|
<br />51
<br />Table 12
<br />DSRSD Sewer System
<br />Summary of Projected Operating Results
<br />Fiscal Year Ended June 30
<br />
<br /> 2022 2023 2024 2025 2026
<br />Gross Revenues
<br />Regional Service Charges (1) $22,906,653 $24,069,190 $24,410,623 $25,317,744 $26,377,999
<br />Connection / Capacity Fees (2) 7,390,959 12,049,448 8,275,214 5,466,715 10,189,087
<br /> Less Expansion-Related Capacity Fees (3) (5,390,728) (8,746,658) (5,978,054) (3,930,409) (7,290,850)
<br />Interest Income 952,517 857,675 785,721 730,738 757,399
<br />Other Revenue 1,727,900 1,156,873 1,156,873 1,156,873 1,156,873
<br />Total Gross Revenues 27,587,301 29,386,528 28,650,377 28,741,661 31,190,508
<br />
<br />Maintenance & Operation Costs (4)(5) 20,417,445 19,986,122 21,060,618 21,374,135 22,149,858
<br />
<br /> Net Revenues 7,169,856 9,400,406 7,589,759 7,367,526 9,040,650
<br />
<br />Calculation of Rate Covenant Debt Service
<br />DSRSD/Pleasanton Share of LAVWMA Debt
<br />Service (5)(6) 5,773,648 5,774,820 5,803,382 5,776,643 5,776,462
<br />Less RSF Draw for Expansion-Related
<br />LAVWMA Debt (4,310,354) (4,311,229) (4,332,552) (4,312,590) (4,312,455)
<br />Rate Covenant Debt Service 1,463,294 1,463,591 1,470,830 1,464,053 1,464,007
<br />
<br />Coverage on Rate Covenant Debt Service
<br />from Net Revenues* 4.90x 6.42x 5.16x 5.03x 6.18x
<br />
<br />Net Revenues Available after all Obligations* 5,706,562 7,936,815 6,118,929 5,903,473 7,576,643
<br />
<br />RSF Beginning Balance (7) 43,068,624 39,214,712 42,484,501 43,468,753 43,086,572
<br />Capacity Fees 5,390,728 8,746,658 5,978,054 3,930,409 7,290,850
<br />Capital Projects (4,934,286) (1,165,640) (661,250) - (2,358,000)
<br />Expansion-Portion of Debt (4,310,354) (4,311,229) (4,332,552) (4,312,590) (4,312,455)
<br />RSF Ending Balance 39,214,712 42,484,501 43,468,753 43,086,572 43,706,967
<br />
<br />Maximum Annual Debt Service-LAV* 4,332,552 4,332,552 4,332,552 4,332,552 4,332,552
<br />Target Level (2x) $8,665,105 $8,665,105 $8,665,105 $8,665,105 $8,665,105
<br />
<br />* Preliminary; subject to change. Based on estimated current market conditions.
<br />(1) Includes Regional Service Charges billed by Pleasanton.
<br />(2) Total connection/capacity reserve fees (CRF) include both the buy-in and expansion component of the fee.
<br />(3) Expansion related capacity fees which are deposited to the Rate Stabilization Fund are excluded from Gross Revenues.
<br />(4) O&M of the District's Regional funds excludes depreciation, non-cash items and debt.
<br />(5) Includes those amounts paid on behalf of the City of Pleasanton.
<br />(6) Includes Principal and Interest.
<br />(7) RSF refers to the Rate Stabilization Fund.
<br />Source: Dublin San Ramon Services District.
<br />
<br />Outstanding Long-Term Obligations
<br />
<br />As of the date of this Official Statement, DSRSD’s Sewer System has no outstanding long-
<br />term obligations payable from Regional Service Charges and Regional Capacity Reserve Fees.
<br />
<br />Capital Improvement Program
<br />
<br />DSRSD’s most recent 15-Year capital improvement plan calls for 11 expansion projects
<br />totally approximately $53.3 million, and 24 repair and replacement projects totally $101 million,
<br />over the next 15 years. No major projects are scheduled to be undertaken until fiscal year 2015-
<br />16. At this time, DSRSD has no plans to incur additional debt to finance these projects.
<br />
|