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The system's financial performance has been historically solid, with above 2.0x DSC consistently since 2009 and 2.6x DSC in fiscal 2013. The county's conservative management maintains this positive coverage level as well as substantial cash reserves in an effort to guarantee available cash for unforeseen system needs. Unaudited coverage for fiscal 2014 is expected to be 2.6x and near 2.0x through fiscal 2019 according to a management -provided financial forecast. Based on historic performance and restrained capital and expenditure needs, Fitch expects that positive financial results will continue. Liquidity is extremely strong, with the system ending fiscal 2013 with more than $43 million in unrestricted cash, equivalent to nearly 1,000 days of operating expenses on hand. Unaudited fiscal 2014 results show a decline in cash to roughly $36 million as the system cash -funded a portion of the Osprey Marsh capital project. The fiscal 2014 cash balance nonetheless yielded roughly two years' worth of cash available for operations. LOW DEBT, MANAGEABLE CAPITAL NEEDS The system's low debt profile is a key credit strength. Debt per customer is just $589 in fiscal 2013, well below average compared to other similarly rated systems. Debt to net plant was also low at just 21% for the same period, and debt amortization is well above average with 100% of outstanding bonds retired within 10 years. Management has indicated that it will spend roughly $14 million in available cash to redeem a portion of its outstanding callable debt in 2015, reducing its overall burden going forward by 38%. Cash projections even after this payment remain robust. The county's modest four-year $13 million CIP will be funded equally by grants and existing cash. Historic capital spending since 2010 has been variable, with capital expenditures (CapEx) relative to the rate of annual depreciation averaging only 41% during that time. While Fitch views this level of CapEx as somewhat weak and possibly as an indicator of deferred maintenance, the system underwent substantial capital investment in 2008 to ensure long-term supply and capacity availability, and management has described the system's current and future capital needs as in R&R and growth accommodation stages, with several intermittent larger projects that are ably paid for with existing and growing cash. In addition, management restricts $3.5 million of cash annually solely for R&R so that resources are always available to meet capital needs as they may arise. Fitch is comfortable with the level of capital investment based on the system's abundance of available cash, ample debt - issuance capacity, and affordable rate structure that would allow for additional revenue growth if necessary. LOW CUSTOMER CHARGES The average residential customer bill of $60 for combined service assuming 7,000 gallons of use is affordable at 1.6% of median household income (MHI). Rates should stay competitive as the county has a very manageable capital program that is expected to be funded with cash and connection fees. Rates have not been raised since 1999, and though management has no plans to raise them in the financial forecast, it is entitled to do so per a rate resolution should the necessity arise. ABUNDANT WATER SUPPLY AND SOUND INFRASTRUCTURE The county's water and sewer system provides services to a mostly residential customer base of approximately 46,200 water, and 26,900 sewer accounts as of fiscal 2014. There is no customer concentration, and despite recent economic and housing market weakness, the county's mostly residential customer base has been relatively stable. Water is supplied through various wells from the Floridan Aquifer, with treatment provided by one of two county -owned treatment facilities. The water treatment plants have a combined 20.1 million gallons per day (mgd) of treatment capacity, which is more than sufficient to meet the system's 47