A few years ago, the Indiana Finance Authority’s (IFA) State Revolving Fund (SRF) Loan Program implemented an asset management program (AMP) for water and wastewater utilities as a requirement for all financing issued through the SRF program. When the AMP was first implemented, the preliminary engineering report (PER) was required to have a section identifying the development status of a participant’s AMP discussing whether it was already completed or currently under development. For an AMP currently under development, SRF would hold the final disbursement to finish a project until the AMP was complete.
The requirements have changed in response to Indiana Senate Bill 272. Effective July 1, 2023, all PERs submitted to the IFA’s SRF programs must include a completed AMP. The due date for PERs received by the SRF for funding in state fiscal year 2024 is April 1, 2023. Therefore, all PERs must include an AMP certification by that date to be ranked on the project priority list (PPL). If a PER is currently on the PPL and has not closed, it will still be scored; however, in order to be ranked, the PER must include an AMP certification.
If you plan to finance a utility project with grants or loans from the Infrastructure, Investment and Jobs Act (IIJA or Infrastructure Bill) administered through the SRF program, it’s imperative to get started on your AMP now to make sure you meet the due date.
About the IRA SRF’s AMP requirement
For Indiana water and wastewater utilities looking for a refresher, the AMP is designed to:
Documentation for the AMP includes, but is not limited to, these sections:
The AMP should include, at a minimum, this information:
Based on the recommended sections and minimum information to be included, Indiana water and wastewater utilities will need input from consulting engineers and municipal advisors to complete the AMP.
For more information or to learn how Baker Tilly's municipal utility specialists can help your organization, contact our team.