Reclamation will consider the following factors:

1. (a) Economic factors for the project area, relative to the state average, including:

   1. (1) Per capita income;
   2. (2) Median household income; and
   3. (3) The poverty rate;
2. (b) The ability of the project sponsor to raise tax revenues or assess fees such as user fees and ad valorum taxes or issue bonds;

3. (c) The strength of the project sponsor financial statements in comparison to other similar entities over the previous 4 years, including a review of:

   1. (1) Current (includes cash and inventory) and non-current assets (property, plants etc.);
   2. (2) Net Assets (total assets minus total liabilities);
   3. (3) Changes to net assets;
   4. (4) Operating revenues (water and power sales);
   5. (5) Operating expenses (variable costs and depreciation, maintenance and repair);
   6. (6) Cash flow from operating activities (positive value from water sales minus payments to supplies and employees);
   7. (7) Current (current bonds payable and accounts payable) and non-current liabilities (long term debt payable);
   8. (8) Outstanding debts and all other financial obligations;
   9. (9) Collateral/equity as appropriate;
   10. (10) Cash flows from capital and related financing activities (negative value from principle paid on bonds and interest payments);
   11. (11) Net cash flow; and
   12. (12) Any non-operating revenues and expenses;
4. (d) Funding commitments from non-Federal sources, other than the non-Federal project sponsor, including resources committed by state, county, or local governments;
5. (e) The existing cost of water and the cost to develop new water supplies in the region; and
6. (f) The impact of the proposed project on water rates;
7. (g) The projected impact of the proposed project on the non-Federal project sponsor's ability to raise or generate revenues;
8. (h) The non-Federal project sponsor's financial history including their past performance on repaying loans and other debts; and
9. (i) Any other financial means of the non-Federal project sponsor that is not captured in this subsection.