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<br />City Budget <br /> <br />The operating budget takes the fonn of a two-year financial plan. which is adopted in its <br />entirety by the city council. The operating budget is presented on a program basis. with <br />an emphasis on matching services ,vith the cost of providing those services. A mid-period <br />review is conducted and appropriations are adjusted accordingly. The operating budget is <br />subject to supplemental appropriations throughout its tenn in order to provide flexibility <br />to meet changing needs and conditions. The two-year budget is currently under review <br />and the City does not expect any material change. <br /> <br />Pleasanton Long-Term Debt <br /> <br />In 1989, the City of Pleasant on Public Facilities Corporation issued $4,990,000 certifi- <br />cates of participation to finance a cross-town sanitary sewer. The outstanding balance is <br />being refunded with this issue of Bonds. In 1994. the Pleasanton Joint Powers Financing <br />Authority issued $11,1 00.000 water and sewer revenue bonds to refund 1987 and 1988 <br />certificates of participation. These bonds mature in 2014. The remaining principal portion <br />attributable to the sewer enterprise is $1.839,903. These bonds are payable from net <br />revenues of the sewer enterprise on a parity with the Bonds. <br /> <br />Projected Operating Results and Debt Service Coverage <br /> <br />Table 6 projects sewer fund revenues. expenses, and debt service coverage for the current <br />fiscal year and four additional years. <br /> <br />The financial projections represent the City's estimate of projected financial results based <br />upon its judgment of the probable occurrence of future events. The assumptions set forth <br />in the footnotes to Table 6 are material in the development of the City's financial projec- <br />tions. and variations in the assumptions may produce substantially different financial results. <br />Actual operating results achieved during the projection period may vary from those pre- <br />sented in the forecast and such variations rnay be material. <br /> <br />The Bonds have a debt service coverage requirement of I .25. The projections through <br />2005/06 indicate that debt service coverage. including the ponion applicable to the 1994 <br />Revenue Bonds. Series A. will range from 2.4 to 3.0. <br /> <br />]5 <br />