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2005-08-02 AFN Options Committee Agenda Packet
CITY OF As��HLAND AFN Options Committee ifieeting Agenda August11:00am Siskiyou room, CDES Building, 51 Winburn Way The meeting was called to order by Lee Tuneberg, Administrative Services/Finance Director at 11:12 am on August 2, 2005 in the Siskiyou Room, CDES Building, 51 Wilburn Way, Ashland, OR. Attendees: City Councilor Russ Silbiger Option Committee Members: Shultz, Kevin, Collins, Paul, Donovan, Michael, Barth, Rick and Mace, Paul. Committee Elect: Mackin, Don n Staffn Gino Grimaldi, City Administrator Lee Tuneberg, Administrative Services/Finance Director Mike Ainsworth, Cable TV Manager Richard Holbo, Telecommunications Engineer Marerol, Mr. Tuneberg invited the members to introduce themselves and tell about their background. Mr. Shultz asked to postpone the election of the chair until next meeting, due to the fact that the last member was to be confirmed at the City Council meeting on August 91h 2005. A Discussion that the committee should not recommend an option. The commifteXiz.- should come up with 3 options. Mr. Tuneberg explained that option #3 cc No significant change" is not an acceptable option for the council. Comment has been made as to why the committee has to, make option prior to hiring the director. Mr. Grimaldi has recommended that the committee should make a request to the Mayor to change the process of hiring a Director prior to the discovery, to reconsider the time line of hiring the director. The charge was to look at options within 90 days. Voicing concern about timeframe, Mr. Silbiger did want a timeframe but it doesn't need to push the process. Mr. Barth is concern about interviewing at all until the committee has reached options. Mr. Mace is concern about the "public processjy regarding possible changes of AFN financials. Concern of potential business plans that become public. Mr. Tuneberg explained the guild lines for the meetings and public records. Mr. Barth asked that Tuneberg talk with the City Attorney regarding rules and regulations. It was requested for the City Attorney to attend the next meeting. DOCUMENTATION & RECORDS REQUESTS Discussion on documentation necessary for the committee to reach options. It was decided that an overview of Financial, Marketing and Technical reports wi be provided at the next meeting. I Mr. Barth requested information one week in advance of the next meeting. a During a discussion on how to answer questions, it was determined the 'ttee should email their questions via the requested list serve and staff will ..ommi be prepared to answer the questions at next meeting or email the answer'via the list serve, if a response is quick and easy for staff to obtain. Mr. Collins spoke about other cities that are selling cable and or Internet and would like to get information regarding their issues. Mr. Mace would like comps from other Cities either from staff or the committee will dig deeper if needed. The committee requested a tour of the AFN Head -in with Richard and Mike Ainsworth. The committee members were asked to contract Mr. Holbo directly, K 2N,11341110• Discuss about the next meeting date, time and place — which will be August 15 @ 7:30 am, in the Siskiyou room, CDES Building, 51 Winburn, Way. Mr Donovan stated to try and keep meeting time to no more than an hour and 1/2. The committee request that materials to be presented a week prior the meeting, the committee agreed to Mr. Mace's records request. There was no public Input. Mr. Tuneberg stated the,committee should discuss the method of public input and could have study sessions without public input. Possible Special interest group — such as the ISP's and Programming committee. The meeting was adjourned at 12.47. Respectively Submitted, Cindy Hanks Project Manager Administrative Services Department 'M ^ 0 JU,0001 Overview of AFN Technical Operations We currently have 8 satellite dishes pointed at about 10 satellites for receiving programming. Around 75 of AFN's CATV programming offerings are analog video requiring demodulators and modulators. The rest are HITS digital feeds -L"-hat are retransmitted without modification and decoded by our Motorola DCT settop boxes. We currently carry KSYS HDTV feed and will carry the other local's as soon as they transmit a signal that is not simply a rebroadcast of their SD signal. Other HDTV offerings are under consideration from a finance and technical perspective. Data: These Fiber rings also support a Gigabit Ethernet network to facilitate the placement of neighborhood switches for connecting high speed data services @ 100mbit minimum. We have a tremendous amount of available capacity on both our Data and HFC network. The list of tasks/jobs that these positions perform is much too long to list, however be aware that most construction, design and maintenance is, handled house by existing staff. Submitted for AFN Options Committee 8/4/2005 by Richard Holbo Telecommunications Engineer (Operations Superintendent) Ashland Fiber Network AFN's entire cable television product line or "progamming channel lineup" continues to be created solely by an appointed committee of citizen volunteers. The committee's initial decision making process focused primarily on the content component of network carriage. The committee continues to be extremely diligent in collecting public input before making programming decisions, conducting annual community surveys and holding regular public meetings. There is a possibility that by seeking out and collecting public input for new channels, we may create a false public perception that individual resident's suggestions will be acted upon in a timely manner. No Cable system can be everything to everyone, and in this super sized entertainment environment, industry experts ironically forget that viewers watch programs not channels. In a 150+ channel environment, if a system does not carry a prospective customer's singular favorite channel, the sale will not be closed. According to information gathered at customer service, we are losing an average of 3 customers per month because we don't have HIS cable TV networks. (There is no data collected that quantifies how many new connects we are not getting without HD network offerings.) New product offerings in the form of adding new cable TV channels and technology have been on hold for the past couple years in response to containing expenses. In this staff s opinion the existing product has been tweaked but no sizzle has been added, for a couple of years placing AFN at a competitive disadvantage. Programming licensing/carriage payments to the various cable program vendors represent the largest CATV operational expense projected to be in excess of $800,000. Fees are paid to the various networks based on monthly subscriber counts multiplied by contractually specified rates ranging from pennies per subscriber for a niche network to almost $3 per subscriber for an icon charmel. Program rates increase annually an average of approximately 7%. Programming rates are structured by "penetration benchmark" factors. The more viewers a system delivers to a network, the less it pays. Le. "The XYZ Channel" receives. 10 per subscriber for 90% + of our subscriber base, or .22 per subscriber for 65% penetration or less. Recent carriage contract renewals average 5 year terms. (Typically cable networks don't have the resources to negotiate contracts with 10,000 cable systems each year.) Corporate cable TV network ownership continues to consolidate and corporations 'such as MTV Networks offer programming rate incentives to systems that carry the majority or all of their networks. I predict that in five years, a handful of corporations will control 95% of the cable TV networks. Especially so for a small independent cable system, the business model is a supply side driven industry. Whenever possible AFN purchases programming through the National Cable TV Coop (NCTCC) which allows our independent system to enjoy the economies of scale and purchase programming at MSO lowest rates. There are networks that do not have NCTC agreements and AFN contracts directly with these networks. The cable industry's financial model tilts far in the favor of the MSC) (Multi System Operators) corporations that not only have 10 million national subscribers but also own several national cable TV networks. They not only pay themselves for their own programming, these corporations also collect money from all the other cable systems for their programming. (Charter is not one of these entities.) Aside from a recent court ruling in Time Warner's favor of AMC breaching contract by substantially changing programming content,, cable networks can launch (debut) as "The Meat Channel" and morph to the "Vegetarian Chaimel" and the cable systems with long ten-n carriage contracts can't, do anything about it. (The TW ruling was the first of its kind in. 36 years.) Although AFN's programming lineup is diligently created primarily by content oriented decisions, once a network is added to AFN, the content can then change at the program vendor's discretion. Linear cable networks get their revenue streams from two primary sources: 1) , Subscription based. 2) Advertising (Ccommercials") supported. Networks typically require a minimum of 10 million subs to approach breakeven and to gain the attention of Madison Avenue advertisers. This explains why certain networks tune, and/or overhaul their programming to attract viewers and advertisers. As with the majority of media, everything is primarily done on behalf of the advertisers. It is the TV/radio/newspaper entity's primary objective to deliver viewers/readers to it's advertisers to sustain existence. My Programming Administration tasks include regular communications with the various divisions of network programmer's vertical organization including: Legal, transmission, affiliate sales, and receivables. Every month I pull subscriber information from the Utility Billing software and create System Reports (which are essentially "self created invoices") and process payments. As Staff Liaison for the Programming Committee, I'm responsible for gathering information on available new channels, technology, and cable industry news so that this valued group can then make content decisions to create product for me to market in one I of my other macro roles at AFN. (See Overview AFN Marketing) Written by Michael Ainsworth, for the sole purpose of further discussion and Q&A!1 Cable TV is an extremely unique subscription based service requiring an appointment and an intrusive visit to a customer's home for connection. The cable TV ("CATV") industry is an exceedingly dynamic business and the mantra for subscribers (customers), advertisers, vendors, and systems is "What have you done for me lately?" Le. This is not a connect 'em and forget 'em business. Never was 3 5+ years 0 ago., and certainly is not the situation now. Competition: Cable systems tend to keep out of each other's turf. The primary motivation is to own the entire marketplace and price product as high as the market will bear. Cable network programmers have no loyalty and in fact advertise DISH and other competitive services in their national commercial breaks which air on cable systems. Programmers such as CNN, ESPN 360, and Start have subscription based streaming video websites for video on demand like viewing which also competes (they say 64augment") against traditional cable TV service. Internet competition is fierce with "high speed offerings" of DSL, modem and so-called wireless providers such as Clearwire (which requires the modem to be plugged into an electrical outlet.) As a competitive response cable modem providers are upping download speeds as high as I Ombps pushing speed and manufacturing essentially a horsepower war into the consumer minds. (Think. "Turboing" PC's a decade ago.) Internet usage especially among younger people exceeds TV watching. Broadband's offerings of Cable TV and High Speed Internet compete for customer's time and money (in that order.) Cable TV and Internet services are intertwined. Cable systems are motivated in extracting the most revenue they can pull out of every coax line they push into a home or business. Ilk - A brief macro overview in outline form to be used as a foundation for discussion. In spite of substantial negative front-page newspaper exposure, which crushes consumer product confidence, the AFN installation appointment scheduler has been booked well in advance for the past six years. Le. Customer demand continues to be healthy to the point that we had to add a third Installer to keep up with the work. The cable business is a chum business requiring new (`:gross") connects to offset disconnects toward the goal of increasing the total number of net sales. Since launching services six years ago we have connected well over 7,500 homes with cable TV and at least 3,600 homes and businesses with Internet, termed "gross connects" and currently have 3,200 CATV and 3,600 Internet "net" connects. (We have no database on Internet only customers as our TSP's bill and maintain that customer relationship.) The majority of AFN's "reason for disco") is attributed to the customer disconnecting to move out of Ashland, and/or to an area in town that AFN can't service. 50% CATV 50% (67% of Ashland homes use CATV.) 75% Internet Marketing disadvantage: AFN reaches approximately only 90% of Charter's service area. Community Snapshot-0 Town of transition - 25% of utility accounts chum every year. Cherry picking - Residents able to select between telecom providers: Some homes have two coax wires - Charter's CATV and AFN's Internet. 3,400 homes have annual income under $24M00 Ashland has the dubious distinction of being number two in speculative home sales approaching 25% of the recent total home sales, AFN Part ners/Competletors Some IS partners also offer alternative competitive Internet products such as DSL. Hunter Communications essentially offers AFN-like Internet services in Medford so that the two cities are competing against each other for business Internet accounts. 0 AFN's Competitive Advantages: Local service. Local control. Transactional opportunity to sell AFN services at the City Hall Counter when new utility accounts are set up. AFN's Competitive D is advantages: CATV & Internet: Unable to bundle services with customer price incentives. Not 100% of our staff is focused 100% of the time on connecting up new customers due to other job duties and associated tasks. Difficult to target decision maker: New utility customers at Utility Billing Counter are there to set up utility accounts and either are not the Cable TV / Internet decision maker or don't want to deal with it at the time. Multiple Tier offering create product confusion and require discussion to explain the features and benefits of CATV, the steps the customer needs to take to contact 7 ISP's, select one, and schedule installations. Limited office hours. Internet: No on -going relationship with Internet only customer 99 "AFN courts customers all, the way to the altar, ISM' marries them. (Once AFN installs coax, customer relationship is over.) Competitive Analysis Robust CATV offerings including PVR and HDTV. Charter has done a good job freezing Ashland customers with a "limited time special offer" (now in its 6th year!) 118 channels including 12 Premiums for $ 3 2.3 0 Sale office opened 24/7 with 1-800 line. Uses instant installers. Vastly more resources for special promotions, bundling CATV and Internet products, and marketing funds. Ability to offer multiple promotions Door-to-door sales people carry negative AFN newspaper articles and essentially use the Tidings to close sales. Q AFN Advertising Used primarily for top -of -mind awareness Media blanket tactics along with community outreach (SOU, AHS, Chamber, Film Festival, etc.) Direct tactics - Sales follow-ups at door step Direct mail to serviceable -addresses -only for upsell and acquisition Promotions Combo Offer (discount off CATV if take Internet too) Take A Look (try AFN for one month free) Refer A Friend (and get a free month off your cable bill) Marketing opportunities Grow product market and increase cable TV v viewing (low likelihood) Create distinctive product offerings Target every new resident before they make buying decision Get AFN coax in every serviceable home with electric meter as part of base fee Revenue opportunities: Grow customer base New residents New home construction Switch Charter's 3,200 CATV subscribers to AFN with inertia incentives (Spend less) Survey community and use programming contract renew process to eliminate channels that are not supported by viewing residents. Raise rates Money left on the table Cable TV product priced below national average Open Access Network Revenue shared with ISP's (along with access to $15 million network). Summary It is the opinion of this writer that AFN is a valued asset of this community. Cable Modem service would not be available in Ashland or the Rogue Valley if not for the creation of AFN. Cable modem service was available in Medford two years after Ashland. Clearly there is community support for AEN with 3,200 homes representing over 8,300 individual TV viewers and over 3,600 computer with unknown number of individual users on AFN. In addition over 1,000 SOU dorms and several of Ashland's most prominent motels and taverns are connected to AFN. 1! Ashland uses and depends on AFN services 24 hours a day 7 days a week. The City of Ashland depends, on the AFN network for telephones, computer networking, mobile police computers, and management of water and electric assets. Certainly having Ashland promoted by the Ashland Chamber and real estate businesses boasting our town being one of the "100 Most Wired Cities" has not only increased housing values, but also gave prospective new residents another reason to value living in our community. For Sale and For Rent signs often carry descriptions of "AFN Available Here!" much like these signs tout "Walking Distance to Shops." Residents using AFN (and Charter with their heavily discounted Ashland -only promotional pricing) have collectively saved millions of dollars over the past six years. These dollars were then spent in our community supporting other local businesses, school levies, and community organizations. With apologies for the last several paragraphs blatantly promoting AFN (Hey that's what comes natural, I'm the marketing guy). Michael Ainsworth CATV Manager CITY OF AS LAN IF, ---------------- DATE: August 15, 2005 TO: AFN Options Committee FROM: Lee Tuneberg, Administrative Services & Finance Director RE AFN Financial Overview AFN's initial financing was done in August 1999 using a model developed through RW Beck Engineering of Seattle, Washington. Initial construction costs were estimated to be $6 million over several years but the actual exceeded $9 million over four years. Funding for the construction of AFN was accomplished through a combination of internal borrowing and two bank loans. Operating losses since the start of the operation of AFN were $7.5 million and were funded through internal borrowing. As annual shortfalls were realized the internal borrowing grew, in effect, turning external loans into internal (inter -fund) loans. From one perspective that may be acceptable 'since internal rates were less than the bank loans because they were based upon portfolio investment rates but the growth of the amount would eventually force new, external borrowing. Due to the lack of available cash for internal borrowing, the City Council authorized the issuance of bonds in the amount of $15.5 million and eliminated the internal borrowing. At this time, AFN is unable to generate sufficient revenue to pay both operating costs and annual debt service. In the Spring of 2004, Navigant Consulting was hired to develop new revenue opportunities, review operating procedures and staffing, and develop new marketing ideas and initiatives. At that t'me, it was anticipated, that AFN would have a positive net income beginning in 2007-08 based on the successful implementation of a number of initiatives and recommendations that were presented to the City Council in March, 2004. AFN staff has implemented many of the initiatives. The results of the initiatives have been disappointing and achieving a positive net income in 2007-08 in not realistic. Updated financial projections do not anticipate achieving a positive net income in the near future. The 2005-06 Budget Committee approved budget includes a $500,000 subsidy from the Electric Fund in order to meet debt service requirements. This subsidy is anticipated to grow in the following years unless significant changes are made. Expenses contributing to that increase include personnel costs rising at 7% city-wide, programming costs increasing 10% per year and internal charges (overhead) also climbing 10% per year. ADMISTRATIVE SERVICES DEPARTMENT D. L. Tuneberg, Director Tel: 541-488-5300 20 East Main Street Fax: 541-488-5311 ®i Ashland, Oregon 97520 TTY: 800-735-2900 www.ashland.orms ulTY OF ASH LAND, OREGON Statements of Net Assets Ashland Fiber Network As of June 30, 2004 2003 ASSETS Current assets: Cash and investments $ 6,848 $ 427,713 Interest and accounts receivable, net 217,942 182,433 Inventories 38,765 Total current assets 224,790 648,911 Fixed assets 9,108,697 91094,148 Accumulated depreciation (702,831) (331,122) Fixed assets, net 81405,866 81763,026 Other assets Deferred costs (net of amortization) 1,498,331 11612,882 Total assets $ 10,128,987 $ 11,024,819 LIABILITIES AND NET ASSETS Currant liabilities; Accounts payable $ 118,850 $ 240J981 Accrued salaries, vacation and payroll taxes 43,304 40,850 Accrued interest payable 126,772 126,773 Other liabilities 61925,000 5,900,239 Notes/bonds payable, current portion 644,000 568,000 Total current liabilities 71857,926 6,876,843 Long-term liabilities; Notes payable 71352,000 Revenue bonds payable, net 61708,000, Total longterm liabilities 61708,000 7,352,000 Total liabilities 14,565,926 14,228,843 Net Assets: Retained earnings (deficit): Invested in capital assets, net of related det {5,8713134} (31513,817) Unreserved 11434,195 309,793 Total net assets (41436,939) (31204,024) Total liabilities and net assets $ 10,128,987 $ 11,024,819 0ptions'Financiais 6-d30-04 Business Net Assets Prepared. 81812005 a(7 3:01 PM CITY OF ASHLAND5 OREGON Statements of Revenues, Expenses end hanger n Net Asset Ashland Fiber Network For the year ended June 3, 4 2003 Operating revenues: Charges for services $ 21296,165 $ 1,962,826 Miscellaneous 54,530 6,253 Total revenues operating 2,350,695 11969,079 Operating expenses; Cost of sales and services 21515, 301 25463,102 'Depreciation and amortization 486,257 369,909 Total operating expenses 3,001,558 2,833,011 Operating income (loss) (650,863) {863)932) Nonbperating income (expenses): Interest income 2,173 10,542 Tax equivalents (139,307) (119,794) Interest expense (444,915) (709,197) Total nonoperating income (expenses) (582,049) (818,449) Total income before transfers (1,232,912) (1,682,381) Operating transfers in Change in net assets (112327912) (1021381) Tatar net assets - beginning (31204,027) (21004,041) Capitalized depreciation - 482,395 Total net assets m ending $ (41436,939) $ (31204,027) Options Financials 6-30-04 a Business income stmt Prepared 8l8/2005 @ 3:01 PM CITY CIF ASHLAND, OREGON Statements of Cash Flows Ashland Fiber Network For the year ended June 30, Y ZUU4 zuUj Cash flows from operating activities: Receipts from customers and users $ . 21429,737 $ 2,106,087 Payments to suppliers (11930,018) y Pp (110953988) Payments to employees (666,435) (964,302) Net cash from operating activities (166,716) 453797 Cash flows from noncapital financing activities: Proceeds from (payments of) interfund loan 110251000 675,000 Taxes collected Net cash from noncapital financing activities 11025,000 6751000 Cash flows from capital ,and related financing activities: Acquisition and construction of capital assets (129,100) (898:012) Principal paid on bonds, contracts and notes (568,000) (300,000) Interest paid on debt (444,915) (709,197) Tax Equivalents (139,307) (1,191794) Net cash from capital and related financing activities (11281,322) (21027,003) Cash flows from investing activities: Interest from investments 21173 10,542 Net increase (decrease) in cash and investments (420,865) (1,295,664) Cash and investments, beginning of year 427,713 1:723,377 Cash and investments, send of year $ 61848 $ 427,713 Reconciliation Operating Income (loss) $ (650,863) $ (863,932) .:.Depreciation &amortization 486,257 369,909 Changes in Assest & Liabilities: (increase) decrease in: Receivables (35,509) 22,457 Inventories 38,765 138,394 Deterred charges 114,551 114,551 Increase (decrease) in: Accounts payable & accrued charges (119,678) 2643417 Other liabilities (239) 1 Net cash from operating activities $ (166,716) $ 453797 Options Financials 6-30-04 Business Cash Flow i C�? Prepared: 81812005 @ 3:00 PM City of Ashland Recap of Telecommunications Fund Budget Basis sti mat 2005 2004 2003 2002 2001 2000 Re►uenuesa ( erati0n p 2,668,849 2,352,868 11979,621 11348,207 753,960 5189186 Expenditures: Operation including Capital} 2,835,816} (21690,335) (31366,354) (31638,419) (41023,250) (41337,299 n/ Loan Including Capital (2265967) (337,467) (113869733) (29290,212) (39269,290) (398199113) Capital Cosh 64,311 154,146 903,252 11715,118 2,0401690 21984,693 Gain/(LossExcluding Capital (1 23656►) (183,321) (483,481) (575,094) (1,228,800 (8349420) Note. This schedule excludes borrowings and bebt Service. Books 8/8/2065, 2:41 PM TELECOMMUNICATIONS FUND 2003 2004 2005 2005 2006 691 Victual Actual emended Estimate Proposed Revenues Taxes $ 981092 121,328 96,376 $ 86,000 $ 86,182 Charges for Services 11864,734 2,174,837 2,575,500 21505,000 2,710,000 Interest on Investments 10,542 2,173 2,000 71000 11,138 Miscellaneous Revenues 6,253 1201876 16,000 16,000 Other Financing Sources 15,500,000 15,500,000 lnterfiund Loan ` 519001000 61925,000 2001000 500,000 Total Revenues 718791621 91277,867 18,394,752 18,314,000, 31323,320 Expenditures Promotions 121,249 143,195 222,032 87,580 223,614 Cable Television 11904,236 11620,236 11638,993 11838,703 1,656,687 Internet 8971708 735,990 775,594 522,488 746,279 High Speed 443,161 190,914 235,214 3541128 215,322 Debt service 61107,424 61912,915 141610,720 14,610,720 1,2340248 Contingency 131,644 140,000 Taal Expenditures 91473,778 91603,250 172614,197 17,413,819 4,216y150 Ecess, (Deficiency) of Revenues over Expenditures (1,594,157) (325,383) 780,555 900,381 (892,830) Working Capital Carryover 11982,175 3881018 1741168 62,636 963,017 Ending Fund Balance $ 388,018 62;635 954,723 $ 963,017 70,187 No fund balance policy established, 8/8/2005 1:10 PM long term budget 2006, #13 Tel comm 07 2008 2009 2010 21 Budget Budget Budget udc et Budget Assumptions Percent 94,800 104,280 280 � �✓ $ � 114 708 � �a,17� 138,797 110.0% 2,981,000 3,279,100 3,607,010 31967,711 41364,482 110.0% 2,000 2,000 2,000 2,000 2,000 3.0°/° 8,500 8,500 8,500 8,500 8,500 600,000 700,000 800,000 6 0,000 3501000 Subsidy - 2005 through 2011 3' 686,300 410939880 415321218 41754,390 41863,779 232,980 244)884 256,000 268,000 280,000 104.5% 1,693,980 1,783,980 11864,000 1,948,000 21036,000 104.5°/° 755r 004 799,152 835,000 8�731000 912,000 104.5%° 220,884 231,252 242,000 253,000 264,000 104.5°r° 864,454 11055,849 11298,303 1,431,379 11428,745 100,000 10Q,000 100,000 100,000 100,000 3567,302 41215,117 4,595,303 41873;379 51020,745 (181,002) (121,237) (63,085) (118,989) (156,966 210,187 129,185 107,948 1441864 125,875 Assumes contingency is not used 29.185 71948 44, 64 25,875 (31,0911) 8r I2g05 1 10 PM long term budget 20016 #1 13 Telecomm q� ?f •uY1 P .. .,..r. ... .. .. ... :.. ..,,., ......, ..., ...... 1. ....... ..... _... n+. ... : _:_. 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" C) 01, N M 01% 69 69 U), 69 Iw 6fiF 69 U). U) QI> tpq 60 69 (/i w 6F3 tn 6* CA, 40 64 to co LO m co I- (D 0) N CD N m to CD "T 0 0 co co 0) 0 N 0 vt — 0 CD CO LO © © o N A LO 0 I�t (0 LO C) (D -tt 00 LO "It N LO V- Itt V- in to f- 4" M 1- 06 06 4 4 1: L6 C6 C6 (6 C4 C� C6 -4C4 cl� V) 60!)� 601z� to m w to W" ITT tTT V J UT U) conj coo 6R, "t 0 0 OD m 0 0 o N C> 0 CY) m co 4m co 00 co 0) C) C> 0 00 C) 0 LO cc �n- oo LO n 00 CD (D LO C) C OD r U) N u +r et co 11- co w -0 C6 4 L6 C6 C6 (Ii C4 6 C6 Ili C4 M V� ® CO 0r (D V- cu C) w 60 60 60:wl 69 611, 619, 61D. 4fA 44 m 6s (34 6s 6G to w ta (0'to!� OD (7) N C30 m 0 00 CD CX) 0') C> N CD "t r 0 0 00 LO C) 0 Lf) N LO 00 00 1.0 m (D 0) i�� o co r, — N C) N n LO 0 -cl* -ct C) 0 — (,0 (N (r) Lr) 0 IZ4- (0 Ln C) C) Nt CO LO et M N U) — CO ;I qJ- tX7N m Nt W -0 CCS 047 U> (Av (011) (Al w 69+ ODW 6460 to 601� tq (01"p 6e). 6r> U> 44 fir* 44 S, C, 0 C) m a. 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'0kf3 fsi tf3 4f3 W 60 6t> (,I!> VD, 69 to ta 6q U), W to to C> 0 cr) V) N co OD CT) 0 C%j 0 "t 0 0 00 LO 0 0 w w 00 0 LO CY) w g (D 0) v C14 0 CN U') 04 LO 00 ce) 0 t 0 0 (0 w Ln 0 0 W —0 m Im w "i Lri (N CIO) C6 M cli MMV) �-tn cli P-� OCT 1 to 00 CY) I�r LO Cr?cr) rl- -8 C.1) M c) (N It NN cu 6S G4C)� fiO4 4a V> 01) U), W. 40 &Ck Ga 69 69 ca CIO Oq 6q Y> Cali Gq 69 4a 00 Im N M co 00 a) C> (N 0 "zr C) 0 co LO © CJ Ln 0) M to 00 ... 00 10 tn Cr) to M (D 0) V- CN C> M Ln 0 *�t tt 0 C) (0 n W) Ck *11 (0 to C3 C) .t CO T- LO t U) T- .... ......... cq (V) ca L6 CO d St r U) C6 06 C6 C\i 6 C6 4 N cl7 N m m fl- m qT N to v cz V- --ZI 09 (AI Q64M 40 69 44 4611). (,F> Gr,� 46 44 44 t4 w 69 Vilk 69) w (111'> o� 611), W, V!> tf). U> 00 00 m 0 0 00 CD LO Q Q W co im N C) 0 m N 00 0 LO m 00 m m 0 -t '41 f CD M m 00 1" (0 (N m 0 WT (0 LO (D C> tt 00 LO *,d- CIO N LO 'a oo 00 m w m C> m -,t V) v I- gi "UM' cu 4A Cfi, G9 4A 44% t 3 Ef3 tf3 to to Q7 609. 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U) QI> tpq 60 69 (/i w 6F3 tn 6* CA, 40 64 to co LO m co I- (D 0) N CD N m to CD "T 0 0 co co 0) 0 N 0 vt — 0 CD CO LO © © o N A LO 0 I�t (0 LO C) (D -tt 00 LO "It N LO V- Itt V- in to f- 4" M 1- 06 06 4 4 1: L6 C6 C6 (6 C4 C� C6 -4C4 cl� V) 60!)� 601z� to m w to W" ITT tTT V J UT U) conj coo 6R, "t 0 0 OD m 0 0 o N C> 0 CY) m co 4m co 00 co 0) C) C> 0 00 C) 0 LO cc �n- oo LO n 00 CD (D LO C) C OD r U) N u +r et co 11- co w -0 C6 4 L6 C6 C6 (Ii C4 6 C6 Ili C4 M V� ® CO 0r (D V- cu C) w 60 60 60:wl 69 611, 619, 61D. 4fA 44 m 6s (34 6s 6G to w ta (0'to!� OD (7) N C30 m 0 00 CD CX) 0') C> N CD "t r 0 0 00 LO C) 0 Lf) N LO 00 00 1.0 m (D 0) i�� o co r, — N C) N n LO 0 -cl* -ct C) 0 — (,0 (N (r) Lr) 0 IZ4- (0 Ln C) C) Nt CO LO et M N U) — CO ;I qJ- tX7N m Nt W -0 CCS 047 U> (Av (011) (Al w 69+ ODW 6460 to 601� tq (01"p 6e). 6r> U> 44 fir* 44 S, C, 0 C) m a. 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On the Internet side, we had.' 3,735 residen- tial cable modem ac- counts. The plan target is 3,8 42 so, we need an additional 107 cable modem customers by June 30, 200 e Page 1 AFN Net Residential ISP Customers FY 2004-2005 (Plan Year 7) n ri U 3825 3750 3675 3600 3525 3450 3375 3300 EOM( Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun NIM Actual,..Billing —.0-- Target .. ............. EOY July Aug 3,435 3.7451 39470 3,435 3 A69 31504 Sept Oct Nov Dec Jaii Feb Mar 31575 3)648 31699 3)718 3,705 307 3,735 3,5 38 8 3573 3607 3,642 3,677 3.,711 3,746 This chart shows Cash In and Cash Out by month. In July, internal borrowing and interest payments raised:, Cash In and Cash Out above 400, 000, August is skewed by refinancing. In the 3rd Quarter, cash in exceeded cash out by $13�255. 800,000 700,000 600,000 500,000 400,000 300,000 200,000 100;000 Cash Flow Compari llsol� Jul Aug Sep Oct Nov Dec Jan Feb kb r Apr May Jun o Cash In m Cash Out July Aug Sept Oct Nov Cash In 420,593 868,760 186,421 217,394 227,320 Cash Out 426,260 226,443 236,078 218,281 202,741 This chart compares actual Ending Cash Balance (bold line by month with the Target Cash Balance (dash line) ex- tendi)j,,a, to June 30, 2005. Each month the net impact as displayed in the Cash Flow Comparison Chart affects this chart. $802, 000 is needed by the end of the year to pqy the debt service in July. The rising target reflects the needed cu- mulative affect of cash flow each month. The cash balance on March 31, 2005 was $564, 997.. Dee Jan Feb Mar 1951564 196,895 181,613 267,969 261,355 153,492 240,233 239,491 ....... .... ..... ...... -1-1-1.1--_� . . ..... Monthly Cash Balance Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun ........ . .. ___ ... .... --------- ........ Ending Cash Balance -Target Cash Balance July Aug Sept Oct Nov Ending 1,181 643,498 593,841 592,954 617,533 Target 600,000 600,000 6 1 ONO 622,750 639,006 Page 2 Dee Jan Feb 551,742 595,139 536,518 659,733 686,160 71%853 Mar 564,996 762,813 TR>_Pto Of ,SaLes to expeo'AtVwes The dashed line in this chart ident1j'Ies what needs to happen through June 30 to have the essarcas... (of sserebt t dh tonecy xe- a 1.15ratioalestovic penses). The solid line shows what has happened in the first nine months. Actualperform- ance is expected to vary widely but the variations need to ad- here to the dashed line to "average out." All 3 month -s ratio dipped blow low the dotted line indicating a potential short- fall by June 3 0. Oper0t/Lov0L to expevuses Covwparb- SOO/ ry"'I _t his chart provides a look at what is recorded each month. For a better comparison, bor- rowing (revenues) and issu- ance/debt service costs (expenses) have been re- moved For the year, the revenues ex- ceeded expenses by $3,703. For the quarter, revenue ex- ceeded expensesS] 2,020. 5M ------------- - . ..... ... .. . ........ . ..... . Monthly Ratio Sales to t:xpenditures 1.8 - 57 IN . . . . ...... Mll lil� ..... ....... . ... . yam4 1.6 - !g FM, I a,,,,,,1� 1.4 ............ . 1.2 - 77 2212 4 "P, 0.8 'S 44. 4H .. ........ ......... . ........... .......... ............ . . . . . . . . . . . . .......... ggg 11! .. .. 0.6 . .......... .. ... ....... I% 0.4 - 0.2 - 'n IIHN gffi R �` _0 .. ..h. X i. . . .......a...ff v. xAM ..... 0 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun . ..... .... . ...... Percent Sales to Expenditures wwww am Target Ratio . ......... ----------- July Aug Sept Oct Nov Dec Jan Feb Mar �V Percent .49 .96 .98 1.30 1.00 0.8 1.07 0.83 1.21 Target .95 .95 1.00 1.04 1.07 1.1 1.14 1.2 1.27 ..... . . ... .......... uperational Revenues to Expenses Comparison 300,000 250,000 2007000 1501000 1002000 50,000 July Aug Sept Oct Revenues 208,954 208,547 208,760 216,951 Expenses 202,455 218,148 208,549 166,723 Nov Dec ,Jan Feb Mar 231,675 217,311 214,567, 195,910 221,094 231,450 273,191 200,583 236,157 182,811 I As ®`June, 14,FN had 3, 100 CATV customers. The current plan tar - 1 get, j®r Nuns 30, is 2, 9 3 t. The tar - get ft om the new Pro Forma is 3,12 7. So, while the, old plan was exceeded, we are 27 below the r°e- d l .l 3500 3400 3300 3200 100 3000 2900 2800 AFN Net Cable Connections by Month FY 2003- (Plan Year 6) Vrou� can une 3 D, target. 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'%. . w}"t t £i.,pv�,1 \ , ��•ii`!Rt 200 /:> .\. k ..:A"�'^+I.I�,T:} tt'v4b. . 4:. , "ttt. `'§ `<' A\ty. fi'�' `�•� EOY Aug Oct Dec Feb Apr Jun i AAug SepOct Nov 0 Actual Dec per, Jan Billing Feb Mar Apr May run 31040 31031 37098 37229 31229 31279 3,243 31243 37399 3,414 3,447 31418 31435 Page 1;: A TRET>0TR'T High Speed Data accounts totaled 32.31. Business Plan Target for June 30, 2004 is 62. The new 34.5 34 33.5 33 32.5 32 31.5 31 AFN High Speed Data Connections FY 2003- 2004 (Plan Year 6) -pro Porma >. 75 M a -I-A > -0 %- >% C: I :3 W 0 0 0 cu CL M 0 0 z LZ 2i < target is 35 at < W W end ofyear. Equilvalent Units updated to meet Plan-Year 6 m Actual per Billing! EOY Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 33.73 33.61 33.61 33.61 33.61 33.61 34.17 34.17 32.31 32.31 32.31 32.31 32.31 .... ...... ........... . . . .... .... AFN Bulk Services Billed By Month FY 2003- 2004 (Plan Year 6) Bulk CA TV service is now 143.3. The June 30 targetftom the 2001 plan is 125. The new Pro Forma target is 140. Page 2 100 80 60 40 20 0 EOY Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Actual per Billing I EOY Jul Aug Sep Oct Nov Dec Jan Feb Miar Apr May Jun 140.3 140.3 140.3 140.3 140.3 140.3 140.3 140.3 140.3 140.3 143.3 143.3 143.3 I Business Plan Actual Revenues and Expenses# Revenuesfor AFIT' during the year totaled $2,352,631 including the $50, 000 grant re- ceivedftom the Cow Creek Tribe. This is $317,175 less than the 2001 Pro Forma but exceeds the revised budget for° FY 2003-04 by $27,631. 250,000 200,000 150,000 +*441* 50,000 0 - ----- ---------- i�FN Actual Monthly Revenues - 2003-2004 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Actual Revenues . .... .... . - - - -------- - -- - ...... ..... . .......... .. Jul Aug Sep Oct N'ov Dee Jan Feb Mar Apr 177,532 -188,372 189,803 220,509 210,734 190,164 191,879 190,322 194,310 193,628 Expensesfor the fiscal year equaled $3,655,359. Deprecia- tion (a non -cash and unbudgeted expense) was $602,866 of the to- tal leaving $3,052,493 in operating (cash) ex- penses. The cash ex- penses were $208,489 more than the 2001 Pro Forma. The Pro Forma estimated interest was $545,462 but only $444Y 915 was spent. FY 2003-04 actual expenses (total) were $384,018 less than total budget. Jul Aug Sep 273,942 333,841 278,510 I May Jun 193,814 211,565 AFN Actual Monthly Expenses - 2003-2004 Using the Plan's Depreciation and Interest Expense Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun i m Operating Exp. m Interest Exp. o Depreciation Oct Nov Dee Jan Feb Mar Apt- May Jun 319,196 314,023 260,602 269,239 353,127 275,952 275,294 303,098 398,534 Page 3 CITY OF AS LAN 3.r, DATE: July 19, 2005 TO: Mayor and City Council FROM: Lee Tuneberg, Administrative Services & Finance Director RE: AFN Cable TV Rate Increase Staff continues to review AFN operations evaluating the potential to change rates and services, primarity on the cable television (CCATV) side of business. We intended to have a proposal to Council in July but feel it important to defer a significant change until other important decisions are made and to allow staff adequate time to identify potential changes, their timing and balancing charges with service levels. We recognize that Council and the Budget Committee raised concerns regarding overall AFN financial health and specifically the amount being charged and the cost of CATV operations however there are enough unknowns about all the changes occurring and the appropriate size and timing of changes to compel us to defer these changes. The major issues are as follows: A. Multiple increases in a short time: Although it would have been ideal to charge market rates and better cover AFN's operating costs from the very beginning, multiple significant increases in a short period have a risk of alienating customers and may be less effective than anticipated. The history for AFN operations and the impacts or rate increases is not sufficient enough to predict the sensitivity customers have to rate increases. Thus, staff can only estimate the impact increases will have on customer counts. B. Not value added: In modelinR the financial impact and speculating the effect on subscriber 1 amount are minimized counts it is possible that much of the benefit of raising rates a significant an I I by customers terminating service or not connecting at all. This would be the third increase in CATV rates in 14 months with no significant product change The end result could be a smaller increase in the bottom line than hoped. AFN's Marketing and Operations managers recommend strategic changes in line-up, partnerships and tier structure. Such changes are being formulated but may need to be deferred until input is provided by others, possibly through the Options Committee or the new manager. C. Benefit to the competitor: Even though there are some positive perspectives to moving to significantly higher rates the potential for the competition to wait on their increases to garner as ADMISTRATIVE SERVICES DEPARTMENT D. L. Tuneberg, Director Tel: 541-488-5300 20 East Main Street Fax: 541488-5311 Ashland, Oregon 97520 TTY: 800-735-2900 www.ashland.orms CITY OF ASHLAND customers. D. Conflicting pro,cesses: The city is in the midst of two processes that could be negatively affected by dramatic changes in mechanisms to fund operations. The city is recruiting for a new director with more telecommunications and cable television experience to head -up AFN and for a team to consider opbons for AFN's future. Significant changes at this time may impact what is or can be done through both processes. Additionally, the impact of the City considering a surcharge as the means to provide a subsidy rather than the operational transfer included in the budget must be viewed in relation to any proposed rate change, whether there are value-added adjustments to product lines or not. Staff has been evaluating costs,, projecting impacts of rate increases, calculating surcharge amounts and identifying potential changes in services provided but such reviews are not complete enough to propose changes in July. However, staff has also been diligently working on: 1. implementing technology to enable innovative and improved services 2. constructing new subdivisions to obtain customers 3. providing unrivaled services and service to Ashland customers 4. resolving construction issues in the system 5. implementing required satellite and line-up changes 6. assisting city administration to ensure a smooth management transition An AFN quarterly report recapping FY 2004-05 and speaking to the activities above will be provided in August. At that time options will be identified for potential changes in services, charges and their timing. Please contact me if you have any questions or comments. ADMISTRATIVE SERVICES DEPARTMENT D. L. Tuneberg, Director Tel: 541-488-5300 20 East Main Street Fax: 541-488-5311 Ashland, Oregon 97520 TTY: 800-735-2900 wwwashland.orms MAYOR Alan DeBoer CITY COUNCIL Alex Amarotico Cate Hartzell Chris Hearn Kate Jackson Don Laws John Morrison APPOINTED OFFICIALS City Administrator: Gino Grimaldi Finance Director: Darlow L. TLineberg City RecorderlTreasurer: Barbara Christensen City Attorney: Mike Franell Municipal Judge: Allen Drescher PROFESSIONAL SERVICES Preston Gates & Ellis, LLP Bond Counsel western Financial Group LLC, Financial Advisor U.S. Bank National Association, Paying Agent This Official Statement does not constitute an offer to sell the Series 2004 Bonds in any jurisdiction in which or to a person to whom it is unlawful to make such an offer. No dealer, salesperson or other person has been n I en authorized by the City, the Financial Advisor or the Underwriter to give any information or to make any representations, other than those contained herein, in connection with the offering of the Series 2004 Bonds and, if given or made, such information or representations must not be relied upon. The information and expressions of opinion herein are subject to change without notice, and neither the dell -very of this Official Statement nor any sale made hereunder will, under any circumstances, create an implication that there has been no change in the affairs of the City since the date hereof. In connection with this offering, the Underwriter may over allot or effect transactions that stabilize or maintain the market price of the Series 2004 Bonds at levels above those which might otherwise prevail in the open market. Such stabilizing, if commenced, may be discontinued at any time. THE SERIES 2004 BONDS ................................................. � ume'/--------------------------.| Authorization and Purpose ................................................ l Redemption of the Bonds .................................................. I SECURITY ............ ot''_.,o..*too ....._''''_..'__._,� Bond Insurance Po\ Icy ...................................................... Financial Security Assurance Inc ...................................... 2 USEOF PROCEEDS ........................................................... 3 Sources and Uses -----------_--',-----'3 TaNe\-Sourmes And Uses OfFunds ........................... 3 THE CITY OF ASH8AND~........................... 4 General Description .......................................................... 4 Government ............................. —_---_—_----...4 CityCouncil .......................................................... ---.4 Table 2-City Council ................................... --....... 4 Admministration-----_-----.—.----_—...4 Staff. .................Table 3 - Bargaining Units & Contract Status ............... 5 Debt Rat' General 9 .................................... GeneroQhigadonBonds---------------.|O Collection........................................................................ || DataTables ..................................................................... || Table 7-Historical Property Values ........................... )2 Table 0-'Fax Collection Record .................................. |3 Table Property Tax Rates For Direct And OvedappngOmven`men�-------------/3 Table0 NajorTuxpayer -------------..|4 FINANCIAL INFORMATION ......................................... K5 Basis ofAccounting ........................................................ i5 FiscalYear ...................................................................... |5 Audits............................................................................. \5 Budgeting and Tax Levy Process -----------..\5 PensionPlans .................................................................. 15 Deposits and Investments ............................................... >6 Financial Data Tables ..................................................... |7 Table|| - Summary ofAdopted Budget and Budget History for All Funds ............................................... \7 Tabh)ln- Summary ofAdopted Budgets for General Fund......................................................................... \8 Table 12 -Gene,al Fund Consecutive Balance Sheets 19 Table 13 -Geocral Fund Consecutive Statement of Revenues, Expenditures and Changes inFund Balances................................................................... 2O STATE OFOREGONINITIATIVE PROCESS ............ 2I LITIGATION..................................................................... 22 UNDERWRITING............................................................. 22 LEGALMATTERS ........................................................... 22 TAX MATTERS ............ CONTINUING DISCLOSURE ..-~.'.....~.~..23 RATING AND INSURANCE ............................................ 23 MISCELLANEOUS........................................................... 23 VII Uft JAC-AwKS-10N U" Nt 19 OR £ 445,500,000 Full Faith and Credit Bonds, Series 2004 (Federally Taxable) The City of Ashland's Ashland Fiber Network Full Faith and Credit Bonds, Series 2004 (the "Series 2004 Bonds") are being issued by City of Ashland (the "City"), located in Jackson County, Oregon. This Official Statement provides information concerning the City and the Series 2004 Bonds. GENERAL The Series 2004 Bonds are registered bonds in $5,000 denominations or integral multiples thereof. The Series 2004 Bonds, when executed and delivered, will be registered in the name of Cede & Co., as registered owner and nominee for the Depository Trust Company ("DTC"), New York, New York, as book -entry Series 2004 Bonds. Interest on the Series 2004 Bonds is payable semiannually on July 15 and January 15 of each year commencing on July 15, 2005 as provided herein. So long as the Series 2004 Bonds remain in the Book -Entry -Only system, principal and interest payments will be remitted by the registrar and paying agent of the City, currently U.S. Bank National Association, Portland, Oregon (the "Paying Agent"), to DTC., who in turn will be required to distribute such payment to DTC Participants for ultimate distribution to Beneficial Owners. While the Series 2004 Bonds are in book -entry form-, the Paying Agent will pay Series 2004 Bond principal, interest to DTC or its nominee in accordance with DTC's rules. While the Series 2004 Bonds are not in book -entry form, Series 2004 Bond principal, interest will be payable through the corporate trust office of the Paying Agent, by a check drawn on the Paying Agent and mailed on the interest payment date to the Owners, as shown on the record date in the registration books maintained by the Paying Agent for the Series 2004 Bonds. AUTHORIZATION AND PURPOSE The Series 2004 Bonds are authorized by the Oregon Uniform Revenue Bond Act (ORS 288.594 and ORS 288.825), City Ordinance No. 2909 adopted by the City Council on July 16, 2004 and Resolution No. 2004-27 adopted by the City Council on July 20, 2004 and pursuant to the terms of a Bond Declaration executed by the City on the date of delivery of the Series 2004 Bonds. See APPLNDIX C for the Form of Bond Declaration. The proceeds from the sale of the Series 2004 Bonds will be used to finance costs of the Ashland Fiber Network ("AFN"), including costs of refinancing existing bank loans and interfund loans for the AFN and to pay the costs of issuance of the Series 2004 Bonds. RE-DEMPTION OF THE BONDS Optional Redemption The Series 2004 Bonds are subject to optional redemption prior to their stated maturities. Series 2004 Bonds maturing after July 15, 2014 are subject to redemption prior to maturity at the option of the City, in whole or in part, on July 15, 2014 and on any date thereafter (with maturities selected by the City and by lot within a maturity) at a price of par, plus accrued interest to the date of redemption. Mandatory Redemption Unless previously called under the provisions for optional redemption, the Term Bonds maturing on July 15, 2019 and July 15, 2024 are subject to mandatory redemption by the Paying Agent on July 15 of the following years in the following principal amounts, at a price of par plus accrued interest to the date of redemption. Year Amount 2016 $ 865,000 2017 915,000 2018 970,000 2019 1,025 0.00 (final maturity) Selection of the Series 2004 Bonds for Mandatory Redemption Year Amount 2020 $1,090,000 2021 1,160,000 2022 15230,000 2023 1,305,000 2024 1,385,000 (final maturity) ��o � If the Series 2004 Bonds are in book -entry form with DTC at the time of mandatory redemption in part, the Paying Agent will direct DTC to determine the portion of the Series 2004 Bonds to be redeemed pro rata among all owners of the maturity of t i he Series 2004 Bonds being redeemed. So long as the Series 2004 Bonds are in book -entry form, there will be only one registered owner, and neither the City nor the Paying Agent will have responsibility for prorating partial redemption payments among Beneficial Owners (as defined by DTC in the Blanket Letter of Representations) of the Series 2004 Bonds to be redeemed. If the Series 2004 Bonds are not in book -entry form at the time of mandatory redemption, the Paying Agent will determine the portions of the Series 2004 Bonds to be redeemed in $5,000 increments, pro rata among Owners to the greatest extent possible. Owners will be determined as of the close of the last business day of the calendar month immediately preceding the redemption date. Security J The Series 2004 Bonds are full faith and credit obligations of the City that are payable from any and all taxes and other legally available funds of the City, including taxes levied within the restrictions of Section I lb, Article X1 of the Oregon Constitution and any limitations which may hereafter be imposed by law. To the extent available, the City expects to use revenues of the AFN System to pay the Series 2004 Bonds, but the Series 2004 Bonds are not secured by a pledge of, or lien 011, such revenues. The Series 2004 Bonds are not an obligation of Jackson County (the "County"), the State of Oregon (the "State"), nor any other political subdivision thereof other than the City. BOND INSURANCE POLICY Concurrently with the issuance of the Bonds, Financial Security Assurance Inc. ("Financial Security") will issue its Municipal Bond Insurance Policy for the Series 2004 Bonds (the "Policy"). The Policy guarantees the scheduled payment of principal of and interest on the Series 2004 Bonds when due as set forth in the form of the Policy included as an appendix to this Official Statement. The Policy is not covered by any insurance security or guaranty fund established under New York, California, Connecticut or Florida insurance law. FINANCIAL SECURITY ASSURANCE INC. Financial Security is a New York domiciled financial guaranty insurance company and a wholly owned subsidiary of Financial Security Assurance Holdings Ltd. ("Holdings"). Holdings is an indirect subsidiary of -Dexia, S.A., a publicly held Belgian corporation, and of Dexia Credit Local, a direct wholly -owned subsidiary of Dexia, S.A. Dexia, S.A., through its bank subsidiaries, is primarily engaged in the business of public finance, banking and asset management in France, Belgium and other European countries. No shareholder I r of Holdings or Financial Security is liable for the obligations of Financial Security. At March 31, 2004, Financial Security's total policyholders' surplus and contingency reserves were approximately $2,156,705,000 and its total unearned premium reserve was approximately $1,391,897,000 in accordance with statutory accounting practices. At March 31, 2004, Financial Security's total shareholders' equity was approximately $2A30,264,000 and its total net unearned premium reserve was approximately $1,190,846,000 in accordance with generally accepted accounting principles. 4T. The financial statements included as exhibits to the annual and quarterly reports filed by Holdings with the Securities and Exchange Commission are hereby incorporated herein by reference. Also incorporated herein by reference are any such financial statements so filed from the date of this Official Statement until the � termination of the offering of the Bonds. 2 Copies of materials incorporated by reference will be provided upon request to Financial Security Assurance Inc.: 350 Park Avenue, New York, New York 10022, Attention: Communications Department (telephone (212) 826-0100). The Policy does not protect investors against, changes in market value of the Series 2004 Bonds, which market value may be impaired as a result of changes in prevailing interest rates, changes in applicable ratings or other causes. Financial Security makes no representation regarding the Bonds or the advisability of investing in the Series 2004 Bonds. Financial Security makes no representation regarding the Official Statement, nor has it participated in the preparation thereof, except that Financial Security has provided to the Issuer the information presented under this caption for inclusion in the Official Statement. I SOURCES AND USES The proceeds from the sale of the Series 2004 Bonds will be used to finance costs of the AFN, including costs of refinancing existing bank loans and interfund loans for the AFN, and to pay the costs of Issuance of the Series 2004 Bonds. The estimated sources and uses of funds are presented in the following table. Table I - Sources And Uses Of Funds Sources of Funds Bond proceeds $15,500,000-00 Net original issue discount (11,847.75) Total sources $15,4881152.25 Uses of Funds AFN capital & operational costs $15,246,016.21 Costs of issuance and underwriter's discount 116,495.00 Bond insurance 125,641.04 Total uses $151488,152.25 Source: City of Ashland. (Remainder of Page Intentionally Left Blank) 3 I I GENERAL DESCRIPTION "Phe C*ty of Ashland The City is located in the southwestern part of the State, which is rated by the Oregon Tourism Commission as one of the major tourist areas within Oregon. The economic base of the City is primarily dependent on education and tourism ., with a small manufacturing sector. See "Table A-5-Major Employers in Ashland" in APPENDIX A attached hereto. GOVERNMENT The City was incorporated in 1874 and operates under the provisions of its own charter and applicable State law. The Ashland City Council Is elected to serve as the governing body for the City's 20,430 people. The Mayor is elected at -large for a four-year term. Six City Council members are elected at -large for fMir-year staggered terms. Other elected officials are the City Recorder, Municipal Judge, and the five -member Parks and Recreation Commission. The Mayor, with confirmation of the City Council, appoints a City Administrator. The City Administrator has responsibility for all City functions, with the exception of the Parks Department. The City Administrator recommends the appointment OF dismissal of the Fire Chief, Police Chief, Director of Public Works, Director of Community Development, Finance Director, Director of Electric Utilities, and Senior Program Director.- The Mayor, with confirmation of the City Council, also appoints the department heads, the 6ty Attorney, and the Band Board. In addition to the help they receive from their appointed staff and employees, the City Council is assisted by 21 advisory boards, committees and commissions. Over 135 Ashland citizens currently serve on these boards and commissions. The City provides a full range of municipal, services including police and fire protection, parks and recreation facilities/ activities, streets, airport, planning, zoning, senior program, and general administrative services. The City also operates the water, wastewater, electrical utility and telecommunications systems. CITV COUNCIL Current members of the City Council are shown in the following table. Table 2 - City Couneil Co-uncil Member Position -Occupation Service Began Term Expires Alan DeBoer Mayor Automobile lot owner I -Jan-00 3 1 -Dec-04 Alex Amarotico Councilor Owner, Standing Stone Brewing Co. I -Jan-02 3 1 - Dec-06 Cate Hartzell Council Chair Nonprofit administrator I -Jan-00 3 1 -Dec-04 Chris Heam Councilor Attorney 1-Au -01 3 1 -Dec-06 Kate Jackson Councilor Land use consultant I -Jan-02 3 1 -Dec-06 Don -Laws Councilor Retired instructor, SOU I -Jan-90 3 1 -Dec-06 John Morrison Councilor Administrator, Council of Governments I -Jan-00 3 1 -Dec-04 Source: City of Ashland ADMINISTRATION Gino Grimaldi, City Administrator, joined the City as Administrator in February of 2003. Prior to that, he was the Assistant City Manager for the City of Springfield, Oregon, where he held that post for 14 years. He previously served as Deputy City Manager of Portland, Maine, and as Senior Administrative Assistant for Jackson County, Oregon. Mr. Grimaldi holds a Bachelor's degree and a Masters of Public Administration degree from the University of Maine. Darlow "Lee" Tuneberg, Finance Director, joined the City as Finance Director in October 2000. Before coming to the City, he served as the Finance Director for the Clackamas River Water District for five years. He graduated from Portland State University in 1979 with a B.A. in Business Administration (emphasis in accounting) and is an active member in several finance associations. Mr. Tuneberg has over twenty-four years experience in fund accounting, performance management, financial reporting, budgeting, investments and cash and debt management. He was a member of the American Water Association, Pacific Northwest Sub -section Finance Committee from 1996-2000, and a participant on the Safe Drinking Water Act Oregon Revolving Loan Fund to develop statewide program to fund small water systems improvements. He was 4 chair of the Oregon Municipal Finance Officers Association Information Systems Committee from 1991-1995. He has been a member of Govemment Finance Officers Association of North America and Canada since 1986. Barbara Christensen, City Recorder/Treasurer, was elected to begin her term in January of 1995, and has been reelected twice. Ms. Christensen has lived in Ashland since 1983 and resided in Oregon for most of her life. She is very active in community volunteer groups for youth. Ms. Christensen has past experience in municipal government and many years of business management and accounting. She is an active member of the Audit Committee, and is the Investment Officer for the city as well as the Election Official. STAFF The City has 261 full-time equivalent employees, 152 of whom are represented by five bargaining units. Th.e number of participants and unions are represented in the following table. Table 3 - Bargaining Unfts & Cotitract Status Number of Termination Date Collective Bargaining Unit Employees of Current Contract IBEW Tcehnical/Clerical 42 June 30, 2005 IBEW Electrical 18 June 30, 2005 Laborers 40 June 30, 2005 Teamster Local - Police 25 June 30, 2006 Ashland Firefighters 27 June 30, 2006 Source: City of Ashland. III ---- - ------- The AFN System In fiscal year 1998-99, the City began building a high-speed hybrid fiber optic/coaxial cable network to offer high-speed intemet, high-speed data services, and cable TV to schools, businesses and citizens who subscribe to the services. The City has invested approximately $9.3 million I ' n capital for the AFN systern. AFN is a fiber optic ring that weaves through the City's neighborhoods, The fiber originates from the "HeadEnd" - which is the brains of the system. The HeadEnd receives television signals from satellite feed, and provides the connection for high speed internet and data. After traveling through the fiber optic ring, this infon-nation and technology is delivered through a fiber or coaxial cable connected directly to customers' homes or businesses. The. AFN has the following customer/service connections as of March 31, 2004: Cable Modem connections Cable Television connections 315414 3,133 Bulk Cable TV equivalent residential units 140 High-speed Data equivalent residential units 32 For fiscal year ending 2005, AFN is expected to generate $2.9 million in revenues and incur $2.5 million in operating expenses, resulting in net operating revenues of $0.4 million. The net operating revenues are expected to increase as the AFN system matures. The City has provided interfund loans to the AFN for capital and operational costs. In addition, the City has borrowed two loans from commercial banks to finance the capital costs of the AFN. As of August 10, 2004, the amount of internal borrowing is approximately $8 million, and the outstanding loan balances are approximately $6.7 million. The City will pay off the bank loans and the City's interfund loans from proceeds of the Series 2004 Bonds. Debt Information DEBT SUMMARY Outstanding debt (as of August 11, 2004) f, Short-term (warrants) 0 long --terra: Gross bonded debt (all debt with a general obligation pledge) $46,300,005 Net direct debt (all debt paid in whole or in part by taxes, not including special assessment bonds) $4,775,000 Net overlapping debt (as of June 9, 2004) 146 081 Total long-term net direct and overlapping debt $18,421,081 DEBT RATIOS Percent of Values Per Capita Real Market 'value 2003 estimated population 20 430 --- 2003-2004 Real Market 'value (R..MV) $2,4501551,643 $ 1195949 -- 200 -2004 Assessed Value (AV) $1 ,5 l 1,835,569 $74,001 61.69% Gross Bonded Debt $461300,005 $2,266 1.89% Net Direct Debt $457755000 234 0.19% Net Direct and overlapping debt $18,4215081 $902 0.75% See TABLE 4 - Outstanding Obligations for more information. DEBT LIMITATIONS ORS 287.004 limits the general obligation debt which an Oregon city may have outstandingat an time to three percent of y the real market value of the city, although self-supporting debt, revenue bonds, general obligation improvement bonds, water and sewer bonds are legally exempt from this debt limitation. The Series 2004 Bonds are not subject to this limitation. 2003-2004 Real Market 'value $2,450,551,643 Debt limitation (3% of RMV) $73,516,549 Applicable bonded debt $4,7751000 Debt margin $68,741,549 Percent of limit issued 6.50% 6 OUTSTANDING OBLIGATIONS The following table shows all outstanding City obligations. Table 4 - Outstanding Obligations (As ofAugust 11, 2004) Date Maturlity Amount Amount Issued Date Issued Outstanding Tax Supported General Obligation Bonds 1997 G.O. Flood Restoration & Refunding Bonds 12/01/97 12/01/11 $2,800,000 $1,890,000 2000 G.O. Fire Station Bonds 6/01/00 06/01/20 3,310,000 2,885,000 Total tax -supported G.O. bonds $851509000 $45,775,000 NET DIRECT DEBT' $8J509000 $4J751000 Self -Supported General Obligation Bonds 1977 G.O. Water Bonds 12/01/77 12/01/07 $ 560,000 $ 1851000 Total self -supported G.O. bonds $ 560,000 $ 185,000 Full Faith and Credit Obligations 2004 FF&C AFN Bonds, Series 2004 (this issue) 08/11/04 07/15/24 $152500,000 $15,500 0�0O Total full faith and credit obligations $159500,3000 $15,500,000 Notes and Contracts (secured by the City's full faith and credit) Second St. - S, W, E , s2 06/25/91 06/25/06 $ 70,000 15,685 Hodgins Property 3 08/16/93 08/20/07 500,000 162,478 Christian P. Hald 3 03/01/95 12/30/04 412,000 264940 R.C. Cottle Family TruSt3 06/01/96 06/01/11 112,500 641)959 Vladirnar Swanson 4 05/31/95 05/30/15 360,000 259,416 John & Jerry Gonzales' 06/27/00 07/03/05 11,528 7,284 Carl & Virginia Vogel3 08/22/01 08/27/11 500,000 385,918 Keener Trust' 11/28/02 12/05/10 121,875 100,515 OEDCC5 10/26/01 12/26/26 900,000 864,231 OEDCC6 12/04/02 12/01/12 1,500,000 1,367,817 Oregon DE Q State Revolving Loan Fund? 11 /01 /02 05/01/22 23,482,073 2 2 1_5 �84 7 �62 Total notes and contracts $27969,976 $25 840 005 GROSS BONDED DEBT8 $5231794976 $46,300,005 Water Revenue Bonds 2003 Water Revenue Bonds 06/01/06 10/01/22 $5,625,000 $ 5,280,000 Total water revenue bonds $59625,000 $ 5,2809000 I Net Direct Debt is Gross Direct Debt less bonds or leases paid from sources other than property taxes. 2. Repayment comes from assessments. 3. Repayment comes from the Food & Beverage Tax and Parks system development charges ("SDCs"). 4. Repayment comes from rental income from Ashland Community Hospital. 5. Repayment comes from parking receipts and an OSF note receivable. 6. Repayment comes from community development and public works permit fees. 7. Repayment comes from the Food & Beverage Tax plus sewer rates and treatment SDCs- 8. Gross Bonded Debt includes all voter approved general obligation bonds, limited tax bonds and any other bonds, certificates of participation or leases backed by the full faith and credit of the City. Debt whose term is less than one year is not included. Source: Annual audited financial statements. 7 DEBT SERVICE REQUIREMENTS The following table presents the debt service requirements of the Series 2004 Bonds Table 5 - Debt Service Requirements (As ofAugust 11, 2004) Series 2004 Bonds Fiscal Year' Principal Interest Total 2005 2006 S 112341248 $ 1,234,248 2007 - 864,454 864,454 2008 S 195,000 860,849 11055,849 2009 450,000 848,303 1,298,303 2010 605,000 826,378 1,431,378 2011 630,000 798,744 1428,744 2012 660,000 .767,666 1,427,666 2013 695,000 733,631 11428,631 2014 730000 6961,576 11426,576 2015 775,000 656,223 11431,223 2016 815,000 613,007 11428,007 2017 865,000 565,590 1,430,590 2018 915,000 5139925 1,428,925 2019 970,000 459,213 1,429,213 2020 1,025,000 401.5308 11426,308 2021 1,090,000 338,738 11428,738 2022 1,160,000 270,990 1,430,990 2023 1,230,000 199,027 1,429,027 2024 1,305,000 122,698 11427,698 2025 11385,000 41,702 1,426,702 $151500,000 $11,813,269 $2713 13,269 Fiscal years ending June 30. Sources: City of Ashland - ------ - ------ - Table 6 - Overlappiii Debt (As of June 9, 2004) 2003-2004 Overlapping Real Market Percent Gross Net Direct Overlapping District Value Overlapping Bonded Debt' Debt2 Jackson County $15,950,251,605 15.2944% $ 715349,724 7,349,724 Jackson County School District No. 5 3,078,248,875 79.2493 6,296,357 61�2961357 Totals $13,646,081 $13,646,081 1. "Gross Property -tax Backed Debt" includes all General Obligation (GO) Bonds and Limited -tax GO Bonds. 2. "Net Property -tax Backed Debt" is Gross Property -tax Backed Debt less Self-supporting Unlimited -tax GO and Self- supporting Limited -tax GO debt. Source: Municipal Debt Advisory Commission, Oregon State Treasury. 8 GENERAL Taxes levied to pay the Series 2004 Bonds are subject to the limitations of Section I I and I I b Article X I of the Oregon Constitution. The property tax is used by Oregon cities, counties, education districts, and other special districts to raise revenue to cover a portion of the expense of local government. The State of Oregon has not levied property taxes for general fund purposes since 1941 and obtains its revenue principally from income taxation. The Oregon Constitution places certain limits on property tax rates for general purposes. The Constitution does not limit property tax rates, for general obligation bonds for capital construction and improvements approved in accordance with voting requirements or used to refund certain outstanding general obligation bonds (see "Exempt Bonded Indebtedness" herein). Oregon voters changed the Oregon property tax system substantially when they approved Ballot Measure 50 in May of 1997. Ballot Measure 50 was a citizen initiative that amended Article XI, Section I I of the Oregon Constitution ("Section I I"). ASSESSMENT The process of identifying and assigning a value to taxable property is termed "assessment." Assessment is administered by the County Assessor except for public utility property and certain classes of industrial property which are assessed by the State Department of Revenue. Administrative and judicial remedies are available to property owners, who disagree with assessments. Property subject to taxation includes all privately owned real property (land, buildings and improvements) and personal property (machinery, office furniture and equipment) for non-residential taxpayers. There is no property tax on household furnishings (exempt in 1913), personal belongings, automobiles (exempt in 1920), crops, orchards, business inventories or intangible property such as stocks, bonds or bank accounts, except for centrally assessed utilities, for which intangible personal property is subject to taxation. Property used for charitable, religious, fraternal and governmental purposes has been exempt and reductions in assessments have been granted (upon application) for veterans' homesteads, farm and forestland, open space and historic buildings. The assessment roll, a listing of all taxable property, will be prepared as of January I of each year. Certain properties, such as utilities, are valued on the unitary valuation approach (ORS 308.505 to 308.665). Under the unitary valuation approach, the taxpaying entity's operating system is defined and a value is assigned for the operating unit using the market value approach (cost, market value and income appraisals). Values are then allocated to the entity's operations in Oregon, to each county the entity operates in, and finally to site locations. Section I I granted all local governments who levied property taxes for operations in FY 1997-1998 a permanent tax rate that was based on the taxing authority of those governments before Ballot Measure 50 was adopted. Permanent tax rates cannot be increased. The City's permanent tax rate is $4.2865/$1,000. However, the City is currently levying only $3.5644 of this amount. Of the $3.5644 rate, $1.4719 goes to the General Fund and the remaining $2.0925 goes to the Parks Fund. Section I I provides that property that was subject to ad valorem taxation in fiscal year 1997-1998 will have an Assessed Value (as defined herein) in that fiscal year that is equal to 90 percent of its fiscal year 1995-96 estimated market value. Section I I limits annual increases in Assessed Value to three percent (3%) for fiscal years after 1997-98, unless the property changes because it is substantially improved, rezoned, subdivided, annexed, or ceases to qualify for a property tax exemption. New construction and changed property is not assessed at its estimated market value. (In Oregon, the assessor's estimate of market value is called "Real Market Value.") Instead, it receives an Assessed Value that is calculated by multiplying the Real Market Value of the property by the ratio of Assessed Values of comparable property in the area to the Real Market Values of those properties. This produces an Assessed Value for new construction and changed property that approximates the Assessed Value of comparable property in the area. Section I I requires that new taxes be approved at an election that meets the voter participation requirements described below. 1. Local governments that have permanent tax rates cannot increase those rates. Governments, school districts -and community colleges, however., can obtain the authority to levy "local option taxes" (see below). X 2. Section I I limits property tax collections by limiting increases in Assessed Value, by preventing to in permanent tax rates, and through its voter participation requirements (see below). In addition to permanent rate levies and local option levies, Section I I allows: I Some urban renewal districts that were in existence when Measure 50 was adopted to impose taxes throughout the boundaries of their creating city or county; 2. Certain local government pension levies; and 3. Local governments to impose taxes to pay general obligation bonds (see below). SECTION 11b A citizen initiative often called "Measure 5.1" was added to the Oregon Constitution as Article XI, Section I I b. This section ("Section I I b") limits property tax collection's by limiting the tax rates (based on Real Market Value) that are imposed for government operations. Section I lb divides taxes imposed upon property into two categories: "non -school taxes" that fund the operations of local governments other than schools; and, '(school taxes" that fund operations of the public school system and community colleges. Section I I b limits rates for combined non -school taxes to $10 per $ 1,000 of Real Market Value, and rates for school taxes to $5 per $ 1,000 of Real Market Value. If the combined tax rates within a category exceed the rate limit for the category, local option levies .are reduced first, and then permanent rate levies, urban renewal levies and pension levies are reduced proportionately to bring taxes within the rate I i mit. The City tax rates are within the limits of 'Section I I b and therefore are not compressed. Taxes levied to pay general obligation bonds that comply with certain provisions are not subject to the rate limits of Section I I b. In addition to limiting ad valorem property taxes, Section I I b also restricts the ability of local governments to impose certain other charges.,on property and property ownership. LOCAL OPTION TAXES Local governments (including community colleges and school districts but excluding education service districts) may obtain voter approval to impose local option taxes. Local option taxes are limited to a maximUrn of ten years for capital purposes and a maximurn of five years for operating purposes. Local option levies are subject to the "special compression" under Section I lb. If operating taxes for non -school purposes exceed the $ 10 per $ 1,000 limit, local option levies are reduced first to bring operating taxes into compliance with this limit. This means that local option levies can be entirely displaced by future approval of levies for 4 permanent rate new governments, or by urban renewal or a pension levy. The City currently has an Ashland Youth Activities local option levy which raised $2 million in FY 2003-2004. The levy is for a three-year period and expires in 2006. VOTER PARTICIPATION New local option levies, taxes to pay general obligation bonds (other than refunding bonds), and permanent rate limits for governments that have not previously levied operating taxes 'must be approved at an election that meets the voter participation requirements established by Section 11. Section I I requires those taxes to be approved by a majority of the voters voting on the question either: (i) at a general election in an even numbered year, or (ii) at any other election in which not less than fifty percent (50%) of the registered voters eligible to vote the on question cast a ballot. In many local ' ities in Oregon, it is unusual for more than fifty percent of registered voters to cast ballots at an election other than a general election in an even numbered year. GENERAL OBLIGATION BONDS Levies to pay the following general obligation bonds are exempt from the limits of Section I I and I I b: general obligation bonds authorized, by a provision of the Oregon Constitution (this applies to State of Oregon general obligation bonds),- 2) general obligation bonds issued on or before November 6, 1990; 3) general obligation bonds which were approved by a majority of voters after November 6, 1990 and before December 5, 1996, which are issued to finance capital construction or'capital improvements; I A to 4) general obligation bonds which were approved after December 5, 1996, which are issued to finance capital construction or capital improvements, and which met the voter participation requirements described above; and 5) obligations issued to refund the general obligation bonds described in the preceding four subparagraphs. The Series 2004 Bonds are not exempt general obligation bonds. County tax collectors extend authorized levies, compute tax rates, bill and collect all taxes and make periodic remittances of collections to tax levying units. County tax collectors are charged with calculating public school and local government taxes separately, calculating any tax rate reductions to comply with tax limitation law, and developing percentage distribution schedules. Tax collectors then report to each taxing district within five days the amount of taxes imposed. Tax collections are now segregated into two pools, one for public schools and one for local governments, and each taxing body shares in its pool on the basis of its tax rate (adjusted as needed with tax limitation rate caps), regardless of the actual collection experience within each taxing body. Therefore, in application, the amount for each taxing body becomes a pro rata share of the total tax collection record of all taxing bodies within the County. Thus, an overall collection rate of 90% of the county -wide levy indicates a 90% tax levy collection for each taxing body. Taxes are levied and become a lien on July I and tax payments are due November 15 of the same calendar year. Under the partial payment schedule the first third of taxes are due November 15, the second third on February 15 and the remaining third on May 15. Discounts are allowed where partial or full prepayment of taxes is made, as follows: (a) a property owner who pays at least two-thirds of the taxes due, but less than the total, on or before November 15 will receive a two percent discount of such taxes paid on or before November 15; or (b) a property owner who pays the total taxes due, on or before November 15, will receive a three percent discount of total taxes due. For late payments, interest accrues after each payment due date at the rate of sixteen percent (16%), per year. Detailed statutes cover the method of giving notice of taxes due, the County Treasurer's account for the money collected, the division of the taxes among the various taxing districts, notices of delinquency, and collection procedures. The lien for property taxes is prior to all other liens or encumbrances of any kind on real or personal property subject to taxation. By law, a county may not commence foreclosure of a tax lien on real property until three years have passed since the first delinquency. A Senior Citizen Property Tax Deferral Program allows homeowners to defer taxes until death or sale of the home. New applicants must be at least 62 years old and have a household income under $32,500. Participants may continue as long as their adjusted gross income does not exceed $32,500. Taxes are paid by the State, which obtains a lien on the property and accrues six- percent simple interest per year. I The following tables provide information about the City's assessed valuation, real market value, tax levies, tax rates and main taxpayers. Table 7 - Historical Propertv Values - City OfAshland Taxable Fiscal Assessed Percent Total Real Percent Year Value' 2 Change Market Value Change 1996-97 $1,204,700,940 11.31% $1,204,7001,940 11.31% 1997-98 1,035,683,650 -14.03 1,251,379,750 3.87 1998-99 1,088,11471560 5.07 1,352,466,700 8.08 1999-00 1,156,838,990 6.31 1,406,552,750 4.00 2000-01 1,240,116,210 7.20 1,573,6641206 11.88 2001-02 1,334,562,700 7.62 11943,471,450 23.50 2002-03 1,423,894,752 6.69 2,327,582,133 19.76 2003-04 1,511,835,569 6.18 2,450,551,643 5.28 I. Includes Jackson County values with removal of certain offsets. Does not include nonprofit housing values. 2. The Taxable Assessed Value for 1997-98 and thereafter is not comparable to prior years because in previous years properties were assessed at Real Market Value, From 1997-98 on the Taxable Assessed Value is not the real market value but a lower Assessed Value for tax purposes. Currently Taxable Assessed Value is limited to a 3% maximum increase plus new growth before tax rates are applied because of Measure 50. See "Property Tax Limitation" herein. Source: City of Ashland Annual Audited Financial Statements, Jackson County Department of Assessment 12 Table 8 - Tax Collecdon Record Fiscal Assessed Percent Total Percent Percent Collected Percent Collected Year Value' .2 Chan Ve g Levy -1A 4 Change Yr. of Le VY5 5 as of 06/30/03 1994-95 $1,001,800,918 6.25% $4,065,500 55.20% 94.6% 100.0% 1995-96 1,082,26300 8.03 41059,000 -0.16 94.6 100.0 1996-97 1,204,700,940 11.31 415407,560 8.59 94.1 100.0 1997-98 11035,683,650 -14.03 5,368,362 21.80 95.0 99.9 1998-99 1,088,147,560 5.07 5,358,849 -0-18 94.9 99.9 1999-00 1,156,838,990 6.31 51575,812 4.05 95.3 99.6 2000-01 1,240,116,210 7.20 6,808,925 22.12 95.2 99.0 2001-02 1,334,562,700 7.62 7,189,733 5.59 95.4 98.1 2002-03 11423,894,752 6.69 7,648,443 6.38 95.3 95.3 2003-04 1,511,835,569 6.18 8,105,422 5.97 NA NA 1. Includes Jackson County values with removal of an offset for nonprofit housing. 2. The Assessed Value for 1997-98 and thereafter is not comparable to prior years because in previous years properties were assessed at Real Market Value. From 1997-98 on the Assessed Value is not the real market value but a generally lower Assessed Value for tax purposes. Currently Assessed Value is limited to a 3% maximum increase plus new growth before tax rates are applied because of Measure 50. See "Property Tax Limitation" herein. 3. Total taxes to be collected, after the addition of offsets and penalties and other taxes. Includes operating, local option and bond levies.' 4. In 2000-2001, the levy increased due to an increase in the Ashland Youth Activities Levy and the newly issued 2000 Fire Station and Flood Restoration G.O. Bonds. 5. Collection rates are for Jackson County only. "Percent Collected" is for Jackson County as a whole. The rates collected are through June 30,2003. Source: Unaudited Statistical Section of City of Ashland Annual Audited Financial Statements. Jackson County Department of Assessment Table 9 - Property Tax Rates For Direct And Overlapping Governments' (,der $1,000 ofAssessed Valuation) Fiscal Year Other Net Total , Ended City of Jackson Government General Total Consolidated June30 2 Ashland County Districts Government Schools' Tax Rate 1995 $4.06 $0.19 $0.46 $4.71 $8.36 $13.07 1996 3.75 0.64 0.44 4.83 5.23 10.06 1997 3.66 1.11 0.45 5.22 7.35 12.57 1998 5.18 2.00 0.22 7.40 7.82 15.22 1999 4.92 2.01 0.22 7.15 6.43 13.58 2000 4.81 2.25 0.22 7.28 6.98 14.26 2001 5.46 2.56 0.04 8.06 6.87 14.93 2002 5.38 2.66 0.04 8.08 6.69 14.77 2003 5.36 2.70 0.04 8.10 6.37 14.47 2004 5.34 2.41 0.52 8.27 6.33 14.60 I Section I I b limits the effective tax rates of General Government and School Support. At the present time, only school support tax rates have been compressed and limited. 2. Rate includes operating, local option and bond levies. Source: Unaudited Statistical Section of City of Ashland Annual Audited Financial Statements, Jackson County Department of Assessment. - --------- - -- H Table 10 - 2003-2004 Afajor Taxpayers fit Tlie Cityl 2003-2004 2003-2004 Percent of Name Product or Service Taxes Imposed Assessed Value i pity AV Qwest- Corporation. Telephone Utility $2035714 $13883,473 Windmill Inns of Amenica, Inc. Motel 1351254 , 9,218,250 0.92% felucca, Ronald L. - Trusteee Housing 110,154 7,5071180 0.61 Mountain Meadows LLC Retirement homes 95,809 6,529,580 0.50 Ashland Community Hospital Healthcare 95,575 6,513 0.43 Avista Corporation Gas utility 86,807 ,600 5,916,700 0.43 Financial Pacific Inc. Retirement homes 73,565 5,013,610 0.39 Rydbom, Michael D. & Beverly A. Shopping center 61,646 4,201,260 0.33 Skylark Assisted Living LLC Assisted living 60,789 41142,890 0.28 Bard's Inn Limited Partnership Motel 58,007 3953,280 0.27 Summit Investment Shopping center 56,315 3,837,970 0.26 Windsor Inn Motel 531156 3,603,310 0.25 Westridge Investments LLC 'Commercial property 505805 34629430 0.24 Billings Ranch Golf Group LLC Commercial property 491421 1104, 0.23 AC H Foundation Commercial property 46,117 �920 31142"980 0.07 Butler, Charles L. Jr. & Linda S. Commercial property 39,967 2,723,810 0.21 Roth, James A, Trustee Commercial property 39,412 21686,010 0.18 Albertson's Inc. Retail grocery 38,918 2,652,320 0.18 Stratford LLC Motel 37,145 2,531,490 0.18 Cricklewood LTD Partnership Motels 35,183 2,3971780 0.17 Total 0.16 $11427,759 $95,022,843 6.29% I Total 2003-2004 Assessed Value for the City is $1,511,835,569. Source: Jackson County Assessor. 14 I The City's governmental and fiduciary funds are maintained on the modified accrual basis of accounting, under which revenues are recorded at the time they become measurable and available to finance expenditures of the current period. The City's proprietary funds are maintained on the accrual basis of accounting, under which revenues are recorded when earned and expenses are recorded at the time liabilities are incurred. These bases of accounting are in accordance with generally accepted accounting principles. For Fiscal Year ending 2003, the City has prepared the Comprehensive Annual Financial Report (CAFR) to meet the requirements of the Governmental Accounting Standards Board Statement Number 34, basic financial statements and management's, discussion and analysis for state and local governments (GASBS 34). GASBS 34 establishes a new reporting model and these statements are significantly different from the financial statements prepared by the City for previous fiscal years. For more information see "Notes to Financial Statements - Note 113" in APPENDIX B herein. FISCAL YEAR The City operates on a fiscal year from July I to June 30. AUDITS The Oregon Municipal Audit Law (ORS 297.405 - 297.555) requires an audit and examination be made of the accounts and financial affairs of every municipal corporation at least once a year. Unless the municipality elects to have the audit performed by the State Division of Audits, the audit shall be made by accountants whose names are included on the roster prepared by the State Board of Accountancy. The City's audits for fiscal years 1998-99 through 2000-,01 were performed by Moss -Adams, LLP, Medford, Oregon. The 2001-02 and 2002-03 audits were performed by Pauly, Rogers and Co. P.C., Tigard, Oregon. The auditors did not review this Official Statement and offer no opinion regarding this Official Statement. A complete copy of the City's annual financial statements may be obtained from the City. A partial copy of the June 30, 2003, audit is provided in APPENDIX B. BUDGETING AND TAX LEVY PROCESS The City prepares an annual budget in accordance with provisions of the Oregon Local Budget Law (ORS 294), which provides standard procedures for the preparation, presentation, administration and appraisal of budgets. The law mandates public involvement in bud -get preparation an I d public exposure of its proposed programs. The law also requires that the budget be balanced. Prior to, adoption, the proposed budget must be approved by a budget committee consisting of the mayor, six Council members and an equal number of laypersons for a total of 14. In an advertised public meeting, the budget committee reviews the budget and the "budget message," which explains the budget and significant changes in the entity's financial position. All budget committee meetings are open to the public. Following budget approval by the budget committee, another public hearing is held. A budget summary and notice of hearing are published prior to the hearing. Publication is governed by strict requirements as to time and mode. After the budget hearing, the City considers citizens' testimony and, if necessary, alters the budget subject to statutory limitations upon increasing taxes or fund allocations without further publication and hearing, The governing body next prepares a formal resolution or ordinance which adopts the budget, authorizes taxes to be levied and sets out a schedule of appropriations. This resolution or ordinance must be adopted not later than June 30. Two copies of the budget are submitted to the Assessor's Office before July 15 so that the tax levy may be certified. Oregon Budget Law allows for amendments to the City budget for reasons unforeseen at the time of adoption. The city council may adopt resolution changes that decrease one existing appropriation and increase another. Changes over ten percent to any fund require a process similar to the annual budget requiring a public hearing. PENSION PLANS The City participates in the Oregon Public Employees Retirement Fund (OPERF), an agent administered multi p I e-emp loyer, defined benefit pension plan, administered by the State of Oregon Public Employees Retirement System (PERS). The City's annual pension cost of $1,715,64-4 was equal to the City's required and actual contributions. This consisted of $582,892 picked up and paid by the City on behalf of employees, and $1,132,752 paid by the City. The City contributed I I percent of covered employees' salaries to PERS, as required by ORS 238.225 and has paid employee contributions at a rate of 6 percent. The City expects to continue to pay the employees contribution rate of 6 percent. See APPENDIX B: J U N E 30, 2003 AUDITED ANNUAL FINANCIAL STATEMENT (PARTIAL) for additional information. 15 t o In December 2003, PERS informed the City that Its unfunded actuarial liabilitybased on -the fair market value aloe of assets is $5,531,057 as of December 1, 2002. The City joined the Mate and Local Government date Pool SLGR-P on January 1 2000. Participation i } ry patron in the SLGiZP will decrease the impact of demographic assumption changes, and means that participants in the pool (including the P p ( g City) will share, any unfunded liabilities or overfunded surpluses in the future. DEPOSITS N INVESTMENTS The City invests its available funds according to the City's investment policy and Oregon law. The City p y g y invests its operating funds primarily in the State Local Government Investment Pool and in general obligations of the U.S. Government. On May 31, 2004, investments consisted of the following: Petty Cash $ 1,904 Bankers acceptances 725,749 Mate Treasurer's focal Government Investment Pool 12,262,500 City Investments (U.S. Government Securities) 5,447,223 Total investments &t 4 7.3 82 (Remainder of Page Intentionally Left Blank) 16 The following data shows historical and projected budget and financial information for the City. Table I I - Summary of Adopted Budget and Budget History far All Funds D Ar escrWLion 2004 Amended 2005 Adopted RESOURCES Revenues Taxes $15,514,933 $15,925,457 Licenses and Pen -nits 1,337,000 1,418,120 Intergovernmental Revenues 3,701,615 3,548,763 Charges for Services 32,1468,928 33,432,711 Fines and Forfeitures 115,000 1 18,1 10 Assessment Payments 210,000 235,634 Interest on Investments 428,200 292,672 Miscellaneous Revenues 764,060 379,601 Total Revenues 54,539,736 55,351,068 Budgetary Resources Working Capital Carryover 191664,629 14, 150,299 Other Financing Sources 961,900 16,500,000 Interfund Loan 12,850,000 61950,000 Operating Transfers In 567,500 507.423 Total Budgetary Resources 34,044,029 38, 1075722 TOTAL RESOURCES $88.583,765 REQUIREMENTS Operating Expenditures Personnel Services $18,8371,392 $1087,937 Materials and Services 27,809,757 27,4571154 Debt Service 11,082,419 18,001 195 Total Operating Expenditures 57,729,568 651146,286 Capital Construction Capital Outlay 10,011,925 71936,111 Budgetary Requirements Interfund Loans 6,950,000 - Operating Transfers 567,500 507,423 Contingencies 11,713,000 1,703,018 Unappropriated Ending Balance 11,611,772 18,165,952 Total Budgetary Requirements 20,842,272 20.376.393 TOTAL REQUIREMENTS Notes: I The $5.0 million increase in resources and requirements between the 2004 amended budget and the 2005 adopted budget consists of increases of $7.5 million in operating costs and $6.5 million in anticipated ending fund balance offset by less internal borrowing of $7.0 million and less $2.1 million in capital projects. Source: City of Ashland and 2004-2005 Adopted Budget. 17 Table I la - Summary ffAdopted Budgeta for General Fund Dt!scription 2004 Adopted 2005 Adopted Resources Taxes $8,000,733 $8,082,095 Licenses and Permits 1,337,000 1,418,120 Intergovernmental 815,000 893,135 -Charges for Services 11523,000 1,585,410 Fines 115,000 118,110 Interest on Investments 31,000 16,700 Miscellaneous 85,660 57,499 Other Financing Sources 43t260 TOTAL RESOURCES --53_1000 11,960,393 12,214,329 Requirements Administration 214,135 2251145 Finance - Municipal Court 296,000 2971426 Finance - Social Services Grants 1329400 110,000 Finance - Economic & Cultural Grants 436,900 445,600 Finance - Miscellaneous 25,660 251000 Finance - Band 56,750 57A90 Police Department 4,284,470 41375,830 Fire and Rescue Department 4,500,404 4,788,107 Public Works - Cemetery Division 296,890 298,260 Community Development Planning Div. 976,040 1027055 Community Development Building Div. 744,375 699,808 Senior Program Transfers 133,500 43,833 Contingency (3% of Reven Lies- I ntergo vern mental) 3451-0-No 339 1�6 3�6 TOTAL REQUIREMENTS 12,442,524 12,733,190 Excess(Deficiency) of Revenues and Other Sources over Expenditures and Other Uses (484,131) (518,861) Fund balance, beginning of year 11797,800 1,4555429 Fund balance, end of year jWjj=6§_9 $236 =5=68 Note: Debt service for the Series 2004 Bonds Payments will be budgeted in the Telecommunication Fund. Source: City of Ashland and 2004-2005 Adopted Budget. 4 V Table 12 - General Fund Consecutive Balance Sheets (as of June 30) 1999 2000 2001 2002 2003 Assets Cash and Cash Equivalents $1,501,251 $1,886,157 $2, 107,522 $1,879,991 $1,961,897 Receivables: _ _ - - 984,262 Property Faxes 144,873 167,745 176,960 I93,441 - Accounts 550,425 787,484 627,678 838,326 Dotes and Contracts 152,306 1191865 83,310 42 118 Due From Other'Funds 191319 1,557 - -- 76x314 TOTAL ASSET 2,3b$.w174 2 628 5 �47 2.953,876 3 022 473 Liabilities ayabl es Accounts 143,194 105,660 166,519 134,833 755,597 Payroll &Taxes 322,482 2151952 273,633 371,442 - Other Liabilities 43,202 97,624 49,727 88,382 73,805 Deferred revenue 378 405 655 469 543 296 494,007 477 851 TOTAL L LIABILITIES 887,283 1,074,705 1,033,175 1,088,664 15307,253 FUND EQUITY Fund Balance, unreserved & undesignated 1 480 891 11888,1.03 1,962,295 1,865,212 1,715,220 TOTAL LIABILITIES AND FUND EQUITY � �.174 $2,! E2,��18 , 2,995 4Z0 $2.953.876 $3,022,473 -1- Source: Derived from annual audited financial statements. 19 Table 13 - General Fund Consecutive Statement of Revenues, Fxpenditures and Changes in Fund Balances - ------------ (as of J u ne 30) 1999 2000 2001 2002 2003 Revenues Taxes Fees, Licenses and Permits $5,492,205 $5,500,671 $5,893,813 $6,381,324 $6,818,350 Intergovernmental Revenues 599,202 435,979 780,708 457,521 865,019 413,471 1,256,617 463,775 1,472,877 Charges for Services 599,775 1,214,368 1,445,375 1,592,847 419,725 11742,639 Fines and Forfeitures Interest on investments 163,872 1631949 1211919 188,006 107,607 Miscellaneou's Revenues 891440 84,587 1171212 176,712 53,482 261426 Operating Transfers in 413666 69,631 - 89,276 39,369 1351529 TOTAL REVENUES 7,878,726 81304,060 9,005,585 9,975,420 101723,153 Expenditures Administrative Services Human Resources - 94,054 87,825 158,565 93,162 86,305 - - Band Social Services 48,585 52,326 46,112 47�942 - 51,777 Economic Development - 256,000 89,145 288,714 94,595 3721455 98,574 384,000 101,521 387,000 Cemetery Planning Division 238,274 229,531 272,571 258,611 283,166 Building Division 571,563 616,763 655,200 692,240 763,508' Senior Program 428,006 4433743 568,429 628,791 665,734 Miscellaneous 116,595 97,879 86,931 113,938 111,883 Debt Service 1021713 18,158 6,247 5,313 4,303 75,102 - - Police Municipal Court 2,618,707 3,281,375 31409,015 - 3,774,335 - 4,040,649 Communications 206,467 21 0,265 216,467 231 256,003 671,348 - - Fire and Rescue TOTAL EXPENDITURES 21125 �865 22.882 6�04 3 19 �8O�4 6 3 5 0 7 �61 9 - 3L965 547 71545,530 8,304,557 9,013,893 9,901,866 10,724,253 Excess (deficiency) of revenues over expenditures 333,196 (497) (8,308) 73,554 (1,100) Other Financing Sources Operating Transfers In Operating Transfers Out 25,929 83,000 96,863 51,608 TOTAL OTHER FINANCING --(5QO L500) _Uhj_15�00 f2Q0 a 500 (500) 25,429 825500 (170,637) (148,892) Fund Balance, July 1 1,148,195 1,480,892 1,888,103 1,962,295 1,865,212 Excess (deficiency) of revenues and 24,932 74,192 -(9720831 149,99 Residual equity transfer 3821279 - Fund Balance, June 30 I.48�� 1. As of June 30, 2003, the City implemented the requirements of GASB 34. For more information see "Notes to Financial Statements - Note I B" in APPENDIX B herein. Source: Derived from annual audited financial statements. NZ O �"Iwo •., w�Ash. cn AdM6 �o N � '�5 f � "�} � r "4 6:" I f' z Z- 9 W y k { 7 ! J (!, 1 P ;, �. "f A IA "PY IgW IMF, .• .. . . ....... MW q` IN 2M, Z- Q Uz > �fmU��I� Z LO C6 W LO Q) > C� ;-4 cu V) r� En LO cf) u > m �71 - ------------ sploi4asnot4 lie jo uoiIeJI8uOd U� c1r) CU Lf) U) N a) 04 Un LO UO LO C; CD CD CN splo4esnot4 lie jo uoile-IlOuOd Advantages Disadvantages Better margins by $6.72/month per Some promotion and investment are subscriber required (see one -month free promotion described in "Customer Acquisition Promotions" portion of this document) .A.dvanta es Provides some revenue and margin contribution for the estimated 34% of Tier 3 & 4 subscribers (= 719 customers) for whom it is highly or very valuable Reduces programming cost by $9,400/ gear, providing a direct benefit to marg" ns Disadvan!Ees ® Programming cost for those who do want it may increase Advantage Disadvantmes Offers a package competitive with one a Virtually eliminates margins and may sometimes offered by Charter lose money on each subscriber who May encourage customers to switch to takes it AFN, or prevent them from switching a Destroys the value of AFN's current to Charter Expanded. Basic offering ($30.60) at a time when rates should be raised a Contributes to price wars at a time when a preferred strategy is to raise rates over time 8 - Advanta es Disadvantages Saves net of $21.96/year per sub in set- Costs an estimated $20 for installer to top box charges to AFN (assuming remove each set -top (some customers AFN charges $3 less for those who do will return theirs on their own, not have set -top boxes) however) Enhances customer satisfaction for Complicates tiers and rate scheme those who have trouble with set -top boxes WIN, Wxb 3 oQ Market co- pportuniaty M Survey results and secondary research identified the market conditions shown on the next ............. page. - -- --------------- Programming ------ Assumptions No. of Revenues Costs Margin option sub- or cost impact scribers savings impacted 1 Discounts on 3% of subscribers 158 $20,211 $15,584 $4,647 multiple movie interested in 'Multiple packages promo packages (slightly more than 10% savi!jgs were tested) 2 Add sports Offering and interest in n/a n/a n/a n/a ac a9a&, it still to be determined 3 Collapse tiers to Programming savings @ 2,695 $102,194 $10,000 $92f 194 get 90% of $3.16/month per sub subsaibers M* 1- E?Tanded Basic ........... 4 Migrate subscribers from (Impacts for this option are described in the "Customer Upgrade Expanded Basic to Promotions" initiative elsewhere in this document) Digiftal Plus 5 Have subscribers $0.37/month per sub 719 $9,1391 $1,250 $8,141 who want it pay savings from reduced for Music Choice programming costs or customers paying extra 6 Match Charter 117 channels + 13 promotional premium channels for Significantly reduced revenues and programming $30.49 increased expenses offer 7 Expanded Basic Saves $4.83/month per 713 (case $15,780 $12,040 $3,740 tier with option sub; charge $3.00/month example) for no set -top' less for this option; 1/4 of boxes Expanded Basic customers elect this optional/3 of these return their own set -top boxes, saving a truck. roll 8 Additional Similar to promotions at $6f 100 $0 $6,100 promotional other municipal telecom money from systems Showtime Total for recommended options 1,, 2, 5, 8 Assumption detail 1 & 2 — Discounts on bundled movie/sports packages. $51,482 1 $28f874 I $22f U m prices tested with customers ($16.95 for second package, $20.95 for third) work out to be exactly at costa Therefore, recommendation is to provide the additional packages at a 10% discount, which preserves some of AFN's margin. Sports packages were not tested separately from movie ones, so the precise opportunity for this market is unknown and should be included in future Programming Committee surveys. 3% of all CATV subscribers say they would buy a second package, and 2% say they would buy a third one for prices at $16.95 for two packages and $20.95 for three. ffi Costs are increased programming ($14,334) and advertising ($1,250). - Collapse tiers to get 90% penetration. in Expanded Basic. Savings of $3.16/mon.th per subscriber is estimated based on other systems' program ` g costs when they reach 90% penetration. Costs are estimated advertising and promotion to convert customers to new plan. ® 5 - Customers who want it pay for Music Choice - assumes programming costs of $0.37/month per subscriberand advertising of $1,250. - Match Charter promotional current Expanded Basic has approximately 74 channels and mar gms (after programmmg costs)f $8e19/mnh per subscriber. .Adding 43 channels significantly reduces these mar . 7 - Expanded Basic tier, with no set -top box. .. Set -top box is currently $4.83/month per subscriber. Assume customers with no set -top box are charged $3.00 less per month. Set -top boxes cost $20 for AFN to remove. - 1/3 of customers will return their own set -top box without requiring a truck roll. Customer Acquisition Promotions - ----------------- ------------- I RECOMMENDATION- Pursue this option. This option has been included in the draft 2004 AFN Business Plan. Incremental annual revenues �62,000 Incremental annual direct costs - Annual margin impact $53fOOO _.j once t Offer 1 month CATV service free to new customers who take AFN CATV for the first time and who sign a one-year contract. Promotions like this are only recommended for targeted, limited audiences (see the Marketing/Sales section below for discussion). Customer sign-up for AFN CATV is enhanced through a campaign that encourages existing customers to ""invite a friend" to switch, resulting in both the current customer and the new one receiving a free month of CATV service. Rather than extend this to the cable modem market as well, where AFN has almost 70% market share, we recommend instead pursuing the bundled :A.T/cable modem offering described elsewhere in this document.' (New customers who add both CATV and cable modem service are also considered eligible for the 10% bundled discount promotion described elsewhere in this document.) F9 Short-term promotions are recommended for specific, targeted audiences where the customer is already primed to either choose an initial provider or to switch for some reason. In other words, short-term promotions are recommended to help direct those who are alread consid.ering a switch to choose AFN, rather than to try to stimulate customer'switching in the first place. The best audiences for short-term promotions include: — Customers new to Ashland (students and new growth) and — Those who are personally referred by an existing AFN customer. AFN is already capturing a significant portion of the new growth and switchers, equal to 15% of its subscriber base. — 12% from switching -- most of the customers who switched CATV providers last year switched to AFN. The effect of actual switches as a net increase of 12% of subscribers to AFN and an 11% loss to Charter.' -This number incorporates the fact that: AFN captures about 3/4ths of those moving (estimated from interviews). 12 AFN promotions capture about 1/2of the students who select CATV provider on the. spot at SOU opening. 3% from new growth — Ashland growth is projected at 2% of all households. 3/4ths of these purchase CATV, with AFN capturing about 3/4ths of those, resulting in 1% of all new Ashland households joining AFN CATV. Customer surveys indicate a continued and very strong preference for AFN among first- time CATV buyers. These approximately 100 new customers represent about 3% of AM's CATV subscribers. New promotions may have little additional, incremental effect on new growth in Ashland. Among audiences already looking to select or switch CATV providers, AFN is getting about 3/4ths of most of them, despite Charter's promotions. There is not much room to increase AFN's share of those. For modeling purposes, we assume no incremental customer acquisition benefit from the promotion. Such promotions Will, however, be important to help sustain the kinds of results above into the future, especially in amature and competitive market like AFN has. Short-term promotions are recommended as a defensive strategy, if Charter makes similar offers (and only if AFN can match those offers reasonably closely). In the end promotion wars, however, tend to create chum With little net gain or loss when promotions are fairly equal. Current CATV switching and new growth — annual impacts % of all Number of Impact on Impact on subscribers subscribers AFN Charter in Ashland in Ashland ........... Customers switching 9% 557 gi +451 -106 CATVProvider -106 +451 345 -345 New CA TV 1.5% 132 +99 +33 customers [:T--Otat than 10.5'% 651 +444 -312 An additional 6% of current customers will successfully refer a friend or acquaintance to take AFN CATV. 68 % of current residential AFN CATV customers say they would be willing to recommend AFN to a friend, if the referring party received one month free of CATV service. — Assuming a quarter of these actually do, and that a third of those are successful, the result is that 6% of current customers successfully refer a new customer to AFN CATV. — This is similar to (although on the high end of) 3-6% successful customer referrals at one other Municipal CATV utility in exchange for a smaller, $15 credit. In summary, survey results and secondary research identified the following market conditions,: 13 a Number of students off -campus taking CATV 1,500 b Estimated number of new households in Ashland 132 . lo, each year taking CATV c Total number of otential new subscribers (=a+b) 1,632 d % of these choosing AFN who would not otherwise 0% have done so without the promotion e New subscribers from above (=c*d) 0 f Number of current AFN CATV subscribers 2,994 g % of current AFN subscribers making successful 6% referral h New subscribers referred by current AFN customers 180 (=f*g) I Total new subs Cd*biers -(=e+h) 180 P a rein One month CATV free for subscribers new to AFN ($28.72 average value). Plus one month free for existing customers who successfully refer a new customer to AFN ($28.72 average value). .FT revenues Recurzing new revenues Assumptions Annual $ a Total new AFN subscribers resulting from 180 promotion b Total incremental recurn*ng annual revenues 0 $28.72/month $62,035, avers CATV ----J- Technical re ' quirements There are no new technical requirements for this opportunity. 0-perational requirements to Customer Service office makes adjustments on eligible subscribers' bills. Marketina/sales requirements Short-term promotions are recommended as a targeted but limited strategy, and only under certain conditions. As noted above, they are recommended for students, people new to Ashland, and personal referrals. Short-term promotions are not recommended as a long-term switching strategy to take, away ensting Charter customers because: It is costly to acquire customers in this way. 14 Short-term promotions are more successful in settings where customers have not established a long-term relationship with a provider. I — The return on this investment can be reduced significantly because: With AFN market share at roughly 50%, fully half of the "takers" will be free -riders who would have chosen AFN anyway but who get the month free. Those who switch for price or promotions as a group are typically more likely to switch again. — One or even two free months pales in comparison to some offers (e.g., $200 to switch) that Charter is capable of offering. Sales, marketing and advertising include promotional materials that are included in information new residents receive about the City, premium give-aways at a student welcome -back event, and a direct door-to-door campaign at targeted locations and areas. ResoMcegegm're ments Assumption detail Sales — costs assume the marketing, advertising, and promotional efforts identified above (new -resident package $1,000, student give-aways $1,500, door-to-door sales i commissions $1,200). Free oaths lost revenue is based on average monthly GATT revenue of $28.72. 15 4. Customer Upgrade Promotions RECOMMENDATION: Recommended as a low priority. This option has been included in the draft 2004 AFN Business Plan. Incremental annual revenues $17f000 Incremental annual direct costs Annual margin impact $6,000 Offer AFN's Expanded Basic subscribers with set -top boxes upgraded services at no extra charge for one month. The offer includes (a) 3 movie channel or sports packages, and (b) Digital Plus service. AFN announces the promotion and enables the subscriber's system for one month. Near the end of the month, AFN mails out messages in advance of cutting off the upgraded service, inviting subscribers to authorize continuing the service. Market opportunity Short-term promotions such as this are recommended to encourage existing customers with whom AFN has a relationship to trial new and more profitable services. Although customers are often interested in new services, in a mature industry like CATV, promotions play a good role in translating their interest into action. The program is not recommended for Basic customers,.because most of these do not have the set -top boxes that would be required. Set -top boxes would require significant effort on the part of the customer and AFN to install, and cost AFN $4.83/month. This cost and effort are not worth the potential upgrades from an audience that is only 16% of AFN's subscribers. 0 5% (weighted average) of AFN Expanded Basic customers will trial and upgrade to Digital Plus service. N An estimated 3% of customers who would not already have done so will trial and upgrade to a movie package, based on the experience with a similar promotion at one mumcip4l. W To summarize, results of AFN surveys and of similar municipal telecommunications networks identified the following market conditions: a Number of subscribers in Expanded Basic 1,810 b % of these upgjading to Digital Plus 5% c Number of subscribers upgrading to Digital Plu's (a*b) 91 -d % of subscribers adding movie channel package 3% 16 e Number of subscribers adding movie/sports channel 54 package (= a dj Pricin e month of free upgrade for AFN subscribers, worth: -- Upgrade to Digital Plus: $10.17 (assumes no additional set -top boxes required). - One additional premium movie/sports package: $9.95. - Two additional premium movie/sports packages: $16.95. -- Three additional premium movie/sports packages: $20.95. AFN revenues Recurzing new revenues Assumptions .Annual $ a Total subscribers.,u]2gjading to Digital Plus 91 b Incremental recurring annual revenues from @ $9.66/month $10,549 i Plus c Total subscribers adding movie/sports 54 package d incremental recurring annual revenues from Avg. 1.0 $6448 movie/sports package additions' packages added C $9.95/ month e tTofal incremental, recurring annual revenue $1.6,997 Technical -requirements No additional technology is required. Offer is not extended to those without set -top boxes already. See Operational section below for installation requirements. o erational re uire eats It is assumed that all Expanded Basic customers already have the set -top boxes that movie packages require. Set -top boxes are upgraded from the head -end and require no field visit. MarketinWsgles re uirements in Sales, marketing and advertising include cross -channel advertising and display p Y advertising, both targeted at existing customers. 17 Derect costs Assumptions Annual $ a Installation Detail below $0 b Annual sales and marketing cost Detail below $2f500 c Annual proEamming costs Detail below $ _8_ L -109 d Total 'incremental recur ' ng annual costs $10,609 (=a+b+c) Assumption detail Installation — performed at the head -end at no extra cost. We assume no extra fees to Great Lakes for billing over and above the, current per -set -box charges. Programming cost increases with the upgrades.- - $2.941monthmicremental cost of Digital Plus v. Expanded Basic. — $7.56/month *incremental cost of one movie/sports package (weighted average of HBO, Starz and Showtime). OM Pr®ruingchanges — assume no programming savings result from shifting more subscribers into the Expanded Basic level. Set -top boxes — assume no net increase in set -top boxes or capital outlay required of AFN. Sales — costs assume the marketing, sales and advertising program above ($1,500 for cross -channel advertising and $1,000 of display advertising). . Enable PPV Purchases F o TI ® Pursue this option as a low priority. This option has been included in he draft 2004 AFN 1 business Plan. COnce .Facilitate stoners` ability to make impulse Paya-Per-View (PPV) services, without having to call AFN to provide billing information in advance, by capturing customers' credit card information and maintaining that information on file. Capturing credit card information can be done with current staff. This is viewed as preferable to a second., more complicated alternative where AFN takes over the PPV billing itself, which would require at least part of a billing clerk to process bills. Market ovvortuniaty Secondary research identified that AFN subscribers are significantly under -enabled. -- Only 11% of AFN's CATV subscribers are PPV-enabled (this equals 16% of I's subscribers with set -top boxes) versus 68% of CATV households nationwide in 2001. a Current number of AFN subscribers 2,994 b Number of AFN subscribers enabled for impulse PPV 336 with credit card information c Percent of AFN subscribers to enable for PPV to reach 68% national avera e d. Total number of new AFN subscribers to enable for 11700 impulse PPV =(a c)—bj gin .Assume current pricing for PPV and same usage patterns among newly enabled subscribers. Any current basic customers who pay $5/month for set -top boxes would continue to do So. 19 4 *IX C Nationally (2001) 2.0% of cable households use P'P V, and ordered 3 PPVs annually on. average. ®In Ashland, 1% of Charter CATV customers use PpPV, whereas only 5% of AFN CA.TV customers do. • new revenues ------------------------------ - ---------------------------------------- - --- Assumptions Annualy. oof newsubscribers enable for Ase PPV IProjected percentage of newly enabled ...__c_u.s_t_omersg PPV of promotion P�qjected number of new PPV users (=a*b) Current number of PPV users Current PPV revenues Total , ` r Tec nical re uire ents AFN already facilitates credit card payment for P'PV. No additional technology is required. erational re-c juirements e Utility Service Center collects customer credit card information for AFN customers who (a) have automatic monthly credit card debiting, (b) call into the service center each month to arrangeutility payments, and. (c) are new customers first setting up their accounts. e above results in about 1,600 customer contacts related to credit card information, of which an estimated 9.00 are AFN customers. Enabling the additional Soo AFN customers needed (to bang the total enabled to 1,700) requires a marketing campaign. AFN provides this 'Information to Great Lakes billing service. ark.etin sales re uirem.ents ® Sales, marketing and advertising includes cross -channel advertising, City Source newsletter, and display advertising designed to collect credit card information. • To create an incentive for customers to share their credit card information, and stimulate greater use of PPV, AFN offers coupons for free movies or occasional "Free Fridays" where pP V selections are free between. 7pm-11 pm on a given Friday,. 20 Resource r t uire eats Direct costs Assumptions .Annual $ a Billing Detail below $0 b Annual sales and marketing cost Detail below $1,800 c Free Frida 's" free movies Detail below j3L560 d. T'otal incremental recurring annual costs $5,360 (=a+b+c) Assumption detail F billing -- the recommended option clearly involves additional work effort, but can be spread out over time and performed by the current billing staff. IM Sales — costs assume the sales and advertising program outlined above (cross -channel advertising $1,000, free City. Source newsletter, display advertising $800). Free PPv on "Free Friday" costs $890 each time and is done 4 tunes a year. Costs are si 81 for freemovie coupons. e promotion is estimated. to double the average nu- ber of PPv movies seen per week -end (from 111 to 222). T .is increase amounts to 4 lam of AFN subscribers participating, and is consistent with similar promotions at other municipal telecommunications systems that have offered free enablement and. upgrades. Average retail value of $3.99 per movie. M 64) 'Bundle CATV and ISP for 10% Discount RECOMMENDATION: Pursue this option. This option has been included in the draft 2004 AFN Business Plan. --- - -------------- ----------- Incremental annual revenues $110,000 Incremental annual direct costs M 651000 Annual margin 'impact $45r000 Offer a 10% discount to (a) new residential customers who subscribe to both AFN CATV and cable modem service, and to (b) existing AFN customers who have one AFN service and add the other. The discount applies for the first twelve months only, appearing as a credit on the bill each month, and is calculated as 10% of both services. ... ... .... The offer is not marketed to those current AFN customers who already have both CATV and cable modem already. However, AFN may choose to make it available to those who ask, in exchange for a 12- or 18-month contract. Market opportuni!y Survey results and secondary research identified the following market conditions: 9j Realistically we expect none of the households who now have neither CATV nor cable modem service to suddenly adopt both services as a result of the promotion. 5% of customers who have Charter for both CATV and cable modem service may switch as a result of the promotion. — 17% of them (weighted, average) say they are likely to switch to AFN for a bundled offering and the equivalent of one month's savings. — However, a more conservative estimate is that historically only 5% of customers who have Charter for both CATV and cable modem service switch providers in a given year. 0 7% (weighted average) of current AFN cable modem customers may add AFN for, CATV. N An estimated 10% of current AFN CATV customers may add AFN's cable modem service. 33% (weighted average) of current AFN CATV customers say they would add AFN's cable modem service. However, this would represent a 10% increase over the current number' .......... of Ashland households with cable modem. Market trends suggest that 2% of all Ashland households each year will add cable modem as a result �N of natural, increased cable modem adoption. Conservatively, the effects of any new promotion on switching will have about the same effect, suggesting that there would be an additional 2% AFN cable modem penetration of Ashland households. This means that 6-7% of AFN CATV customers may add. AFN cable modem service. 218 ® Discounts are offered to new, bundled customers for the first year only. �' y 10% discounts for one year - $+6 .23 ($ .77/month.) and are based on AFN's retail Average Revenue Per User for each service: - CATV ARPU is 28.72/month.. -- Cable modem ARPU is $28.97/month at retail (for of calculating the purposes g discount, customers receive discount on the full retail just rice, not AFNrs p. wholesale portion of it). AN revenues Recurd*ng new revenues Assumptions, .Annual $ a No. of new CATV subscribers 164 b Annual rec . new CATV revenues @ $28.72/month $56r 521 23 c No. of new cable modem subscribers 218 d Annual recurring new cable modem revenues @ $19.95/month (wholesale) $51,950 Total annual recurring new revenues 1 1 $108,471 Technical reauiremeats 0 There are no new technical requirements for this opportunity. flu �!t imal Amlying the discount. AFN can most adequately ensure that customers actually receive the discount by giving them a credit on their AFN bill, thus bypassing more complex arrangements With the ISPs to ensure customers actually receive the discount. Dete���-custoner ell gibilfty...for the discount. Determining customer eligibility should be as simple as possible - it is probably not worth constructing complex accounting to catch the few who might accidentally or purposefully claim the 10% discount when they are not eligible. - AFN already knows which customers are and are not its CATV customers, through a check of billing records. - To determine eligibility for cable modem customers, AFN periodically circulates lists of customers who enroll for the discount to the retail ISPs to verify they have not been customers. A selected few retail ISPs may not cooperate in a timely fashion, but AFN will have caught 99% of the few customers who don't qualify. - This activity is best when combined with a separate recommendation (see the document "Internal AFN Development Opportunities: Descriptions"} to update and manage subscriber and non -subscriber lists and addresses. Integrate data of AFN homes passed, current and former AFN CATV addresses, cable modem customer address information from ISPs (alternative: installer notes and work orders, but this is more time-consuming) into either a spreadsheet or, if possible, directly into the billing system. Retail , ISP contribution. Retail ISPs benefit from the discount as well, by adding near1 customers, and so should carry their share of the discount. AFN's portion of the discount is $2.00 (10% of the wholesale rate of $19.95) and: on average, the retail ISP's portion is an additional $0.90. AFN bills the retail ISP for the additional amount either as a separate bill or as a separate line 'Item on its wholesale invoice. liana zine-retail ISPs. The net effect of the above (where AFN provides customers the discounts and then bills the retail ISPs for their portion of that discount) is to impose the discount on the retail I ISPs. Retail ISPs' cooperation is expected and is considered one of the conditions required to be a provider on the AFN network. The discount requires little of the retail ISPs other I than that they check their records periodically to verify that a given list of names have not recently been their customers. Retail ISPs stand to gain from the discount since all new customers - even at discounted prices - represent new revenues they would not otherwise have had. 24 Marketina/sales requirements One market risk that the promotion creates is the potential to alienate some of AFN's most loyal customers - those who already have both CATV and cable modem service with AFN. The discount is designed to stimulate customers to add a service in order to qualify. It is not designed to give a discount retroactively to those who have already made that choice (normally such a discount would be used for existing customers only if retaining them is a problem, i.e., if there is a lot of switching back and forth among different providers as there is in wireless carrier service). In view of AFN's strong local identity, we recommend making the discount available to current AFN customers who have both CATV and cable modem with AFN, but only if those customers ask about it, and only in exchange for a 12- or 18-month contract. Sales, marketing and advertising includes display advertising and direct mail. Summ 'of ,roles, *Wlote -and responsi 1 1 ies Retail ISPs Cooperate with the discount. - Reimburse, AFN for their portion of the discount. - Promptly respond to AFN requests to verify customer cable modem eligibility. AFN Markets the discount. Verifies that customers were not previously AFN CATV customers. Advises retail, ISPs of the discount and how it works. Bills retail ISPs for their portion of the discount. Resource requirements 'Direct costs Assumptions Annual $ a -Annual sales and marketing cost Detail below $3,800 b 10% discount 0 $5.77/month for 26,376. 382 new subscribers c Programming cost for new subs 014.93/month-for 29.382 164 new CATV Subscribers d Database development 0 e Lost revenues Detail below 5L261 f of incremental recurring annual $64,819 costs (=a+b+c+d+e) Assumption detail M Sales - costs assume the sales, marketing and advertising program identified above (display advertising $1,500, direct mail to ISP customers (customized) $600, direct mail to AFN CATV customers, $1,700). M 10% discount, is figured on the ietail prices (customers get 10% of the retail ISP rate even though AFN's wholesale rate is less). 25 -- ATV ARPU is $28.72/month. :able modern .A,RPU is 28.97/month at retail (for purposes of calculating the discount, customers receive discount on the full retail price, not just AFN's wholesale portion of it) . -- 10% of these combined is $5.77/month. ® Programming cost assumes .AkFN's average of $14.93 per month per subscriber. Database development — clerical staff time for this activity are combined with and included in a separate recommendation, the development of up--to-date subscriber and non -subscriber lists. See the Sales, Customer .Acquisition and Customer Retention section of the document, "Internal AFN Development Opportunities: Description.,, Lost revenues can occur when AFN's own current customers who already have both. CATV and cable modem ask to have the 10% discount applied to them nonetheless. -- 1,524 eustorners currently have both. Estimated, 5% of these customers ask for discount = 76 subscribers 0 discount of 69.23 annuali r = $5,262. FM 7. Intermediate Cable Modem Offering RECOMMENDATION: Pursue this opportunity. This option has been included in the draft 2004 AN Business Plan. Offer a cable modem service with price and value in-between the current residential and business offerings, which gives customers the option of either (a) a permanent IP address or Qb) unlimited uploads. Offering is available as an upgrade, but is not available to current V�v business cable modem- customers. Market ovvortuniV The offering is limited to residential customers only., to prevent businesses from "downgrading" to this offer. Survey results and secondary research identified the following market conditions: a No. of AFN residential cable modem subscribers 3,123 b % of AFN subscribers interested in upgrading to the service 2% c Potential AFN cable modem subscribers upgrading (=a*b) 62 d No. of Charter residential cable modem subscribers 1,400 e % of Charter subscribers interested in purchasin g service 14% 1 f Potential Charter cable modem subscribers switching to this 56 AFN semce (=d*e) this 10 Total subscribers adding tms service (=c+f) 118 $50/month retail — customer surveys indicate greatest customer interest at this price. There is virtually no stated customer interest at $60/month. Assume AFN wholesale rate to ISPs is $42/month. This is 84% of the retail rate; currently AFN's wholesale rate is: — 67% of the residential weighted average retail ISP rate. — 92% of the low -end, business retail ISP rate. 27 Recum"ng new revenues Assumptions Annual $ a Number of AFN subscribers upgrading 62 b Incremental annual revenues from C& $22.05/mo. $16t445 upgrades increase c Number of Charter subscribers switching to 56 AFN to take this service d Incremental annual AFN revenues from @ $42/month $28,224 those switching from Charter e Total new annual recurring revenue (=b+d) $44,629 Tech xu*cal and erational,reguirements There are no new technical or operational requirements for this opportunity. Marketing1saleg recuirements Direct mail to current residential AFN and Charter cable modem customers developed in-house by current staff. Current ' staff updates marketing communications vehicles (web site, brochure, etc.).. Sales, marketing and advertising includes cross -channel advertising, display advertising I V and posters in public places, flyers, some television, and speaking at a local business group such as the Chamber or Rotary. AFN resource requirements Direct costs Assumptions Annual $ a I b Annual sales and marketing cost Total recum'ng costs Detail below J6.L150 $61150 Assumption detail OR Sales - costs assume the sales, marketing and advertising program as proposed above ($1,500 display advertising, $100 for posters, $900 flyers customized for each ISP, $3,500 television, $150 public speaking engagements). 80 AFN Becomes a Retail ISP ICE COMMENDAIION.- Do not pursue at this time. Pursue enhancement of retail ISPs' standards and performance in the areas of customer support technical support and customer acquisition insteado Incremental annual revenues $305,000 (Costs and margins not estimated at this stage) AFN becomes another retail ISP that customers may choose. This places AFN in competition with the existing ISPs who use AFN's network. AFN markets itself, and establishes a more arms -length relationship with existing ISPs that requires clearer delineation of responsibilities and roles., This option is viewed as an alternative to, and incompatible with, the preferred option of ' 1 11 1 requiring the existing ISPs to meet more stringent conditions for marketing, customer service and technical standards. See the description for "Enhanced Standards for Retail ISPs." The idea of AFN becoming a retail ISP was developed from the customer perspective only, to ascertain potential customer 'Interest in the idea and to determine whether the idea bears further pursuit. A number of operational, technical and cost impact's were not considered at this juncture. The option of upgrading current retail ISP performance in some certain areas is consi idered a more manageable and desirable option in the short-term. Survey results and secondary research identified the following market conditions: 19% (weighted average) of residential subscribers say they would switch to AFN for retail ISP services. 10% (weighted average) of business subscriber's say they would switch to AFN' for retail ISP services. 29 P yin Residential -- assumes weighted average retail ISP price now of $28.92/month. Business -- assumes average retail ISP price now of $78.42/month. AFN revenues Recurnng new revenues Assumptions Annual $ a No. of residential customers choosing AFN as 848 retail ISP b Total new annual recurring residential 0 $28.92/mo. 294,799 revenues c No. of business customers choosing AFN as 9 retail ISP d Total new annual recurrin business revenues @ $78.42/mo. 8,469 e Total new annual recurring revenues (= b + 0 $303,268 o erational re uire ents and issues Impacts on AFN relationship with current retail ISPs -- Retail ISPs will no longer share data about their customers with AFN. -- AFN provides no referrals to retail ISPs. -- AFN charges retail customers for an calls it receives from the retail ISP customers, and does not provide hand -holding during installation to non-AFN ISP customers. Impacts on communtY -- Reverses stated desire for open. architecture (customers will still have choice, however). -- Palaces AFN in position of competing with small business and potentially putting some concerns out of business. 30 Enhanced Standards for Retail ISPs .......... .. . . . ...... RECOMMENDATION: Pursue this option. This option has been included in the draft 2004 AFN Business Plan. Incremental annual revenues $22,000 Incremental annual direct costs - 16j000* A-nnual margin impact $6,000 * Decreasing over time. J AFN establishes specific standards which retail ISPs must meet to become or maintain their status as an ISP on AFN's network. These standards address the retail ISPs' delivery of customer service, rvi , technical support, and the retail ISPs' marketing and sales efforts. They also more clearly delineate AFN's responsibilities versus those of the retail ISPs. The purpose of these standards is to enhance customer satisfaction, to help promote customer retention,, and to promote more active and effective marketing by the ISPs resulting in greater customer acquisition. AFN would provide some increased monetary support of the enhanced marketing and sales efforts. AFN conducts spot checks of ISP performance against these standards, through brief surveying of newly installed customers or those submitting trouble calls. Standards 0 Standards are envisioned in three major areas: customer service, technical support,, and marketing/sales. In all cases the ISP may choose to meet the standards itself, or pay AFN to provide the service on their behalf. a Customer service — AFN establishes standards for such areas as- - Live customer service rep available during business hours. — ISP installation with 2 hours of AFN network installation (except week -ends). — All installations are scheduled with the customer for a specific time (1/2-hour win dow) - 95% on -time performance in meeting these scheduled appointments. Technical suavort — AFN establishes standards for such areas as: — Live technical support available by phone during business hours. — On -site response (if needed) for trouble calls within 4 business hours, for a fee charged by the ISP. AFN bills the ISP for any field visits it makes that prove to be an ISP (rather than network) problem. 31 AFN responsibilities stop at the network.. Marketing/sales support - AFN establishes standards for such areas as: - ISPs must use full extent of coop advertising dollars for directed, approved ads that specifically mention cable modem services and AFN (and. AFN must make it simple for the ISPs to do so, e.g., accepting advertising after it has run if it still meets requirements). Directed advertising includes direct mail, flyers, web promotions, or specific promotions advertised in any media. - Provide AFN with, customer contact information for cable modem addresses promptly upon request. Provide timely response to AFN inquiries about customer eligibility for AFN bundled promotions, and. to AFN invoices that reimburse AFN for cable modem discounts that AFN provides to customers. -� For its part, AFN will notify all ISPs of all new CATV or cable modem installations so that ISPs may market to them.. -AFN will Market opportunity Survey results and secondary research identified the following market conditions: An estimated 4% of cable modem customers would switch from Charter to AFN for enhanced standards and in response to enhanced. marketing. -- 17% (weighted average) of Charter cable modem customers say they would switch providers for guaranteed customer and technical service, if backed up with money to customers if standards were not met. ..... -- Assume at least 1/4 of these (or 4%►) would switch even if there were no monetary guarantees. An estimated 1 % of current Ashland residents who do not have cable modern would add AFN cable modem service in response to enhanced marketing. -- Nationally, direct mail response averages 2%. -- Assume 1/2of these (or 1%) respond to local cable modem offer. a No. of Charter. residential cable modern subscribers 1,400 b % of Charter subscribers switching for enhanced service 4% c Potential new AFN cable modem subscribers (=a*b) 56 d No. of Ashland residents with no cable modem service 3,761 e % of Charter subscribers switching for enhanced service 1% f Potential new AFN first-time cable modem subscribers (--d*e) 38 Total subscribers adding this service (=c+f) 94 ricfn AN receives 19.95/month (AFI''s wholesale rate) per subscriber. ------------------------------------------------------------ a Number of Charter subscribers switching to 56 AFN b Incremental annual revenues from @ $19.95/mo. $13,406 s 'tchers wi c Number of Ashland residents without cable 38 modem adopting AFN cable modem d Incremental annual AFN revenues from @ $19.95/month $9,foo4 first-time cable modem adopters e Total new annual recurring revenue (=b+d) $22,410 AFN may also earn some fees to provide support on behalf of the ISPs (without a full assessment of ISP's capabilities or finalization of specific standards, we assume this revenue stream at zero ro for the present time). Opera ull"onm ana unvlementation reqm*rements AFN penoc , acally and systematically evaluates each retail ISP's progress against standards through: Mystery shopping. Surveys of newly installed customers. Hard copy of retail ISPs" directed advertising programs for which coop dollars apply, and proof of media buys when used. ISPs may choose to contract with AFN to provide some of the customer service, technical or marketing services and meet the new requirements (we assumed no new revenue ...... . ....... from this, however, for modeling purposes).. Resource reauiremeats Direct, recum*ng costs Assumptions Annual $ a Program establishment, monitoring and 1/4 of a person $15,638 management of ISR relationships (incl. benefits) @ $45K year + 39% benefits b Total recuIrning costs $15,638 Assumptions Monitoring of standards and management of retail ISPs — Much of the AFN staff time required is in the early phases of setting up the standards program. Current staff do not have the time to devote to setting up the program. AFN should devote 1/4 of a Full -Time Equivalent (FT } person to initial program development (as well as broader support of AFN marketing and sales). Over time as the program is established, this position can be devoted more to support marketing efforts, and the portion of their salary devoted to this initiative will reduce. 33 10, VoIP to the Public and Institutional Customers RECOMMENDATION: Pursue "reseller" option described below as a low priority, targeting the largest 'Institutional and government accounts first. This option has been included in the draft 2004 AFN Business Plan. f Separately, further investigate the business case for the "facilities -based" VoIP solution described below, but only after determination of whether AFN can pursue long-term payback projects (e.g., 5-8 year paybacks). Facilities -based eseller Frans pqrt $220,000 $27f0OO s9rI50 -110,000 - 10,QOO 0 $110.,000 $17,000 $9,150 $610,000 $0 $2,500 VoIP (Voice over Internet Protocol) provides standard telephone service through a network medium. With the presence of SOU, the School District, City offices, and the hospital, several opportunities exist for VoIP deployment in Ashland. There are 'a number of implementation alternatives suggested below. All three options are appropriate for providing VoIP service to large 'institutional and government customers; the first two could also provide VoIP service to any residential or commercial user. In order of highest revenue'slhighest risk to lowest revenues/lowest risk: M "Facilities -based" -- AFN provisions VoIP service within its headend, and offers service to its customers off a VoIP switch that it purchases. AFN develops and sells VoIP and manages all aspects of the customer relationship. "Reseller" — AFN provides the network connection to its customers., partnering with third -parties (a new partner, Qwest, a CLEC, or even the retail ISPs) to provide VoIP service. Depending on the arrangement developed, partners assume most of the development, marketing, and customer contact roles. "Transport" -- AFN provides simple backhaul circuits so that large customers' own internal stand-alone VoIP systems (such as within the. schools, university, hospital, or City offices) can connect to the public switched telephone network and/or nationwide VoIP networks. AFN's role is largely technical. -2 V A V For the purposes of this analysis, we compare the options for the schools, City offices, and hospital. Market ovvortunifty Nationally, VoIP market penetration is small and growing Approximately 34% of all computer network users now, and projected to double by 2005, with potentially higher adoption rates for the few years subsequent to that. --Qwest, Time -Warner, and AT&T have all announced introduction of VoIP service offerings to their broadband network customers in 2004. VoIP provides the greatest benefit to customers who utilize have high -volume or extremely localized calling patterns, such as call centers or conference call service pro ° d.ers for the former, and schools, hospitals, or municipal governments for the latter. VoIP for AFN is targeted to 'institutional customers first, with the potential to add retail services to residential and commercial customers at a later cute if appropriate: -- City of Ashland.. -- School district. -- Ashland Community Hospital. . In addition, smaller accounts (residential and commercial customers) express strong potential interest- in AFN providing voice telephony instead of the current local provider -- % (weighted average) of residential customers (=1,800 customers) say they ,y would switch to AFN if it provided local telephone service. -w-- 20% (weighted average) of small commercial customers (= 244 businesses) say they would switch to AFN for local telephone service. Pricing varies with the type of business model pursued: a.cilities-based pricing is based on either a flat rate or a per -minute usage for local calls, and per -minute usage for long distance.A typical monthly charge is $25=35 per station per month for local usage, plus additional for voice -mail and long distance services. Under a reseller alternative, typical third -party providers charge $25-d$50 month per month per line. AFN would capture somewhere between $3 and $5 per month for each customer referred. Simple transport of back.haul circuits would generate revenues of about $12/line/month, assuming that customers use AFN rather than IDS-1 lines. The backhaul circuits are typically equipped at a rate of one per 10-12 stations; a facility with fifty phones may have between 4 and 6 voice access lines to the public switched. network. In general, AFN sees no revenue from customers that ' purchase their own. Volt' system and contract with athird-party for maintenance and support, unless as noted above AFN provides backhaul circuits. AM.,revenues 4, Estimated ual' revenues to AFN under the different scenarios are identified below: 35 Estimated Lines Facilities -based Reseller Transport Ci!X of Ashland 260 $90,000 $9.360 $3,100 School district 340 90"000 12,240 41175 Ashland hospital 150 40t000 5f4OO 11875 SOU* 3f000 if 000t000 108t000 36f000 Total with SOU 750- $220,000 $27,000 $9f150 SOU currently has a telephone service contract with AT&T, and is highly unlikely to utilize AFN for their entire campus VoIP solution. A much more reasonable scenario is the use of AFN circuits to provision VoIP to its remotelsatellite campus locations. (Note.- In addition, residential and small business customer interest in switching local telephone service providers offers added potential revenue opportunity: — If 22% of residential customers actually adopted AFN for local telephone service and spent $20/month, this would generate approximately $400,000 a year in revenues. — If 20% of small business customers actually adopted AFN for local telephone service and spent $30/month, this would generate about $90,000 a year in revenues., — Nationally, alternative local telephone providers average 10% of all telephone .. .. .f........r lines. If these penetrations applied to AFN, total revenues would be about $250,000 a year. Revenue assumptions End -user charge - $20 per line per month. Resale nets $3/line/month., Backhaul circuits on _121 ratio to stations served - $12/line/month. Technical reauirements In general, considerable care must be taken in providing VoEP over a public network as a replacement telephony service, because VoIP is inherently not as reliable as traditional circwt-switcheel voice service. In particular, E911, operator, and directory type services may not provide the level of response or service to which most users are accustomed. Facilities -based - involves AFN purchase of the Vole switching equipment, necessitating a considerable learning curve for AFN's technical resources, as well as expanded staffing. • Reseller - no increased technical requirements. • Transport - no increased technical requirements. Marketin0sales recuirements AFN marketing is required only for the facilities -based option. However, if AFN is VV. reselling its network, AFN may choose to play a supporting role in customer contact. 36 "acilities-based Reseller -------------------- Transport ---- Buys and owns switch AFC Third par Customer Does technical AFN AFN to the extent Customer and AFN confi ration required 911/O erator services Subcontractor to AFN Third ar Current providers Provides voice mail AFN Third. artyCustomer Provides lore; AFN Third party Qwest distance access Markets the telephony AFN AFNf third -party N/A O se ce Resource requirements A nnrnYim qfP rngf--q fry ARM iindpr Parh altprnafirvp are .qt_immarized below Facilities- based Reset ter Transport r.� L 1. .- �x . ... : e +. +::. 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T' J \. 4, „ .. .. �V� r'.? .x-a . ,.......... ...0 ... ... u ,,u,. . "G"u„ rf .. " /.0 x v, .u,'s.,,,vu.r,, ...r...,.,.•3.. Y. r, ,.,, ,'Y, ..n, . 4 { � h ff e :. .. «Y .+.. }'vsf/." ,},;fir• e: � 4•:: '} <• :. '*.:+ .,. 5 Software maintenance }; ..,, .. + . ,: „. . 4...r::..«.«: ,, ! .� ?.:: �., It G.'? r'.• :., `tY ..•n,-.. ::.r ... -.u,.r:.«.::: .. F v.„„.. ,r , lvfr yS. ..., .: .w'+.. •. .r., r. .'�.'.: .f.. .r, Yeti v*..u.r ««««-x.. .::. „„. /.' l .f". .... ...T...... '..:.... .i ., ., ...... k�. "t'.. , r.f � �X ..• ::.Yro Yn«.: r:::;: .,. N,: ,.. ... .:.....:. ,..f f.. 4"\`:. ,,....u. .. F... Ff • •.ti+R+ :::.v.,. Y :nn ., .„„..... ... � �S Yf. .: $15,000 \ .,i'^.. YY � , �„ ., fF •. G. ': /v.. vf. f,: nfn,'. �F..�'•. :.::• .. Fn "k+.. f•� :. A.. iY.^:4�, >"r'.:rS% :. �''. .. �: ::� is f " 4..� F`:., .:wt o...,...•. :.....:. -..} � r nY } .. . ,. . � « '. «::. .:.:.: •. .. ..r. .., r.«...� }7r y n"•YS«'\ v'nY.+ :. ': ../ � ..'.`+r"',�f/..:i{��.......•h v 5:4.. .L $0 J, {'}'4`S« .'Y.• . vr{%4..r.('. 1. m'+n 3• a ''1+.' : $ :. f.` •. rv' •�•}r' � Y`�'t ��.:• 4 v 'v`...�:+Y+i. ,er •r R'.�' f svl ..;'+ ( �.YfN", :,r,; .. f . ,{`.f. f � is .. .,. {may}: <<:.• �'iF "•.;! Y, $0 Interconnection to the public telephone network 43,000 0 0 Long-distance service 27,000 0 0 gngoiLigsystem administration 11,000 51000 0 On-gol"!Ig customer technical su ort 14,000 5,000 0 Iarketi.n. d. sales, 0 0 0 Total °rect recum*ng costs $110,000 $10,000 $0 s „ 2'. "# -y'i �`. "� ',: ;'Y ..:- .. ,,,sf+�,+s <".^.; 't�'.', ,.•,�. ,;,.�,r `."•�: :'Rn, . . :..' :;. 4 a4;,'?Yf,'•,' ,L,:2i ,*k.,. , .,.r ... .. .. ". :: . .,,„M, -_ '" .y��' ::= .,�1 -. .,. .., r:t : ? . n,', .,<•..rr..h,. c,: ,<.„.x „+ ^, .«,- ,�. , «e}"'.n` , .. :. .. .....�..... .. �4, . .:. s r fir• „ a^ ,,.:.� 'V'oIP switch, software, hand. -sets C` ;'i '.tr,}/.t;:i:'�`s''r+�".s 'w R•" .fir: ,,ee?$ y, r,. § M*�. +rr �{. ;vi"rvts. =Jw- .v :i$?�; ..> Y*Y`� ..., ...:, c�im..., .`.".;�... ,,: '. :se���'.:�2'�` are „:�': ,f,I�nR,« ^,«w.""�v\" �`�;.`SA.•�7.^`.w.,kk.. -. ..t-{{•.,S". 7 nS '"•ki+*`+'L.v. 2 .`,-y,:••.} J t�R +� � >i" ...:�-: .,ii'J•r'�'4i '"' :.✓'•Y,`wv".,•:G'^r.�q�. wv..�'v. <:"` d: "2."".. « Fr �.Q, � `(� �^. C`,v�. ..5. •`k.,� 'w�FYk�'�� �9 �`• - Schools $255,000 $0 $0 City 200,000 0 0 Hospital 115,000 0 0 Implementation costs 40,000 0 2,500 Total one-time costs $610,000 $o $2,5oa ® Because of the limited number of large accounts pursued, it is assumed that marketing d sales efforts will be conducted by current staff. In truth, there is a hidden cast to this other work that is possibl not done as a result) but VoIP sales to only a few accounts does not justify added. staff. 38 RECOMMENDATION: Pursue this option. This option has been included in the draft 2004 AFN Business Ilan. (Evers if this option were not pursued, AFN should make highly targeted sales calls on select accounts that lend themselves to regional networking, especially Ashland Community Hospital, small banks and financial institutions, and SOU.) Incremental annual revenues $120,000 Incremental ,anus direct costs.5 Annual margin impact $105,000 One-time start-up - revenues $30,000 One-time start-up - costs - 2 Net one-time start-up costs $10,000 Conce t AFN partners with another party to connect Ashland businesses .with their sister offices throughout the Rogue valley through a high-speed fiber network. In Ashland, that network is AFN; outside of Ashland, the network would be provided by AFN's partner. Market ovvortunioty Survey results and secondary analysis identified the following market conditions: In addition, three different estimates of the market for business broadband services w*thin Ashland suggests that an additional number of Ashland's largest or most data - intensive businesses have broadband needs. At a minimum: I p ncludes largest employers, ers financial and insurance services, computer services and advertising companies. P no cin AFN pricing -- $1,000 installation (or at cost) per Ashland site for installation, plus — $390/month per Ashland site, plus -- $615/month total for I P connection for all sites. AFN partner provides and collects for installation and monthly fee for connected sites outside Ashland. AFN annual revenues AFN receives revenue for local businesses' data charge, plus one charge for each business (regardless of the number of sites) for providing internet connectivity. It also receives transport revenues to connect offices outside Ashland. to Ashland's network. Recu °ng new revenues .Assumptions Annual $ a No. of Ashland sites connecting_to. AFN 9 b Annual ISP connection for these businesses @ $615/month $66,420 c o. of businesses connecting8 d. Annual data charge for these businesses @ $390/month 3.7/440 e Annual transport revenues to Ashland $12 per mile per 17,280 month per business f Total annual recurrin revenues (=b+d+e) $121,140 Additional one-time charges: installations 0$1,000/site $21,000 Two of the 9 sites are with the same business. Technical re uirc ents Within Ashland, business connection to the network and. installation. (responsibility of AFN). Outside of Ashland, network build -out and connection to subscribing sites, and installation (responsibility of AFN partner). era ional re uire eats AFT installs, supports and provides customer service to Ashland sites. Owner of the remote system ("Partner") does remote installation, technical support, and customer support for outside of Ashland. n AFN bills partner for transport, connectivity and data services. 40 Marketinvisales re uirements Direct sales to businesses in Rogue Malley that have offices in Ashland. Funding for sales staff shared proportionally between A.FN and its partner. Summary of roles 'and responsibilities ® AFN responsibilities; Build. -out to .Ashland locations. Installation for Ashland locations. -- Sales to businesses with multiple sites in the Logue Valley that have an Ashland presence. etwork technical support for all locations. Billing to Ashland locations. AFN partner responsibilities: -- U ildeout to locations outside Ashland. -- Installation outside of Ashland, -- Sales to businesses in the Rogue Valley that have no Ashland presence. -- Purchase data transport to Medford POI' or other local POP. 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'��+.C.,l .� '4 {•: x� { f�';:, :<: �,.r ..r.�d >^. , r�., . .,l.,.lt. Y. .,"w .�. .ram "Sr3'.:•'.{ . � ' "f,:t ¢::.vv .. fi/`' 4i�: +'Y. ..{Y%' :kb3''L 2„ .�kv. t/R. ::!.,, .•. ..frr ��Y.k%S.V`i'iii;"�"x.,i}vS�.:::k.. .. Il 4"!..•. � �ww 55�, h . ^.� n. '2 `%r... {:v �f'„ ,� .,x s t�:Yw ,• ;,,, . , , • • ,���f „<�, %,b •fir a) 'lF, {i/ , %, Y ✓5i� ;.fF.rrsC'd•��!``f'�,rr ,5h"d. •f r• .. fi.-,:.+•'< F�F�� +�r�• :?F� • nf{{,, a Annual network technical support -- - --------- No incremental $0 cost over present b Annual sales cost Detail. below 12 997 c Total recum'n costs (= a+b) $12,997 .� k,F2k4 cy',e^?k• ;.. .a,,.t. .,•{ � r „� S't?f v K ram.,,,... » . 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"'`: ,.. ,P.% 'w., � w5^. � t • hr:?• � i'W, ,C'� ..4 v �v of •�. w rid^« ,,;'�' ""WF•.a^•`� .fin:.:{, { ` _ g .w ,Urz':':.y d p�}........E.A.�, xj-,yr4'� +��y ��+y++�r��r Build -out to the Ashland sites Included in {f�`���:,, $4/.... installation fee , for Ashland sites e Installation for Ashland sites $1,500lsite $31,381 Ashland, i.e. a partner capable of connecting businesses outside of Ashland, with a portion of that sales effort paid by AFN to cover Ashland connections. Key sales assumptions: a Est. number I of businesses in Rogue Valley - --------------- - ---- -- 7,245 b Est. % of Rogue Valley businesses which are multi -point 16% (conservative estimate, assuming rest of Valley is like Ashland) c Est. number of multi -point businesses in Rogue Valley (=a*b) 1,159 d Est. number of salespeople needed to begin 1.0 e Salesperson cost @ $55,000/yr. plus 45% benefits $79,750 f Est. no. of multi -point businesses in Rogue Valley with 195 Ashland presence g Ashland portion of all multi -point businesses in Rogue 17% Valley (= f/c) _h AFN portion of salesperson, rounded (=d*e*g) $13,558 Alternative ly, AFN must either free up current staff to do some selling by shifting some of their responsibilities to a part-time new hire or hire a qualified part-time salesman. Under this scenario, we project the actual cost to be twice as much ($25,000) in order to be sufficient to attract quality staff and to allow for the inefficiencies of one person covering the region. Capital expenditures Build -out -- partner assumes build -out responsibility to sites outside Ashland; AFN connects Ashland businesses to the network at current prices. Installation -, partner does installation outside Ashland; AFN installs Ashland businesses at current rates of $1,000/installation. Installation in Ashland can be covered by present staff; no additional staffing is required. 42 12, High -Speed Public Access for Tounsts RECOMMENDATION: Pursue this option, but initially as a one-year pilot with one kiosk, This option has been included in the draft 2004 AFN Business flan. Incremental annual revenues $201000 Incremental annual direct costs � 4,00U Annual margin impact $16,000 Total one-time start-up investment $28,000 First year start-up investment = $7,000 ongep AFN provides for -pay public stations („kiosks") with high-speed Internet access similar to those provided in airports, targeted at 1 20,000+ Shakespeare Festival and other tourists to Ashland.. Begin as a one-year pilot with one kiosk, and monitor results. Market ovvortunifty Whereas many of the places in Ashland that the public can access AFN's network require laptop computer, this Initiative is aimed at tourists who do not have a laptop with them but who nonetheless want access to high-speed.. connectivity at places of interest. Use of kiosks is based on industry averages for access of informational kiosks in public areas. Surrey results and secondary research identified the following market conditions: pp Average use time is approximately 10 minutes, for an average of $2 per use. AFN revenues ®Kiosks provide two sources of revenues: usage fees and. advertising. Usage assumptions are estimated above. In some settings advertising revenues can'be as much as usage fees in high -traffic markets, but are conservatively estimated at only one -quarter of this since the advertising base for Ashland is small. .ecu "ng new revenues Assum taons Annual $ a No. of uses per year B4Ooa b Average charMe per use $2.00 c-Annual rec °n revenues from use a b} $16,000 d Advertising revenues as rcent of usa e fees 25% e Annual re advertising revenues (= c $4 0 0 d) f Total annual new recurring revenue (= c + e) $20,onp Technical requirements AFN buys kiosks under warranty from a vendor, and connects them to the AFN network. AFN is responsible for maintenance, collecting money from machines, and providing circuits for credit card users. Operational requirements Kiosks are credit card enabled and billing is automatic. AFN does on -going maintenance of kiosks; major servicing is covered by the vendor der terms of the arran.ty. arketi sales requirements ® Advertising the service includes signs at the kiosks, and display advertising in Shakespeare Festival and. City tourist materials. Selling of local advertising - conducted as a part of AFN staff's marketing to businesses, and has no additional incremental impact if staff are hired for business marketing as recommended elsewhere. Resource re 're tints Assumption detail Credit card -fees -- assume 2% of each transaction. Maintenance - handled by current staff; major servicing provided free under warranty with. vendor. Sales - costs assume the sales, marketing and advertising efforts outlined above. 13, Rebroadcast rora in to Municipal, Overlay Systems outside Ashland -- RECOMMENDATION: Pursue this option, bath on a case -by -case basis with individual municipalities, and also by contributing to the development of regional vehicles for coordination and participation among Oregon municipals. This option has been included in the draft 2004 AFN business Man; however, revenues and costs are assumed at $o until a specific prospective wholesale customer becomes an option. City A - City example example (year 3) (year 3) Incremental annual revenues $1,260,000 $250,000 Incremental annual direct costs - 1145 000 - 230 000 Annual 'Margin impact $115,000 $20 fOOO Co ce t AFN provides the head -end and programming for other communities who have either private or city -funded overlay cable system. AFN provides wholesale signal only, and is not involved in any network build -out, installation, or customer contact in the other co'ties. This may be pursued on a case -by -case basis as cities in the region develop interest in an overlay system. However, preliminary discussions with some cities suggest a significant emerging interest for Oregon cities to develop overlay telecommunications systems that provide CATV and other network services. Some of these cities have begun soliciting bids for CATV programming. There is an opportunity to facilitate the organization of such activities -- not only CATV but all network. services -m and to provide a vehicle for coordinated cooperation among Oregon rr�unicipaiitiesd This could either help facilitate the development of individual agreements among municipalities on a case -by -case basis, or lead to the creation of a regional public entity or authority that raises bonds and manages the networks on behalf of its municipal owners. AFN could potentially benefit from either scenario. We recommend. that AFN (a) take a highly pro -active stance to seek out such cities early in their thinking, since other competing entities (including some municipalities) may do so soon, and (b) consider facilitating an alliance among Oregon municipalities that could lead to formation of an independent authority or similar public entity of which AFN is a part or to which it is a privileged vendor. 46 Market o portunia M The market opportunity will vary with the community that buys AFN's signal. Two examples are given below: an overlay CATV system for a city with 25,000 households and one with 5,000. M Those cities' cable penetration of households passed is assumed at 69%, the national average. 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F r ;n.}\�,xfk j J :::Y"`i::`Y. `. ! t� .,/ . 4 " n''r,' r>,," FM „$: {A rr. r}..f l.•)::\.+iS a Number of households 25,000 51,000 b Percent of households 12assed bX cable s stem 100% c Percent of households passed taking CATV service 69% from some rovider d+ Average overlay ATV s stem's market share, year 3 37% e No. of subscribers for overlay CATV system in year 3 6,383 1,277 F`ricin N.- AFN's ability to mark its programming is limited by Pressures the overlay CATV system will have to deliver service for the least expensive amount. -� The presence of a number of parties capable of and interested in providing CATV programming to Oregon municipal overlay cable TAT systems. ®Informal discussions in the region identified that programming bids for Oregon municipal overlay CATV systems currently may need to be in. the $15- 18/subscriber/monthra e. AFN's current cost of programming is estimated at 14p93/month/sub. A 10% mark-up over AFN's programming cost may still be competitive, and would result in a $16.42/subscriber/mon.th price initially (Like many costs, this will change in the future, and the projected changes are modeled in a separate document, the AFN Business Plan.) AFN revenues Revenues derive from two main sources: Mark-up on programming that AFN resells to the overlay CATV system., assumed at a competitive initial rate of $16.42/subscriber/month. Signal transport is estimated. at $5/month per mile x 14 miles x 12 months = $900. a hTurr�ber of overla A`i�v system i,383 1,277 47 ecurrir�, new revenues - examples ►les .� �i�m Cif .. B . example exam to subscribers b Annual g programming cost per subscriber $197.08 $197.08 C $16.42/month c A.nnual recurring new revenues (=a*b) $1.,257,962 $251.,671. Organizational st cturin A .umber of elements may now be in place to facilitate the development of regional affiliations among Oregon municipalities: Interest. On an individual basis, a number of Oregon municipalities indicate interest in potentially developing or participating in a fiber network to provide CATV and other data services. Some of these have requested bids for CATV programming. Shared needs. Informal discussions with. these Cities suggest they share a number of common interests but that these are not coordinated or facilitated in any clear ;way except trough loose networking among City Administrators. �- Programming availability and capabilities in fiber network management. Entities such as AFN and its potential competitors have expertise in fiber network management, and provide programming. Some entities include public organizations such as Benton I'UD's Broadstream. -- Fiber transport vehicles to connect cities. With fiber network such as NoaNet and Hunter Communications increasingly providing transport among Oregon cities, there are technical opportunities to connect interested. Oregon cities and so to share the management and cost of some services, e.g., CATV programming. p Regional affiliations may take any number of forms. - Informal networking on ideas and developments, but on a structured and regular basis. — Case -by -case negotiated contracts to provide services such as CATV programming or technical services between individual municipalities. -- Participation in the Oregon Telecommunications Coordinating Council. — Development of a regional authority devoted to municipal telecommunications development. This authority might either facilitate sharing of services among participants, or negotiate collectively with cable companies regarding participants' franchises, or raise capital, own and manage networks on behalf of its owners. Technical requirements AFN already has the assets required to transmit signal (head -end facility, dishes). AFN has no new technical requirements. Any new technical requirements would be the responsibility of the overlay CATV provider, including the connection between the overlay CATV system and AFN's head.. end. presence, and network build -out to subscribers. Operational re u rernents Technical support for programming -- provided by AFN. d 48 Installation. and trouble calls -- assume this is performed by the overlay CATV system, which may choose to contract with AFN for this service. For purposes of our model, we assume no installation revenues for AFN. arketin sales rec tuirements AFN is not involved in marketing or selling , only in wholesaling its signal. The overlay :ATV operator does all marketing and selling. Sim a of roles and res onsibil.ities verlay CATV operator's responsibilities: Funding of the build -out in the new locality, and management of build. -out contractor. Payment for signal transport from Ashland's head -end to the CATV overlay system. Installation and cable drops. -- Purchase and resell local spot ad slots. -� All customer contact except installation-, marketing, billing, and customer support. AFN responsibilities: -- Programming signal. — Technical support related to programming and network. Resource requirements Direct costs City A - Citxj example exaT le a Programming costs C $14.93/subscriber $1,143,578 $228,787 /m:onth initially b Total re.cu.mng.direct casts [b =ail $1,143,578 $228,787 kAtwy of Ashland Internal A.UN'lJevelo"ment Table of Contests 2 0 Charter ■ AFN ®erChart ■ AFi�d qA .� S el 4> Qfi Ile Cie Co Ab 4 ecoen anion # : Develop a set of customer service guarantees backed by payment to storms if AFN fails to meet the standard. The u ose �s not to rape �,.F�'s already strong customer service standards, but to ,convey those standards clearly and strongly so that AFN and charter customers alike identify AFN with strong customer service. -- Although customer service guarantees are highly or very important to only 10% of AFN customers, they are almost 3 tunes as important to Charter customers, who indicate some willingness to switch providers to have guaranteed service levels. -- Companies typically establish guarantees for service levels they are already meeting almost all the time. The amount they end up paying out to customers is usually minimal. xamn les of utility customer service guarantees include: p Installation occurs on at the promised day Installation occurs within an hour of the appointed time ® Response within 4 business hours to investigate trouble call from the time AFN is notified ® Timely, courteous service oted price is the one billed Accurate billing --Customer compensation vanes with the standard., and can vary from none (e.g., call this number if you experienced a customer service problem) to $10, $25 or $50 if the standard is not met. 'Total costs per year per subscriber typically run. from 3/10 of 1 cent to $1, and would be on the low end for AFN. -- The program requires documenting performance, but documentation is usually available in each of the above in the form of work, orders and bills. By using existing reporting devices, new time requirements are limited to verifying breaches of standards that customers bring to AFN's attention, rather than developing a whole new monitoring system. MARKETING, SALES, CUSTOMER CUSTOMER RETENTION WIN Recommendation # 2: Continue to pursue direct sales (door-to-door) programs for residential customers as it has, emphasizing: - Targeted customers who are known to be "in the market" (e.g., have just moved and not signed up for AFN). Blanket non -subscriber door-to-door campaigns. ® Recommendation # 1 Bring responsibility for door-to-door sales in-house, and combine it Frith other sales responsibilities �- Current subcontracted door-to-door salesmen decide if and when they want to pursue leads, and are not always following up direct known. prospects (e.g., customers who signed up for CATV but not cable modem) in a timely fashion. :Increased cost will be mostly offset by elimination of commissions. 5 0.5 FTE to conduct door-to-door sales and to provide sales and marketing support to other marketing activities (bulk CATV, advertising, CATV programming, cable modern marketing 91 Recommendatiqn # 4® Offer an incentive for customers to sign up for CATV and cable modem service before they leave the utility office or before they finish their call with stainer service representatives New recommended customer acquisition initiatives (see the document "'Market Development Opportunities: Descriptions) accomplish this objective. Reco endatlon : Develop accurate, up-to-date target lists prospects, based on accurate, up-to-date information on current and non --subscribers for both CATV and cable modem -- This recommendation addresses several marketing improvements: Current information on subscribers and non -subscribers is difficult to keep current and does not include who AFN's cable modem customers are e " `dative allows AFN to identify and target non -subscribers more accurately, and improve the ROI on sales activities and promotions (e.g., it enables AFN to target only hose customers who take one AFN service and not the other, for a bundled 10°lam discount). Reduces the time Customer Service Reps must spend now to look up and ren this information on a ease -by -case basis. - Devote a 0.25 FTE of a clerical staff member to first update and then maintain accurate customer data of: Which addresses are serviceable, which are not (AFN is uncertain about a number of addresses noted. as "service check." in its databases) Whether the location has been activated in the past fm Whether AFN has a: CATV or cable modern customer there (integrating data from retail ISPs), for more effective targeting (Some of this kind of analysis is already being done, but only on a case -by - case basis as questions or new subscribers arise, and is not comprehensive.) -- Database Administrator writes a program that will automatically update this information on a moving forward basis After initial setup, clerical support person maintains the data (at a reduced time commi.tn ent) and shifts the remaining time in the part -erne position to supporting Marketing. Recommendaflon # 6. Programming Committee should work with AFN staff to incorporate a "business case"` methodology into its channel line-up decisions, that not only identifies customer interest in potential channels., but that also: - Routinely (at leastannually) collects usage information for all channels. -- Uses this to determine the cost versus revenues for the channels. -- Factors this information, along with competitive, political and other relevant factors, into its channel selections. Staff incentives Recommendation 7: Develop a friendly, organizational culture -sensitive incentive program for AFN staff who have direct contact with customers, to help keep AFN sales or upgrades "top of mind." while talking Frith. customers -- Currently, utility customer service representatives are diligent about offering CAT' d cable modem service to customers., and close more sales than not 6 -- der the currents stern staff brings u AFN because they have to (and However, ur°� y g P want to) and can afford to be indifferent about the results. The current system requires that they offer AFN, but does not encourage them to necessarily try har or "'take a risk." to actively promote the benefits of AFN. For C Rs develop an incentive program where rewards are based on the total performance of the whale group and are shared among all CSRs. Similarly, pay installers who upgrade a customer during installation tot e next higher level, or to a premium package or PPv. -- The program pays for itself if it increases staff's sales closing rate just 5%. ADVERTISING ire °s" es AF 's advertising themes used to date are appropriate and- effective, including: local service y local people you know, reIsponsiveness and service, many options to choose from. on price, value for the dollar, and (for Z P) speed and choice. Having programming decisions made locally is important to a core of CATV customers, but only a small care (5% said it was extremely important to there), and does not need to be a central theme. Recommendation # 8: Advertise the total price that the customer actually pays, avoiding any ether fees that others might hide or tack on. Potentially AFN could make a point of emphasizing this repeatedly, usually as a part of other advertising that AFN is already doing, so that over time customers associate "no hidden costs" and "the honest price" with. AFN. Positions AFN as honest, trustworthy and reputable, in keeping with its current image. AFN may lose some customers when competitors advertise a slightly lower price, but these lost customer will tend to be those who are shopping just on price and who do not tend to be loyal customers anyway. eco endation # , Create more public ambassadors who will unflinchingly advocate AFN as the right choice for its citizens and who are constantly asking individuals they know to join AFN. -- AFN should be pro -actively engaging the local community to tell its _story of value, the savings it has created for Ashland citizens, and to ask for them to become customers. Media Recommendation # 10: Continue AFN's emphasis on print media (newspapers, and, additional direct mail) as a cost-effective advertising tool with low CPM rates that CATV customers also say is highly effective. Continue to draw on other (broadcast) media only selectively, and typically for calls to action that may be linked to special promotions. Continue AFN's participation in community event sponsorships. 7 Reslidentlial customer preferences for effective communications Percent responding "is a valuable information source" tomer, revenue and. cost history, but it should proactively measure and. monitor the recent s , drivers of that history -- such as household growth, slowing growth in customer adoption of ATV and cable modern services, and market share. This allows AFN to use the business model as something more than a quota -setting system. It allows AFN to have a dynamic model whose projections are updated to reflect changing market conditions not just changing customer counts. AFN should be using the business model to, proactively and on a scheduled basis, ask and answer questions such as: — Did household and business formation occur as we thought they would.? -�--� Is the market in Ashland (all customers, including Charter's) adopting CATV and cable modem at the growth rates we expected? How is their adoption rate of these services changing? — what is the trend of our market share versus Charter's? OPERATIONS Recommendation Note — this recommendation will become part of the recommendation to enhance standards for retail I Ps, described in the document, "Market Development Opportunities: Descriptions.") ") Provide all new cable modem subscribers with a CD that has each ISP's demo o it (content provided b the ISP) and a mechanism to sign-up with. -- Facilitates more rapid decision -making; and simplifies the customer's search. -- Include specific, simple instructions for steps the customer follows to select the ISP and get hooked to the network.. - With further development, the CD could potentially also enable the customer to install the software for the .selected. ISP, and activate the account without a separate ISP field. visit. Recommendation # 1.5: Replace one of the D 3s that AFN now uses with a fractional DS3 or its equivalent (10 MB) from a CLEC. Move a router to Medford to facilitate redundancy and back-up. AFN has two D3s that provide AFN with physically independent redundant Internet connectivity. The second DS3 carries some traffic but also provides critical bandwidth redundancy in the event that the first has a problem. -- However, the second DS3 is only 25-35% utilized; a full DS3 is not necessary. A fractional DS3 can be leased for less. In addition, AFN should move a router to Medford in order to: Provide a little more protection for the second DS3 Extend AFN backbone in to Medford, thus facilitating AFN interconnection with other entities outside of Ashland in order to pursue new market opportunities outside of Ashland. Although AFN would lose wholesale revenue ($1,815 a month) that it currently earns from leasing bandwidth on its second. DS3 to Hunter Communications, AFN would now (a) pay approximately $4,000 a month for a fractional DS3 and (b) avoid paying $11,000 a month for a fall DS3. Net savings are more, than. $5,000 a month. Recommendation # 16- Add an additional 0.5 FTE technical support staff to fill a variety of technical disciplines: 9 Network administration - deepens and spreads system and network expertise among more staff, and frees up the Network Administrator to better support the Chief PP Engineer in trouble support, customer contact and technology development. g -- Trouble call support - ensures the ability to support trouble shooting from the head - end. -- Back up the head -end tech - spreads head -end expertise among more staff, ensuring appropriate level of back up and. coverage. ®Recommendation # 17: Add an. additional 0.5 FTE installer (anal. eliminate 0.25 FTE temporary installer) to fill field installation and construction needs in the field: Installation and disconnects Installation backlog varies from several days to several weeks, and because of SOU, AFN has more peaks and valleys in its installation cycle than most systems. Benchmarks suggest AFN is short about 12 an installer compared. Frith other systems. On the other Band., customers do not appear to be leaving or switching because of installation problems, and do not appear to be unhappy with the tallation experience (on the CATV side). Therefore this initiative would not increase or Delp retain revenues. It would simply be an investment in greater customer satisfaction and value. Some of the increase in cost would be offset by reduction in some temp time and, by having the 5--day workweek include Saturdays, reduce overtime as well. New conduitfor growth Provide conduit in a timely fashion to new households and subdivisions that are within. ,FN's service area, so that new household growth can be captured on the system.. STAFFING SUMMARY F THE RECOMMENDATIONS Depend'ng on the specific skill -sets available in local job pool (including Medford) and among current AFN temporary employees, the specific ways that the following requirements e combined may Crary. That combination will depend upon available skill -sets and the individual`s willingness to work part-time v. full-time. For budgeting purposes the requirements are: Residenti'al salesperson - 0.25 FTE to conduct door-to-door campaigns and provide additional back-up marketing support to AFN Marketing Manager. ® Clerical support - 0025 FTE to initially update and maintain customer data (including incorporating cable modem subscribers into the database) under the direction of the Database Administrator, and then on an on -going basis to maintain that, data and provide clerical support to AFN's Marketing Director. Technical support-- 0.5 FTE to conduct Network Administrator, head -end and trouble- shooting activities. Fiel lns ler �- 0.5 F'T to conduct field. installations and disconnects, and to lay conduit. 10 No. Recommendation Annualized Annualized Net impact new revenue new direct generation or costs savin s 1 Customer service guarantees $3,500 $3,500 $0 3 Residential market direct sales $14,000 $18,125 ($4,125) 5 Updated subscriber and non -subscriber of a $10,0o0 ($10,000) database (0.25 FTE) Staff incentives $3,300 $1,500 $1,800 7 15 Shift to fractional DS3 $110,220 $48,000 $62,220 16 T Uport. person (0.5 FT) $10,000 $40,OOO ($30 fOOO) 17 Field Installer (0a5 ) $10,000 $30 f5OO ($20 f5OO) Total impacts $151r020 $151f625 ($605) Assumption detail Customer service guarantees #1) --Revenues - some customers may switch to A.FN as a result of this initiative, but its principal value is in overall brand positioning and influencing new CA.TV y households to adopt A.FN in the future. Costs ® pay -outs - less than. $1,500 (5 instances a month. at $25 each.). IM Advertising - $2,000 Clerical time — absorbed by present customer service staff with minimal requirements (e.g., 5 instances a month) For modeling purposes, we assume no net financial impact from this initiative: minimal pay -outs to customers and other costs are offset by minimal revenues that result from customers who switch to A.FN. Residential are direct sales 03) Revenues m although it may improve upon the closing rate that commissioned sales now generate, for modeling purposes we assume no increase in revenues. -- Savings - the $1,000 AFN now pays in commissions will be replaced with staffing costs. -� Costs -- salaries for 0.25 FTE @ $50,000 + 45% benefits = $18,125. Develop and maintaiin current subscriber, non -subscriber, and cable modern lists 05) --Costs - $10,500 (0.25 FTE $29,000 plus 45% benefits) Initial set-up - the equivalent of one person for two to three month (0.25 FTEs) to set up, populate and verify data under guidance from the Database Administrator lI