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6.C. - Page 187 of 196
<br />Schedule 12 (Continued)
<br />CITY OF REDWOOD CITY, CALIFORNIA
<br />PLEDGED -REVENUE COVERAGE
<br />Last Ten Fiscal Years
<br />' Port operating expenses above exclude subvention payment to the City and depreciation.
<br />Z Debt service coverage is calculated using maximum annual debt service as required for the annual disclosure report.
<br />3 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 />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 />Redevelopment Agency is no longer in existence to receive tax increment revenue.
<br />*2016 Port Operating Expenses were restated in FY 2017.
<br />155 274
<br />Port Revenue Bonds
<br />Less:
<br />Net
<br />Fiscal
<br />Gross
<br />Operating
<br />Available
<br />Debt Service
<br />Coverage
<br />Year
<br />Revenues
<br />Expenses'
<br />Revenue
<br />Principal Interest
<br />Ratio2
<br />2011
<br />5,820,715
<br />2,561,439
<br />3,259,276
<br />288,969
<br />485,389
<br />4.21
<br />2012
<br />6,159,871
<br />2,746,082
<br />3,413,789
<br />305,273
<br />471,085
<br />4.40
<br />2013
<br />6,262,660
<br />2,703,564
<br />3,559,096
<br />644,144
<br />875,483
<br />2.34
<br />2014
<br />6,824,474
<br />2,786,181
<br />4,038,293
<br />646,186
<br />819,930
<br />2.75
<br />2015
<br />6,721,955
<br />3,033,231
<br />3,688,724
<br />710,341
<br />807,953
<br />2.43
<br />2016*
<br />6,779,863
<br />2,823,939
<br />3,955,924
<br />772,130
<br />630,193
<br />2.82
<br />2017
<br />7,127,814
<br />3,106,577
<br />4,021,237
<br />771,916
<br />577,965
<br />2.98
<br />2018
<br />8,627,231
<br />4,245,795
<br />4,381,436
<br />798,483
<br />556,144
<br />3.23
<br />2019
<br />9,335,548
<br />5,252,241
<br />4,083,307
<br />825,604
<br />538,926
<br />2.99
<br />2020
<br />8,761,928
<br />4,159,256
<br />4,602,672
<br />853,775
<br />510,405
<br />3.37
<br />Tax Increment Bonds
<br />Property
<br />Tax
<br />Debt Service
<br />Coverage
<br />Increment
<br />Principal
<br />Interest
<br />Ratio
<br />2011
<br />7,552,777
<br />1,225,000
<br />632,713
<br />4.07
<br />2012 3
<br />1,265,000
<br />585,975
<br />2013 3
<br />2,480,000
<br />511,075
<br />20143
<br />2,895,000
<br />385,481
<br />2015 3
<br />3,045,000
<br />229,556
<br />20163
<br />3,142,669
<br />292,144
<br />2017 3
<br />1,889,861
<br />1,615,139
<br />2018 3
<br />1,773,916
<br />1,731,084
<br />2019 3
<br />1,663,894
<br />1,841,106
<br />2020 3
<br />1,557,657
<br />1,947,343
<br />' Port operating expenses above exclude subvention payment to the City and depreciation.
<br />Z Debt service coverage is calculated using maximum annual debt service as required for the annual disclosure report.
<br />3 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 />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 />Redevelopment Agency is no longer in existence to receive tax increment revenue.
<br />*2016 Port Operating Expenses were restated in FY 2017.
<br />155 274
<br />
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