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<br />Summary of Historical Operating Results. The following table is a summary of
<br />operating results of Livermore’s Sewer System for the fiscal years ending June 30, 2017 through
<br />2020 (audited) and June 30, 2021 (estimated). The audited results have been derived from the
<br />Livermore Financial Statements but exclude certain non-cash items and include certain other
<br />adjustments, and are qualified in their entirety by reference to such statements, including the
<br />notes thereto. The table has not been audited by Livermore’s Auditor.
<br />
<br />Table 23
<br />Livermore Sewer System
<br />Summary of Historical Operating Results (1)
<br />Fiscal Year Ended June 30
<br />
<br />
<br />Audited
<br />2016-17
<br />Audited
<br />2017-18
<br />Audited
<br />2018-19
<br />Audited
<br />2019-20
<br />Estimated
<br />2020-21
<br />Gross Revenues
<br />Charges for services $20,388,467 $21,341,703 $22,920,343 $24,311,205 $24,929,000
<br />Connection Fees 1,834,854 2,477,971 2,311,224 1,341,958 1,930,000
<br />Interest Income 178,872 395,756 1,783,751 1,955,582 259,671
<br />Other Revenue (2) 50,147 33,205 20,806 34,735 82,750
<br />Total Gross Revenues 22,452,340 24,248,635 27,036,124 27,643,480 27,201,421
<br />
<br />Maintenance & Operation Costs (3) 15,784,287 15,982,653 15,982,653 18,499,496 15,929,343
<br />
<br />Member Net Revenues 6,668,053 8,265,982 9,015,483 9,143,984 11,272,078
<br />
<br />Obligations - - - - -
<br />Net Revenue minus Obligations (4) 6,668,053 8,265,982 9,015,483 9,143,984 11,272,078
<br />
<br />Share of LAVWMA Debt Service
<br />Rehabilitation Project 973,985 974,289 973,970 974,183 974,244
<br />Expansion Project 1,253,455 1,253,847 1,253,436 1,253,710 1,253,788
<br />Total LAVWMA Debt Service 2,227,440 2,228,136 2,227,406 2,227,893 2,228,032
<br />
<br />LAVWMA Debt Service Coverage 2.99x 3.71x 4.05x 4.10x 5.08x
<br />
<br />Net Revenues Available after
<br />Obligations/LAVWMA Debt Service $4,440,613 $6,037,846 $6,788,077 $6,916,091 $9,080,375
<br />
<br />
<br />
<br />(1) Balances are derived from Livermore audited financial statements.
<br />(2) Includes operating transfers in, if any.
<br />(3) Excludes depreciation and debt service. Includes Payments to LAVWMA for LAVWMA Maintenance and Operation Costs.
<br />See “SECURITY FOR THE 2021 BONDS.” Includes operating transfers out, if any.
<br />(4) Reflects Net Revenues remaining after payment of debt service on Livermore’s Obligations.
<br />Note: Starting in fiscal year 2017-18, Stormwater activities are reported separately from Sewer.
<br />Source: City of Livermore Audited Financial Statements.
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