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8.A. - Page 43 of 51
<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 />Parity SVCW Obligations and Subordinate Debt
<br />Coverage 2.07 1.77 1.77 1.86 1.51
<br />SVCW Non -Operating Obligations
<br />SVCW JPA Obligations $ 485,000 $ 1,162,170 $ 971,400 $ 1,214,250 $ 1,457,100
<br />SVCW Pay -Go Capital Funding 874,000 629,220 728,550 728,550 728,550
<br />Total SVCW Non -Operating Obligations $ 1,359,000 $ 1,791,390 $ 1,699,950 $ 1,942,800 $ 2,185,650
<br />Surplus/(Deficiency) $ 10,272,616 $ 6,344,014 $ 6,935,405 $ 7,679,532 $ 5,163,989
<br />Beginning Working Capital Balance(12) $ 38,204,822 $ 42,185,006 $ 44,404,020 $ 42,034,425 $ 40,853,957
<br />Plus (Less) Surplus/(Deficiency) $ 10,272,616 $ 6,344,014 $ 6,935,405 $ 7,679,532 $ 5,163,989
<br />(Less) Collection System Capital improvements $ (6,292,432) $ (4,125,000) $ (9,305,000) $ (8,860,000) $ (8,780,000)
<br />Ending Working Capital Balance $ 42,185,006 $ 44,404,020 $ 42,034,425 $ 40,853,957 $ 37,237,946
<br />(1) Includes revenues from City sewer accounts and Contract Agencies. Fiscal year 2019-20 amount is based on unaudited actual results.
<br />Subsequent years reflect a rate increase of 4.5% for fiscal year 2021-22 and projected rate increases thereafter of 4% per year. See the caption
<br />—Wastewater Rates" herein.
<br />(2) Fiscal year 2019-20 amount is based on unaudited actual results. Projected to remain level through Fiscal Year 2023-24.
<br />(3) Includes interest income and other miscellaneous revenues. Interest income assumes an annual earnings rate of 1.0%.
<br />c4 Includes sanitary sewer maintenance, storm water collection and disposal, revenue and administrative support services, right-of-way rental
<br />and SVCW wastewater treatment operations. Fiscal year 2019-20 amount is based on unaudited actual results, with subsequent years
<br />assuming annual increases of 4%.
<br />cs Represents Redwood City's SBSA Bond Payments due under the Redwood City Financing Agreement with respect to the Authority's
<br />outstanding Parity Debt, which are senior to the pledge of and lien upon the Net Revenues for the payment of Subordinate Debt under the
<br />Redwood City Financing Agreement. Amounts shown are gross of any reserve and interest credits that may be received by Redwood City.
<br />(Footnotes continued on following page)
<br />ATTY/AGR/2020.264/PRELIMINARY OFFICIAL STATEMENT– WASTEWATER
<br />REV: 11-18-2020 EI
<br />Page 21 of 29
<br />709
<br />2020
<br />2021
<br />2022
<br />2023
<br />2024
<br />GROSS REVENUES
<br />Sewer Service Charges(')
<br />$ 42,000,211
<br />$ 41,373,022
<br />$ 43,027,943
<br />$ 44,749,061
<br />$ 46,539,023
<br />Connection Fees(2)
<br />369,543
<br />100,000
<br />100,000
<br />100,000
<br />100,000
<br />Investment Earnings and Other Revenues(3)
<br />536,868
<br />258,000
<br />401,986
<br />399,668
<br />405,518
<br />Total Gross Revenues
<br />$ 42,906,622
<br />$ 41,731,022
<br />$ 43,529,929
<br />$ 45,248,729
<br />$ 47,044,541
<br />OPERATION AND MAINTENANCE COSTS
<br />Operating Expenses
<br />$ 7,674,369
<br />$ 9,968,969
<br />$ 10,282,549
<br />$ 10,608,673
<br />$ 10,947,841
<br />SVCW Operating Expenses
<br />12,715,203
<br />13,023,504
<br />13,414,210
<br />13,816,636
<br />14,231,135
<br />Total Operation and Maintenance Costs(4)
<br />$ 20,389,572
<br />$ 22,992,473
<br />$ 23,696,759
<br />$ 24,425,309
<br />$ 25,178,976
<br />NET REVENUES
<br />$ 22,517,050
<br />$ 18,738,549
<br />$ 19,833,170
<br />$ 20,823,420
<br />$ 21,865,565
<br />Financing Agreement Supported SVCW Debt(5)
<br />SVCW 2009 Bonds()
<br />$ 1,481,133
<br />$
<br />$
<br />$
<br />$
<br />SVCW 2014 Bonds(')
<br />2,071,801
<br />709,240
<br />SVCW 2015 Bonds(7)
<br />1,455,279
<br />1,961,375
<br />SVCW 2018 Bonds
<br />4,561,894
<br />4,559,769
<br />4,559,269
<br />4,560,144
<br />4,562,144
<br />SVCW 2020 Bonds
<br />2,057,435
<br />4,581,977
<br />4,584,375
<br />4,573,806
<br />WIFIA Loan(')
<br />Total Financing Agreement Supported SVCW Debt
<br />$ 9,570,107
<br />$ 9,287,819
<br />$ 9,141,246
<br />$ 9,144,519
<br />$ 9,135,949
<br />Parity Debt Coverage(9)
<br />2.35
<br />2.02
<br />2.17
<br />2.28
<br />2.39
<br />City Share of Other SVCW Obligations(10)
<br />SRF Loan
<br />$ 1,315,327
<br />$ 1,315,327
<br />$ 2,056,569
<br />$ 2,056,569
<br />$ 2,056,569
<br />Anticipated Future SRF Loans
<br />3,323,408
<br />Total City Share of Other SVCW Obligations
<br />$ 1,315,327
<br />$ 1,315,327
<br />$ 2,056,569
<br />$ 2,056,569
<br />$ 5,379,977
<br />Subordinate Debt"
<br />Series 2019 Notes]')
<br />Total Subordinate Debt
<br />Parity SVCW Obligations and Subordinate Debt
<br />Coverage 2.07 1.77 1.77 1.86 1.51
<br />SVCW Non -Operating Obligations
<br />SVCW JPA Obligations $ 485,000 $ 1,162,170 $ 971,400 $ 1,214,250 $ 1,457,100
<br />SVCW Pay -Go Capital Funding 874,000 629,220 728,550 728,550 728,550
<br />Total SVCW Non -Operating Obligations $ 1,359,000 $ 1,791,390 $ 1,699,950 $ 1,942,800 $ 2,185,650
<br />Surplus/(Deficiency) $ 10,272,616 $ 6,344,014 $ 6,935,405 $ 7,679,532 $ 5,163,989
<br />Beginning Working Capital Balance(12) $ 38,204,822 $ 42,185,006 $ 44,404,020 $ 42,034,425 $ 40,853,957
<br />Plus (Less) Surplus/(Deficiency) $ 10,272,616 $ 6,344,014 $ 6,935,405 $ 7,679,532 $ 5,163,989
<br />(Less) Collection System Capital improvements $ (6,292,432) $ (4,125,000) $ (9,305,000) $ (8,860,000) $ (8,780,000)
<br />Ending Working Capital Balance $ 42,185,006 $ 44,404,020 $ 42,034,425 $ 40,853,957 $ 37,237,946
<br />(1) Includes revenues from City sewer accounts and Contract Agencies. Fiscal year 2019-20 amount is based on unaudited actual results.
<br />Subsequent years reflect a rate increase of 4.5% for fiscal year 2021-22 and projected rate increases thereafter of 4% per year. See the caption
<br />—Wastewater Rates" herein.
<br />(2) Fiscal year 2019-20 amount is based on unaudited actual results. Projected to remain level through Fiscal Year 2023-24.
<br />(3) Includes interest income and other miscellaneous revenues. Interest income assumes an annual earnings rate of 1.0%.
<br />c4 Includes sanitary sewer maintenance, storm water collection and disposal, revenue and administrative support services, right-of-way rental
<br />and SVCW wastewater treatment operations. Fiscal year 2019-20 amount is based on unaudited actual results, with subsequent years
<br />assuming annual increases of 4%.
<br />cs Represents Redwood City's SBSA Bond Payments due under the Redwood City Financing Agreement with respect to the Authority's
<br />outstanding Parity Debt, which are senior to the pledge of and lien upon the Net Revenues for the payment of Subordinate Debt under the
<br />Redwood City Financing Agreement. Amounts shown are gross of any reserve and interest credits that may be received by Redwood City.
<br />(Footnotes continued on following page)
<br />ATTY/AGR/2020.264/PRELIMINARY OFFICIAL STATEMENT– WASTEWATER
<br />REV: 11-18-2020 EI
<br />Page 21 of 29
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