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2025 2024 2023 2022 2021
<br />Water revenue bonds
<br />Water revenue 52,114,552$ 48,279,247$ 43,692,709$ 45,085,275$ 46,666,247$
<br />Less: Operating expenses (44,577,133) (40,600,783) (35,673,736) (33,570,662) (31,927,204)
<br />Net available revenue 7,537,419 7,678,464 8,018,973 11,514,613 14,739,043
<br />Debt service:
<br />Principal 2,505,000 2,450,000 2,345,000 2,255,000 2,165,000
<br />Interest 875,888 1,519,863 1,628,013 1,546,682 1,768,729
<br />Total debt service 3,380,888 3,969,863 3,973,013 3,801,682 3,933,729
<br />Coverage 2.23 1.93 2.02 3.03 3.75
<br />Port revenue bonds:
<br />Port revenue 11,655,294$ 10,205,854$ 10,060,890$ 9,400,225$ 9,023,602
<br />Less: Operating expenses (8,036,550) (5,806,489) (4,920,762) (5,534,589) (3,926,925)
<br />Net available revenue 3,618,744 4,399,365 5,140,128 3,865,636 5,096,677
<br />Debt service:
<br />Principal 1,026,108 993,744 957,585 922,155 892,563
<br />Interest 320,728 357,790 392,896 433,746 478,033
<br />Total debt service 1,346,836 1,351,534 1,350,481 1,355,901 1,370,596
<br />Coverage 2.69 3.26 3.81 2.85 3.72
<br />Tax allocation bonds:
<br />Tax increment - - - - -
<br />Debt service:
<br />Principle 1,090,125 1,172,831 1,256,332 1,352,544 1,450,684
<br />Interest 2,414,875 2,337,169 2,248,668 2,152,456 2,054,316
<br />Total debt service 3,505,000 3,510,000 3,505,000 3,505,000 3,505,000
<br />Coverage - - - - -
<br />Note: Details regarding the City's outstanding debt can be found in the notes to the basic financial statements.
<br />Operating expenses do not include interest, depreciation, amortization expenses, or noncapitalized project costs.
<br />1. Port operating expenses above exclude subvention payment to the City and depreciation.
<br />2. 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 />*2016 Port Operating Expenses were restated in FY 2017.
<br />Source: City of Redwood City. Finance Department
<br />January 31, 2012. Consequently, all former tax increment revenue is retained by the County of San Mateo Controller's Office and deposited into the
<br />"Redevelopment Property Tax Trust Fund" (RPTTF) and is disbursed according to the provisions of AB X1 26 and AB 1484, the clean-up
<br />legislation that became law effective June 27, 2012. Under these laws the Successor Agencies to the Redevelpment Agencies now receive funding
<br />from the RPTTF to pay these types of debt obligations as the Redevelopment Agency is no longer in existence to recieve tax increment revenue.
<br />City of Redwood City
<br />Pledged-Revenue Coverage
<br />Last Ten Fiscal Years
<br />Fiscal Year
<br />* For Transparency and consistency, the above schedule has been restated to reflect gross operating revenues and investment earnings per the
<br />Proprietary Funds Statements of Revenues, Expenses and Changes in Fund Net Position for all years listed above.
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