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8.A. - Page 48 of 73
<br />Attachment D
<br />TABLE A10
<br />CITY OF REDWOOD CITY SEWER UTILITY FUND
<br />PROJECTED OPERATING RESULTS AND DEBT SERVICE COVERAGE
<br />FISCAL YEAR ENDING JUNE 30
<br />A-20
<br />562
<br />2019
<br />2020
<br />2021
<br />2022
<br />2023
<br />GROSSREVENUES
<br />Sewer Service Charges(l)
<br />$ 37,568,000
<br />$ 40,333,000
<br />$ 41,988,000
<br />$ 43,750,000
<br />$ 45,851,000
<br />Connection Fees()
<br />400,000
<br />400,000
<br />100,000
<br />100,000
<br />100,000
<br />Investment Earnings and Other Revenues (3)
<br />537,000
<br />578,000
<br />592,000
<br />602,000
<br />608,000
<br />Total Gross Revenues
<br />$ 38,505,000
<br />$ 41,311,000
<br />$ 42,680,000
<br />$ 44,452,000
<br />$ 46,559,000
<br />OPERATION AND MAINTENANCE COSTS
<br />Operating Expenses (4)
<br />$ 19,578,000
<br />$ 20,281,000
<br />$ 20,977,000
<br />$ 21,727,000
<br />$ 21,989,000
<br />Total Operation and Maintenance Costs
<br />$ 19,578,000
<br />$ 20,281,000
<br />$ 20,977,000
<br />$ 21,727,000
<br />$ 21,989,000
<br />NET REVENUES
<br />$ 18,927,000
<br />$ 21,030,000
<br />$ 21,703,000
<br />$ 22,725,000
<br />$ 24,570,000
<br />Financing Agreement Supported Authority Debts)
<br />SVCW 2009 Bonds (6)
<br />$ 2,889,828
<br />$ 1,831,150
<br />$
<br />$
<br />$
<br />SVCW 2014 Bonds
<br />2,071,587
<br />2,071,801
<br />2,072,874
<br />2,072,338
<br />2,072,874
<br />SVCW 2015 Bonds
<br />1,005,050
<br />1,567,650
<br />2,795,250
<br />2,789,000
<br />2,790,000
<br />SVCW 2018 Bonds
<br />4,559,729
<br />4,561,894
<br />4,559,769
<br />4,559,269
<br />4,560,143
<br />Future SVCW Bonds
<br />353,395
<br />WIFIA Loan(')
<br />Total Financing Agreement Supported Authority Debt
<br />$ 10,526,194
<br />$ 10,032,495
<br />$ 9,427,893
<br />$ 9,420,607
<br />$ 9,776,412
<br />Parity Debt Coverage (8)
<br />1.80
<br />2.10
<br />2.30
<br />2.41
<br />2.51
<br />Net Revenues Available to Pay Other SVCW Obligations
<br />$ 8,400,806
<br />$ 10,997,505
<br />$ 12,275,107
<br />$ 13,304,393
<br />$ 149793,588
<br />City Share of Other SVCW Obligations(')
<br />SRF Loan
<br />$ 1,315,327
<br />$ 1,315,327
<br />$ 1,315,327
<br />$ 1,315,327
<br />$ 1,315,327
<br />Future SRF Loan
<br />2,803,559
<br />Total City Share of Other SVCW Obligations
<br />$ 1,315,327
<br />$ 1,315,327
<br />$ 1,315,327
<br />$ 1,315,327
<br />$ 4,118,886
<br />Net Revenues Available to Pay Subordinate Debt
<br />$ 7,085,479
<br />$ 9,682,178
<br />$ 10,959,780
<br />$ 11,989,066
<br />$ 10,674,702
<br />Subordinate Debt(10)
<br />Series 2019 Notes01)
<br />$
<br />$
<br />$
<br />$
<br />$
<br />Total Subordinate Debt
<br />$ --
<br />$ --
<br />$ --
<br />$ --
<br />$ --
<br />Subordinate Debt Coverage
<br />N/A
<br />N/A
<br />N/A
<br />N/A
<br />N/A
<br />Net Revenues Available to Pay Capital & Other Non -
<br />Operating
<br />$ 7,085,479
<br />$ 9,682,178
<br />$ 10,959,780
<br />$ 11,9899066
<br />$ 10,674,702
<br />Capital & Other Non -Operating
<br />City Capital Improvements
<br />$ 7,020,000
<br />$ 7,000,000
<br />$ 7,500,000
<br />$ 7,500,000
<br />$ 8,500,000
<br />Additional Temporary Capital Funding
<br />1,000,000
<br />1,500,000
<br />2,500,000
<br />SVCW Pay -Go Capital Funding
<br />722,000
<br />874,000
<br />729,000
<br />729,000
<br />729,000
<br />SVCW SRF Reserve Contributions(12)
<br />478,000
<br />486,000
<br />729,000
<br />971,000
<br />1,214,000
<br />Total Capital & Other Non -Operating
<br />$ 8,220,000
<br />$ 9,360,000
<br />$ 10,458,000
<br />$ 11,700,000
<br />$ 10,443,000
<br />Net Revenues (Deficit) Available After Capital & Other
<br />Non-Operating(13)
<br />$ (1,134,521)
<br />$ 322,178
<br />$ 501,780
<br />$ 289,066
<br />$ 231,702
<br />0) Includes revenues from City sewer accounts and
<br />contract agencies.
<br />For 2018-19, City sewer accounts represents
<br />2018-19 budgeted
<br />amounts
<br />adjusted to reflect the actual 2018-19 tax roll. Subsequent years assume
<br />annual growth in
<br />accounts of 0.12%
<br />and annual rate increases of
<br />4.5%. No assurances can be made that such rate increases will be approved. See the caption
<br />"—Wastewater Rates"
<br />herein.
<br />(2) Represents adopted 2018-19 budget amount.
<br />0) Includes interest income and other miscellaneous revenues. Interest income assumes an annual earnings rate of 2%.
<br />(Footnotes continued on following page)
<br />A-20
<br />562
<br />
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