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Historical Revenues and Expenses
<br />The following table shows a five-year history of revenues, expenses, and net revenues
<br />based on information provided in the City's audited financial statements and by the City.
<br />Table A9
<br />Sewer Enterprise — Historical Revenues, Operating Expenses, and Net Revenues
<br />Fiscal Year Ended June 30
<br />Fiscal Year Ending June 30
<br />2013
<br />2014
<br />2015
<br />2016
<br />2017
<br />City Share of SVCW 2009 Bonds
<br />(Audited)
<br />(Audited)
<br />(Audited)
<br />(Audited)
<br />(Audited)
<br />Adopted Rate Increase (rounded)
<br />9%
<br />9%
<br />9%
<br />9%
<br />2%
<br />REVENUES
<br />-
<br />-
<br />-
<br />121,503
<br />1,038,950
<br />Sewer Service Charges
<br />$26,569,508
<br />$28,218,306
<br />$31,232,763
<br />$33,479,149
<br />$36,702,114
<br />Connection Fees
<br />1,057,492
<br />877,109
<br />1,329,542
<br />1,272,329
<br />366,664
<br />Investment Earnings & Other Revenues
<br />14,735
<br />127,201
<br />177,602
<br />250,884
<br />225,234
<br />Total Revenues
<br />27,641,735
<br />29,222,616
<br />32,739,907
<br />35,002,362
<br />37,294,012
<br />EXPENSES
<br />4.71
<br />4.74
<br />3.33
<br />4.06
<br />3.26
<br />ODeratino & Maintenance
<br />9,633,093
<br />10,730,854
<br />11,239,880
<br />14,297,034
<br />12,900,141
<br />Operating Expenses from Audit
<br />19,287,430
<br />19,989,758
<br />22,081,105
<br />34,345,565
<br />26,675,533
<br />Less Depreciation
<br />(525,718)
<br />(523,563)
<br />(581,078)
<br />(627,173)
<br />(670,287)
<br />Less SVCW Bond Debt ServiceM
<br />(2,598,152)
<br />(2,869,674)
<br />(4,819,301)
<br />(4,669,331)
<br />(5,701,084)
<br />Less SVCW Non -Operating Payments
<br />(753,070)
<br />(974,433)
<br />(13,013,064)
<br />(1,611,375)
<br />Plus Transfers Out
<br />—
<br />23,047
<br />—
<br />516,286
<br />517,835
<br />Net Operating Expenses
<br />15,410,490
<br />15,622,088
<br />16,680,726
<br />16,035,997
<br />18,692,787
<br />Net Revenues
<br />12,231,245
<br />13,600,528
<br />16,059,181
<br />18,966,365
<br />18,601,225
<br />Debt Service (1)
<br />City Share of SVCW 2008 Bonds
<br />452,043
<br />360,802
<br />450,194
<br />345,206
<br />0
<br />City Share of SVCW 2009 Bonds
<br />2,146,109
<br />2,110,594
<br />2,180,607
<br />1,731,416
<br />2,193,074
<br />City Share of SVCW 2014 Bonds
<br />-
<br />-
<br />1,790,222
<br />2,072,928
<br />2,070,782
<br />City Share of SVCW 2015 Bonds
<br />-
<br />-
<br />-
<br />121,503
<br />1,038,950
<br />Total Senior Debt Service
<br />2,598,152
<br />2,471,396
<br />4,421,023
<br />4,271,053
<br />5,302,806
<br />Senior Debt Service Coverage
<br />4.71
<br />5.50
<br />3.63
<br />4.44
<br />3.51
<br />City Share of SVCW SRF Loans
<br />-
<br />398,278
<br />398,278
<br />398,278
<br />398,278
<br />Total Debt Service
<br />2,598,152
<br />2,869,674
<br />4,819,301
<br />4,669,331
<br />5,701,084
<br />Total Debt Service Coverage
<br />4.71
<br />4.74
<br />3.33
<br />4.06
<br />3.26
<br />Net Revenues After Debt Service
<br />9,633,093
<br />10,730,854
<br />11,239,880
<br />14,297,034
<br />12,900,141
<br />Cash & Equivalents June 301�1
<br />$14,771,134
<br />$21,643,469
<br />$27,497,483
<br />$25,342,608
<br />$31,507,971
<br />Days Operating Cash June 30
<br />350
<br />506
<br />602
<br />577
<br />615
<br />(1) Net of reserve and interest credits received by the City.
<br />(2) Unrestricted cash and investments of the Sewer Enterprise Fund as reported in the
<br />City's Comprehensive Annual Financial
<br />Reports.
<br />Source: City of Redwood City and City of Redwood City Comprehensive Annual Financial
<br />Reports for years
<br />2013 - 2017.
<br />A-17
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