Assistant Administrator Water and Environmental Programs Scott Barrfinger, Acting Deputy Assistant Administrator Scott Barringer Engineering and Envrion. Staff Director Kellie Kubena Water Programs Division Director Kent Evans Portfolio Management Branch Chief Stephen Saulnier Program Operations Branch Chief Cheryl Francis Assistant Administrator Program Accounting and Regulatory Analysis James Murray Deputy Assistant Administrator Michele Brooks, Acting Northern Regional Area Branch Chief Jack Stevens Southern Regional Area Branch Chief Jurleme Grey Technical Accounting & Auditing Staff Chief Diana Alger ARRA Branch, Chief Tim Frantz Program Development & Regulatory Analysis Director Thomas Dickson, Acting
5 Electric Program 4
6 A Record of Accomplishment $41.3 billion loan portfolio (2229 loans) as of * Almost 600 current borrowers $120 billion total investment since inception of program 0.04% delinquency rate (2 loans) Over 40% of the electric infrastructure in the USA built by entities currently or once financed by RUS/REA 5
7 RD Electric Program We make and service loans for generation, transmission, distribution, energy efficiency, conservation, smart grid & smart home purposes We have Policy, Planning and Finance components Our staff provides expertise in Generation, Transmission & Distribution Electric Programs is an incentive lender, not a lender of last resort (A 1.5% interest rate differential over a 30 year saves coops nearly $1,000,000 for every $4,000,000 borrowed.) At or near Treasury rates: 6
8 FY 2017 Boxscores as of August 2017 # FFB # RESP # Persistent Poverty # Guaranteed # Total Allocation $ 4,343,519,000 $ 49,861,495 $556,481,000 $ 750,000,000 $ 5,699,861,495 Obligated 63 $ 1,518,768,000 7 $18,473,000 5 $155,834,000 1 $750,000, $ 2,443,075,000 Unobligated* $ 2,824,751,000 $ 31,388,495 $400,647,000 $ -0- $ 3,256,786,495 Applications on Hand 35 $ 1,718,819,250 2 $ 7,800,000 1 $ 63,898,000 $ $ 1,790,517,250 Expected Surplus of Budget Allocation $ 1,005,931,750 $ 23,588,495 $336,749,000 $ -0- $ 1,466,269,245 * Includes four FFB loans for a total of $101,274,000 and one persistent poverty loan for $63,898,000 which have been approved but not obligated as of August 31, 2017.
9 Persistent Poverty Counties USDA s Economic Research Service defines these counties as those where the poverty rate has exceeded 20% of the population for the last 30 years; the vast majority of these counties (85%) are non-metropolitan counties as defined by The OMB. Electric cooperatives serve in 327 of the nation's 353 "persistent poverty counties" (93%). Of the 42 million Americans served by cooperatives, an estimated 4 million live in persistent poverty counties. RUS has committed to using 10% of our budget authority for our Electric Program to assist our borrowers in serving these areas. 8
10 RUS Electric Program Organizational Structure Christopher McLean Assistant Administrator James Elliott Director of Operations Jonathan Claffey - Policy Luis Bernal - Energy Special Advisors Joseph Badin Deputy Assistant Administrator Office of Loan Origination and Approval Victor Vu Deputy Assistant Administrator Office of Portfolio Management and Risk Assessment Gerard Moore Deputy Assistant Administrator Office of Policy, Outreach, and Standards
11 Eligible Borrowers Eligible borrowers are corporations, states, territories, and subdivisions and agencies thereof, municipalities, people's utility districts, and cooperative, non-profit, limiteddividend or mutual associations that provide retail or power supply service needs in rural areas. However (except in Nebraska who has an excellent network of Public Power Districts PPD s), and several PUD s (Public Utility Districts), Electric Cooperative s constitute a majority of our borrowers. 591 electric systems borrowers in 46 states Copyright 2015 Accenture All Rights Reserved.
12 Challenges Ahead for the Electric Program State and local support for new power plant projects and for needed transmission projects Legal challenges NEPA / Environmental regulations Construction cost uncertainty and volatility Forecast of wholesale fuel prices Demand effects of increased energy efficiency, conservation, smart grid, load management, and prices Increase in renewable project financing to coops and developers introduces greater risks Other RUS portfolio impacts: buyouts; wait and see approach to carbon constraints; distributed generation, microgrids, storage, and other technologies Copyright 2015 Accenture All Rights Reserved.
13 Renewable Energy Project Loans
14 Project Loans vs. System Loans RUS institutional history has consisted of making system loans where the entity that signs the note has the ability to raise rates and exercise some control over their revenue Project obligors entities do not have ratemaking ability their revenue is limited to what a power sales contract provides. These contracts may or may not be in the money over time as fuel prices fluctuate or other contingencies arise
15 Other Relevant Considerations Interest rate = Treasury + 1/8 Term = shorter of PPA term or useful life of asset Equity = Minimum 25% total project cost Loan amount = No loan size limit; max = rural ratio* x total eligible project cost Reserves = 1 year debt service and overhaul and maintenance Term lending only = RUS does not provide construction loans for renewable projects * Rural ratio = % of off-taker load that is rural
16 Telecom Program 15
17 Telecom Loan Programs 16
18 Telecommunications Infrastructure Program Available Funding Program Update FY 2016 $690M available in FY 2016 FY 2017 $690M available in FY 2017 Loans finance new and improved telecommunications infrastructure in rural communities of 5,000 or less Loans may serve non-rural subscribers in some cases For addition detail, see 7 CFR 1735 FY loans approved: $194M FY loans in process: $322.7M 15 loans approved: $246.8M Current pipeline: 32 loans for $569.5M Applications are accepted year round
19 Telecommunications Loan Programs -- Did You Know? Standard Loan Terms include: 2 Year Principal Deferral Interest Rate at the Cost-Of-Money Loan Maturity - Life of the Facilities Financed Plus 3 Years Modified Loan Terms for Serving a Substantially Underserved Trust Area (SUTA) include: At the discretion of Administrator, RUS can modify certain loan terms or application requirements, which may include: Interest rates as low as 2%, Extended amortization period, and/or Priority processing Staff can assist and review loan applications before submission.
20 Telecommunications Farm Bill Broadband Program (aka Rural Broadband Access Loan and Loan Guarantee Program) FY 2016 Available Funding $64M available in FY 2016 FY 2017 $27M appropriated in FY 2017 $115.2M available in FY 2017 with both appropriated and carryover funding Loans finance the costs of constructing a broadband network Serving rural communities of 20K or less Cannot have more than 3 incumbent service providers Service area cannot be in an RUS funded area For more details see 7 CFR 1738 FY 2016 Program Update 1 loan approved: $4.1M FY loan approved (Carry over from FY16): $15.3M 2 loans in process: $10.7M Current pipeline: 3 loans for $26M Pre Application Window (Application assistance available) Application Window Window 1 Window 2 Jan 9, 2017 to Mar 24, 2017 [Closed] Mar 1, 2017 to Mar 31, 2017 [Closed] Jul 1, 2017 to Sep 22, 2017 [Open] July 25, 2017 to Sep 30, 2017 [Open]
21 Telecommunications Farm Bill Broadband Program (aka Rural Broadband Access Loan and Loan Guarantee Program) * Loan Amounts between $100,000 & $20 Million. * Unserved areas: Broadband Service, the rate used to determine if an area is eligible for funding, shall mean the minimum rate of data transmission of 25 megabits downstream and 3 megabits upstream for both mobile and fixed service. Applicant Priority: The greatest proportion of unserved households. * Broadband Lending Speed: Applicants must propose to offer new broadband service at a minimum bandwidth of 25 megabits downstream and 3 megabits upstream for both mobile and fixed service to the customer. Special Terms and Conditions may apply if more than 50% of the households are unserved: up to 4 year principal deferral 25% extension to the amortization period of the loan up to 35 years Standard Loan Terms include: 2 Year Principal Deferral Interest Rate at the Cost-Of-Money Loan Maturity - Life of the Facilities Financed Plus 3 Years * As of the most recent NOFA on July 25 th, 2017
22 Telecom Grant Programs 21
23 Community Connect Program FY 2016 Available Funding $11.74M available in FY 2016 FY 2017 $34.5M appropriated in FY 2017 Grant funds for broadband service deployment Serving rural communities of 20K or less Amounts from $100K to $3M Service area must be completely unserved Minimum broadband service is defined as 4Mbps (download) and 1Mbps (upload) 15% matching requirement FY 2016 Program Update Over 70 applications received: $120M 9 applications approved: $15.6M FY 2017 Notice of Solicitation of Applications (NOSA) released on January 10, 2017 Applications were accepted until March 13, applications still in process for $92.6M
24 Distance Learning and Telemedicine (DLT) Program FY 2016 Available Funding $23.4M available in FY 2016 FY 2017 $23.6M available in FY 2017 Grants fund equipment needed to provide Distance Learning and Telemedicine services 15% matching requirement Amounts from $50K to $500K Only grants are available no loans or FY 2016 Program Update 182 applications received: $55M 98 applications approved: $27.7M 56 distance learning & 42 telemedicine projects 35 States and territories 30% include a tribal coverage component FY 2017 Notice of Solicitation of Applications (NOSA) released on May 16, 2017 Applications were accepted until July 17, 2017 More than 200 applications are currently under review
25 Historic Program Totals 24
26 Telecommunications Programs Investments Since 2010, RUS has invested approximately $5.9 B in projects serving rural residents: Telecom Infrastructure Broadband Initiatives Program (BIP) Farm Bill Broadband Community Connect Distance Learning and Telemedicine (DLT) Total $2.5 B $2.9 B $259.9 M $ 79.6 M $183.6 M $5.9 B
27 Water and Environmental Program 26
28 RUS: Infrastructure and Services for Rural America 80 years serving rural America Eligibility Serving cities, towns, and rural areas of 10,000 or less Municipalities, private non-profit, and Native American entities Federal program delivered locally in rural areas Built on strong partnerships Copyright 2015 Accenture All Rights Reserved.
29 Rural Water and Waste Infrastructure Needs The United States has over 52,000 small and rural water systems. The need for water and waste infrastructure in the United States is estimated at more than $1T over the next 25 years. Rural areas rely on RUS to finance water and waste infrastructure improvements. Current application backlog is more than $2B. Copyright 2015 Accenture All Rights Reserved.
30 Program Accomplishments to the present Program Wide Rural Residents Served 21.2 million Households & Businesses Served 7.8 million New households & businesses served 211,893 Projects 6,182 (3,451 Water/ 2,381 Waste/ 350 Combos) Copyright 2015 Accenture All Rights Reserved.
31 Direct Loan Interest Rates July 1-September 30, 2017 (FY 2017, Quarter 4) Poverty 2.000% Intermediate 2.625% Market 3.250% Copyright 2015 Accenture All Rights Reserved.
32 Program Improvements New consolidated RD environmental regulation 7 CFR part 1970 April 1, 2016 o Streamlined environmental processes shorten and simplify reviews as evidenced by increased projects funded o Rollout activities internal and external outreach and training New Environmental Regulation Impacts: o Seeing anecdotal reduction in number of Environmental Assessments o Improved quality of environmental reports o Less time in processing project applications Example- Tawas Area Schools, Tawas City, MI o Application received in April o Project complete and constructed in September Copyright 2015 Accenture All Rights Reserved.
33 Application Assistance: Electronic Tools RD Apply Launch of online filing through RD Apply September 2015 Live demos and registration at more than 40 rural water conferences 1,000+ registered to use RD Apply 600+ applications filed online Copyright 2015 Accenture All Rights Reserved.
34 Application Assistance: Electronic Tools e-per (Electronic Preliminary Engineering Report) Web-based application for engineers to write PERs Interactive system guides engineers through the PER development process based on 2013 Interagency Template Compatible w/ RD Apply Copyright 2015 Accenture All Rights Reserved.
35 What is eper? eper Electronic Preliminary Engineering Reports Web-based application for engineers to use to write PERs Interactive system steps engineers through the PER development process based on 2013 Interagency Template Secure portal protects engineer s work Generates PERs in PDF and XML data format Latest innovation in the application process Copyright 2015 Accenture All Rights Reserved.
36 New Engineering Requirement American Iron and Steel President s Executive Order (EO), Buy American and Hire American, and specifically, section 746 of Title VII of the Consolidated Appropriations Act of 2017, requires that iron and steel products used in projects funded by the USDA Water and Waste Disposal programs be produced in the United States. EPA is already required to comply with American Iron and Steel. USDA s requirement went into effect after May 5, 2017 through September 30, 2017 (end of FY 2017). Copyright 2015 Accenture All Rights Reserved.
37 Accounting and Auditing Issues 36
38 Leases ASC 842 released February 25, 2016 After exposure drafts in 2010 & 2013 Effective for public companies for years beginning after December 15, 2018 Effective for all other companies for years beginning after December 15, 2019 Early adoption is encouraged
39 Leases No public action has been taken by the FERC at this time. No action expected by the FCC. The assumption for telecommunications companies is that changes to GAAP are adopted unless the FCC issues specific guidance to the contrary.
40 Leases RUS is currently studying available options for our borrowers. Examining the various changes in ASC 842 Determining if there is merit in adopting some of the changes rather than all of the changes Evaluating how the various options will affect various target ratios and metrics for our borrowers.
41 7 CFR 1773, Policy on Audits of RUS Borrowers Final push to publish by September 30, 2017 Will be effective 60 days after publication and applicable to audits of fiscal years ending on or after December 15, 2017 Making plans for outreach to our customers, auditees and auditors Making plans to present a webinar to fully explain the changes Expecting to present the material several times over the course of the last calendar quarter of 2017
42 Electric Accounting Training RUS Borrower Accounting (Electric) Offered by The Graduate School USA (formerly known as The USDA Graduate School Discontinued during the Summer Now available
43 42
44 Diana Alger Chief, Technical Accounting and Auditing Staff Office: Rural Utilities Service U.S. Department of Agriculture 1400 Independence Ave., S.W. Washington, D.C USDA is an equal opportunity provider, employer, and lender.
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