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<br />Table 11
<br />Dublin San Ramon Services District and City of Pleasanton
<br />Summary of Historical Net Revenues
<br />Fiscal Year Ended June 30
<br />(Amended and Restated Sewer Service Contract)
<br />
<br /> Audited
<br />2017
<br />Audited
<br />2018
<br />Audited
<br />2019
<br />Audited
<br />2020
<br />Estimated
<br />2021
<br />Gross Revenues
<br />Regional Service Charges (1) $19,126,155 $20,945,618 $21,457,679 $22,969,168 $23,311,552
<br />Connection/Capacity Fees (2) 9,745,722 15,507,697 13,352,592 6,454,759 3,199,457
<br /> Less Expansion-Related Capacity Fees (3) (8,426,166) (13,279,254) (10,722,405) (4,795,579) (2,344,757)
<br />Interest Income 157,113 367,563 3,624,488 3,399,131 1,015,261
<br />Other Revenue 716,886 894,840 1,009,869 1,120,549 1,213,759
<br />Total Gross Revenues 21,319,710 24,436,464 28,722,223 29,148,028 26,395,272
<br />
<br />Maintenance & Operation Costs (4) 14,107,293 14,298,761 18,461,011 20,251,721 18,815,418
<br />
<br />Net Revenues 7,212,417 10,137,703 10,261,212 8,896,307 7,579,854
<br />
<br />Calculation of Rate Covenant Debt Service
<br />DSRSD/Pleasanton Share of LAVWMA Debt
<br />Service 5,776,535 5,778,339 5,776,445 5,777,708 5,778,068
<br />Less RSF Draw for Expansion-Related
<br />LAVWMA Debt (4,312,509) (4,313,856) (4,312,442) (4,313,385) (4,313,654)
<br />Rate Covenant Debt Service 1,464,026 1,464,483 1,464,003 1,464,323 1,464,414
<br />
<br />Coverage on Rate Covenant Debt Service
<br />from Net Revenues (5) 4.93x 6.92x 7.01x 6.08x 5.18x
<br />
<br />Net Revenues Available after all Obligations 5,748,391 8,673,220 8,797,209 7,431,984 6,115,440
<br />
<br />RSF Beginning Balance 48,274,728 51,284,172 53,110,537 53,260,565 50,361,849
<br />Target Level (6) 8,625,018 8,627,712 8,624,884 8,626,770 8,665,105
<br />RSF Ending Balance $51,284,172 $53,110,537 $53,260,565 $50,361,849 $43,068,624
<br />
<br />
<br />
<br />(1) Includes Regional Service Charges billed by Pleasanton.
<br />(2) Total Regional connection/capacity reserve fees collected by DSRSD and Pleasanton (includes both the
<br />Regional Capacity Reserve Fee and the Regional Capacity Reserve Buy-In Fee).
<br />(3) Regional Capacity Reserve Fees – which are expansion-related capacity fees -- are deposited to the Rate
<br />Stabilization Fund and are excluded from Gross Revenues; Regional Capacity Reserve Buy-in Fees – which
<br />are replacement-related capacity fees -- were established in 2009 and are included in Gross Revenues.
<br />(4) Maintenance and operation costs of DSRSD’S Regional funds (including amounts paid to LAVWMA on behalf
<br />of Pleasanton) excludes depreciation, non-cash items and debt.
<br />(5) Coverage on Rate Covenant Debt Service is calculated by dividing Net Revenues of DSRSD/Pleasanton by
<br />Rate Covenant Debt Service. It is important to note that the “Amount Paid from LAVWMA Surplus” and
<br />“Principal Payoff from other reserves” are not included in the definition of Rate Covenant Debt Service.
<br />(6) The term “Target Level” is defined to mean, with respect to amounts on deposit in the Rate Stabilization Fund,
<br />an amount that may be equal to up to two times (2.0x) Maximum Annual Expansion Project Debt Service.
<br />Source: Dublin San Ramon Services District.
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