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8.A. - Page 41 of 51 Historical Revenues and Expenses and Debt Service Coverage The following table shows a five-year history of revenues, expenses, and net revenues based on information provided in the City's audited financial statements and by the City. These results have been derived from the audited financial statements of the City, but exclude certain receipts which are not included as Gross Revenues under the Redwood City Financing Agreement and certain non-cash items and include certain other adjustments. In the table below, amounts paid to the Authority pursuant to the Redwood City Financing Agreement for the City's allocated share of the Authority's debt and certain other amounts that the City pays to the Authority pursuant to the Joint Powers Agreement are excluded from the City's Sewer Utility Fund's operating expenses. In the table below, such amounts are included as amounts paid from Net Revenues. For more information with respect to the operating results of the City's Sewer Utility Fund, see the City's audited financial statements attached hereto as Exhibit I. TABLE A9 CITY OF REDWOOD CITY SEWER UTILITY FUND HISTORIC OPERATING RESULTS AND DEBT SERVICE COVERAGE FISCAL YEAR ENDED JUNE 30 707 2015 2016 2017 2018 2019 GROSS REVENUES(') Sewer Service Charges $ 31,232,763 $ 33,479,149 $ 36,702,114 $ 36,116,459 $ 37,963,542 Connection Fees 1,329,542 1,272,329 366,664 1,090,932 140,864 Investment Earnings 177,602 250,884 225,234 165,114 1,272,930 Total Revenues $ 32,739,907 $ 35,002,362 $ 37,294,014 $ 37,372,505 $ 39,377,336 OPERATION AND MAINTENANCE COSTS Operating Expenses $ 22,081,105 $ 34,345,565(9) $ 26,675,531 $ 29,054,577 $ 32,783,853 Less Depreciation(2) (581,078) (627,173) (670,287) (720,872) (871,386) Less SBSA Bond Payments and City Share of Other SVCW Obligations(') (4,819,301) (4,669,331) (5,701,084) (6,592,815) (11,135,615) Less SVCW Non -Operating Payments(4) (13,013,064)(9) (1,611,375) (1,737,000) (1,199,460) Plus Transfers Out 516,286 517,835 537,454 561,263 Total Operation and Maintenance Costs $ 16,680,726 $ 16,552,284 $ 19,210,622 $ 20,541,344 $ 20,138,655 NET REVENUES $ 16,059,181 $ 18,450,078 $ 18,083,390 $ 16,831,161 $ 19,238,681 Financing Agreement Supported Authority Debts) SVCW 2008 Bonds $ 450,194 $ 345,206 $ $ $ SVCW 2009 Bonds (Net)(6) 2,180,607 1,731,416 2,193,074 2,190,674 2,183,922 SVCW 2014 Bonds 1,790,222 2,072,928 2,070,782 2,070,514 2,071,587 SVCW 2015 Bonds 121,503 1,038,950 1,016,300 1,005,050 SCVW 2018 Bonds $ $ $ $ $ 4,559,729 Total Financing Agreement Supported Authority Debt $ 4,421,023 $ 4,271,053 $ 5,302,806 $ 5,277,488 $ 9,820,288 City Share of Other SVCW Obligations') SRF Loan $ 398,278 $ 398,278 $ 398,278 $ 1,315,327 $ 1,315,327 Total City Share of Other SVCW Obligations $ 398,278 $ 398,278 $ 398,278 $ 1,315,327 $ 1,315,327 Total Financing Agreement Supported Authority Debt and City Share of Other SVCW Obligations $ 4,819,301 $ 4,669,331 $ 5,701,084 $ 6,592,815 $ 11,135,615 Total Financing Agreement Supported Authority Debt and City Share of Other SVCW Obligations Coverage0) 3.33 3.95 3.17 2.55 1.73 0) Based on accrual basis under GAAP. See Note 1 of the City of Redwood City Financial Statements attached hereto as Exhibit A -I. (Z) Represents Depreciation and Amortization. 0) Represents Redwood City's SBSA Bond Payments obligations on the Parity Debt outstanding under the Redwood City Financing Agreement and Redwood City's proportionate share of other SVCW obligations which are junior and subordinate to the pledge of and lien upon the Net Revenues established under the Redwood City Financing Agreement. Remaining treatment operating expenses paid to SVCW are included in the Operating Expenses. (Footnotes continued on following page) ATTY/AGR/2020.264/PRELIMINARY OFFICIAL STATEMENT— WASTEWATER REV: 11-18-2020 EI Page 19 of 29 707