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Schedule 12 (Continued)
<br />CITY OF REDWOOD CITY, CALIFORNIA
<br />PLEDGED-REVENUE COVERAGE
<br />Last Ten Fiscal Years
<br />Port Revenue Bonds
<br />Less:Net
<br />Fiscal Gross Operating Available Coverage
<br />Year Revenues Expenses1 Revenue Principal Interest Ratio2
<br />$$$$$
<br />2008 6,188,729 2,529,213 3,659,516 250,385 524,033 4.73
<br />2009 5,967,743 2,516,939 3,450,804 266,528 512,090 4.43
<br />2010 5,729,278 2,648,046 3,081,232 277,721 499,137 3.97
<br />2011 5,820,715 2,561,439 3,259,276 288,969 485,389 4.21
<br />2012 6,159,871 2,746,082 3,413,789 305,273 471,085 4.40
<br />2013 6,262,660 2,703,564 3,559,096 644,144 875,483 2.34
<br />2014 6,824,474 2,786,181 4,038,293 646,186 819,930 2.75
<br />2015 6,721,955 3,033,231 3,688,724 710,341 807,953 2.43
<br />2016*6,779,863 2,823,939 3,955,924 772,130 630,193 2.82
<br />2017 7,127,814 3,106,577 4,021,237 771,916 577,965 2.98
<br />Tax Increment Bonds
<br />Property
<br />Tax Coverage
<br />Increment Principal Interest Ratio
<br />$$$
<br />2008 8,416,294 1,210,000 988,415 3.83
<br />2009 7,921,159 1,270,000 929,730 3.60
<br />2010 3 7,953,318 4,195,000 886,687 1.57
<br />2011 7,552,777 1,225,000 632,713 4.07
<br />2012 4 1,265,000 585,975
<br />2013 4 2,480,000 511,075
<br />2014 4 2,895,000 385,481
<br />2015 4 3,045,000 229,556
<br />2016 4 3,142,669 292,144
<br />2017 1,889,861 1,615,139
<br />2 Debt service coverage is calculated using maximum annual debt service as required for the annual disclosure report.
<br />3 In FY 2009-10, the 1997 Tax Increment Bonds were paid off resulting in additional principal payment of $2,865,000.
<br />Redevelopment Agency is no longer in existence to receive tax increment revenue.
<br />*2016 Port Operating Expenses were restated in FY 2017.
<br />and is disbursed according to the provisions of AB X1 26 and AB 1484, the clean-up legislation that
<br />became law effective June 27, 2012. Under these laws the Successor Agencies to the Redevelopment
<br />Agencies now receive funding from the RPTTF to pay these types of debt obligations as the
<br />Debt Service
<br />Debt Service
<br />4 As a result of the California Supreme Court upholding AB X1 26, Redevelopment Agencies were eliminated as of
<br />January 31, 2012. Consequently, all former tax increment revenue is retained by the County of San
<br />Mateo Controller's Office and deposited into the "Redevelopment Property Tax Trust Fund" (RPTTF)
<br />1 Port operating expenses above exclude $406,792 subvention to the City and depreciation.
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<br />6.1.E. - Page 165
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