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Atta 7.A. - Page 56
<br /> included on the balance sheet with this measurement focus. Fund equity (i.e.,net total assets) is
<br /> segregated into restricted,unrestricted and invested in capital assets net of related debt.
<br /> The proprietary funds apply all applicable Governmental Accounting Standard Board
<br /> ("GASB") pronouncements as well as applicable pronouncements of the Financial Accounting
<br /> Standard Board, Accounting Principles Board and any Accounting Research Bulletins issued on
<br /> or before November 30, 1989,unless they conflict with or contradict GASB pronouncements.
<br /> See APPENDIX B—COMPREHENSIVE ANNUAL FINANCIAL REPORT OF THE CITY
<br /> FOR THE FISCAL YEAR ENDED JUNE 30, 2012 for a more complete summary of the City's
<br /> accounting policies.
<br /> Outstanding Enterprise Obligations
<br /> Following issuance of the Bonds and the defeasance of the 2005 Bonds,the obligations of
<br /> the City secured by Net Revenues will be the Installment Sale Agreement, the 2007 Installment
<br /> Sale Agreement and the 2006 Installment Purchase Contract.
<br /> Historical Revenues,Expenditures and Debt Service Coverage
<br /> The following table presents Enterprise revenues and expenditures for each of the five
<br /> fiscal years ended June,30,2008,through 2012,including debt service coverage:
<br /> Table 18
<br /> Historical Revenues and Expenditures
<br /> Fiscal Year ended June 30,
<br /> FISCAL YEAR
<br /> 2008 2009 2010 2011 2012
<br /> GROSS REVENUES
<br /> Charges for services $22,600,530 $23,300,240 $23,066,867 $26,021,418 $28,125,019
<br /> Non-operating Income 839,881 331,479 166,019 98,364 109,461
<br /> TOTAL GROSS REVENUES 23,440,411 23,631,719 23,232,886 26,119,782 28,234,480
<br /> MAINTENANCE AND
<br /> OPERATION COSTS(1) 17,862,037 17,304,434 17,421,424 18,597,779 22,103,449
<br /> NET REVENUES AVAILABLE
<br /> FOR DEBT SERVICE 5,578,374 6,327,285 5,811,462 7,522,003 6,131,031
<br /> 2005 Installment Payments 1,951,656 1,852,867 2,094,037 2,144,712 2,146,699
<br /> 2006 Installment Payments 1,571,228 1,573,028 1,569,129 1,569,703 1,569,579
<br /> 2007 Installment Payments 728,072 949,025 950,525 946,350 946,725
<br /> TOTAL DEBT SERVICE 4,250,956 4,374,920 4,613,691 4,660,765 4,663,003
<br /> DEBT SERVICE COVERAGE 1.31x 1.45x 1.26x 1.61x 1.31x
<br /> Source:City of Redwood City.
<br /> �l� Excludes depreciation and amortization.
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