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8.A. - Page 59
<br /> Historical Revenues,Expenses and Debt Service Coverage
<br /> The following table presents Enterprise revenues and expenses for each of the five fiscal
<br /> years ended June, 30, 2010, through 2014, including debt service coverage. The table shows, as a
<br /> separate line item, the aggregate amount of expensed capital fund expenses that have been
<br /> deducted from maintenance and operating costs for the purpose of reporting debt service
<br /> coverage in the years ended June 30, 2010 through June 30, 2012. Expensed capital fund
<br /> expenses are no longer deducted from maintenance and operating costs for the purpose of
<br /> reporting debt service coverage.
<br /> Table 17
<br /> Historical Revenues and Expenses
<br /> Fiscal Year ended June 30,
<br /> Fiscal Year Ended
<br /> 2010 2011 2012 2013 2014
<br /> GROSS REVENUES
<br /> Charges for Services $23,063,981 $26,004,878 $28,110,649(3) $33,167,498 $35,655,559
<br /> Non-operating Income 271,165 237,665 215,531 105,202 255,820
<br /> TOTAL GROSS REVENUES 23,335,146 26,242,543 28,326,180 33,272,700 35,911,379
<br /> MAINTENANCE AND
<br /> OPERATION COSTS(1) 18,396,764 19,440,666 23,189,096 25,992,025 25,032,582
<br /> Expensed Capital Projects (975,340) (842,887) (1,085,647) — —
<br /> REVISED MAINTENANCE AND
<br /> OPERATION COSTS(2) 17,421,424 18,597,779 22,103,449 25,992,025 25,032,582
<br /> NET REVENUES AVAILABLE
<br /> FOR DEBT SERVICE 5,913,722 7,644,764 6,222,731 7,280,675 10,878,797
<br /> 2005 Installment Payments 2,145,874 2,144,712 2,146,699 2,147,673 464,377(4)
<br /> 2006 Installment Payments 1,569,129 1,569,703 1,569,579 1,573,754 1,572,054
<br /> 2007 Installment Payments 950,525 946,350 946,725 946,425 950,450
<br /> 2013 Installment Payments — — — — 1,584,262
<br /> TOTAL DEBT SERVICE 4,665,528 4,660,766 4,663,003 4,667,853 4,571,143
<br /> DEBT SERVICE COVERAGE 1.27x 1.64x 1.33x 1.56x 2.38x
<br /> Source:City of Redwood City.
<br /> (1) As reported in the CAFR.Excludes depreciation and amortization.
<br /> (2) Adjusted to exclude discretionary capital expenses that were not capitalized in the City's CAFR.
<br /> (3) Varies from the total amounts on Tables 15 and 16 due to miscellaneous adjustments and credits made to
<br /> customers'accounts.
<br /> (4) Accrued interest from February 1, 2013 to June 20, 2013. This amount was scheduled to be paid in Fiscal Year
<br /> 2014 but was paid in Fiscal Year 2013 as part of the refunding of the 2005 Bonds. It is shown as originally
<br /> scheduled in Fiscal Year 2014 in order to avoid inflating debt service coverage for that year.
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