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<br />Historical Revenues, Expenses and Debt Service Coverage
<br />
<br />The following table presents Enterprise revenues and expenses for each of the five fiscal
<br />years ended June, 30, 2012, through 2016, 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 />
<br />Table 17
<br />Historical Revenues and Expenses
<br />Fiscal Year ended June 30,
<br />
<br /> Fiscal Year Ended
<br /> 2012 2013 2014 2015 2016
<br />GROSS REVENUES
<br />Charges for Services $28,110,649 (3) $33,167,498 $35,655,559 $35,035,470 $36,906,034
<br />Non-operating Income 215,531 105,202 255,820 288,210 306,764
<br />TOTAL GROSS REVENUES 28,326,180 33,272,700 35,911,379 35,323,680 37,212,798
<br />
<br />MAINTENANCE AND
<br />OPERATION COSTS (1) 23,189,096 25,992,025 25,032,582 25,430,020 28,248,490
<br />Expensed Capital Projects (1,085,647) — — — —
<br />REVISED MAINTENANCE AND
<br />OPERATION COSTS (2) 22,103,449 25,992,025 25,032,582 25,430,020 28,245,176
<br />
<br />NET REVENUES AVAILABLE
<br />FOR DEBT SERVICE 6,222,731 7,280,675 10,878,797 9,893,660 8,967,622
<br />
<br />2005 Installment Payments 2,146,699 2,147,673 464,377 (4) — —
<br />2006 Installment Payments 1,569,579 1,573,754 1,572,054 1,569,014 —
<br />2007 Installment Payments 946,725 946,425 950,450 948,475 946,025
<br />2013 Installment Payments — — 1,584,262 2,058,762 2,058,113
<br />2015 Installment Payments — — — — 1,205,491
<br />TOTAL DEBT SERVICE 4,663,003 4,667,853 4,571,143 4,576,251 4,209,629
<br />
<br />DEBT SERVICE COVERAGE 1.33x 1.56x 2.38x 2.16x 2.13x
<br />
<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 30, 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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<br />8.C. - Page 59
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