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7.A. - Page 57 Attachment 6
<br /> Projection of Revenues,Expenditures and Debt Service Coverage
<br /> Estimated projected operating results and debt service coverage for the City for the
<br /> current and next four Fiscal Years are set forth below. Certain assumptions have been made by
<br /> the City in the development of the projections. Many of these assumptions are reflected in the
<br /> projections. While the City believes its assumptions are reasonable, there can be no assurance
<br /> that the assumed conditions will in fact occur. The City's projections may be affected (favorably
<br /> or unfavorably) by unforeseen future events. Therefore, the results projected below cannot be
<br /> assured.
<br /> Table 19
<br /> Projection of Revenues,Expenditures and Debt Service Coverage
<br /> Fiscal Years Ended June 30,
<br /> FISCAL YEAR
<br /> 2013 2014 2015 2016 2017
<br /> GROSS REVENUES
<br /> Charges for services $30,113,000 $32,628,000 $35,863,000 $39,101,000 $40,302,000
<br /> Nonoperating Income 160,000 264,000 258,000 272,000 291,000
<br /> Other Revenue 1,800,000 500,000 250,000 250,000 250,000
<br /> TOTAL GROSS REVENUES 32,073,000 33,392,000 36,371,000 39,623,000 40,843,000
<br /> MAINTENANCE AND
<br /> OPERATION COSTS
<br /> Operating expenses�l� 22,225,000 22,829,000 26,847,000 27,884,000 28,352,000
<br /> Other Expenses 1,300,000 900,000 900,000 900,000 900,000
<br /> TOTAL MAINTENANCE AND
<br /> OPERATION COSTS 23,525,000 23,729,000 27,747,000 28,784,000 29,252,000
<br /> NET REVENUES AVAILABLE FOR
<br /> DEBT SERVICE 8,548,000 9,663,000 8,624,000 10,839,000 11,591,000
<br /> 2005 Installment Payments 2,148,000 2,148,000 2,146,000 2,144,000 2,144,000
<br /> 2006 Installment Payments 1,574,000 1,572,000 1,569,000 1,570,000 1,574,000
<br /> 2007 Installment Payments 946,000 950,000 949,000 946,000 948,000
<br /> 2013 Installment Payments — — — — —
<br /> TOTAL DEBT SERVICE 4,668,000 4,670,000 4,664,000 4,660,000 4,666,000
<br /> DEBT SERVICE COVERAGE 1.83x 2.07x 1.85x 2.33x 2.48x
<br /> Source:City of Redwood City,Administration.
<br /> �l� Projected"Charges for Services"represent proposed rate increases.
<br /> �2� Excludes depreciation and amortization.
<br /> INVESTMENT OF CITY FUNDS
<br /> Revenues collected by the City will be held and invested by the City in accordance with
<br /> the provisions of the Indenture.
<br /> Funds held by the City, including Enterprise moneys, are invested in accordance with
<br /> the City's Statement of Investment Policy (the "Investment Policy") prepared by the City
<br /> Treasurer as authorized by section 53601 of the Government Code of California. The Investment
<br /> Policy is submitted to the City Council annually. The Investment Policy allows for the purchase
<br /> of a variety of securities and provides for limitations as to exposure, maturity and rating which
<br /> vary with each security type. The composition of the portfolio will change over time as old
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