|
<br />
<br />
<br />37
<br />Pro Forma Debt Service Coverage
<br />
<br />The following table provides a pro forma statement of debt service coverage developed by the City, based on the definitions
<br />of Gross Revenues and Maintenance and Operation Costs set forth in the legal documents governing the 2024 Bonds (which
<br />excludes depreciation and other non-cash items). The following contains estimated amounts for projected figures, which may vary
<br />considerably from actual results.
<br />
<br />Table 10
<br />Water System
<br />Pro Forma Historical and Projected Debt Service Coverage
<br />Fiscal Years 2018-19 through 2022-23 and Projected 2023-24 through 2027-28
<br />
<br /> Actual Projected*
<br /> 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 2027-28
<br />Gross Revenue
<br /> Charges for Services $26,418,593 $28,881,095 $31,955,874 $28,850,363 $28,055,185 $33,650,523 $40,729,334 $43,816,000 $45,130,000 $46,484,000
<br /> Other Operating Revenue 552,503 931,032 785,200 1,155,375 809,162 2,576,041 576,041 593,000 610,000 629,000
<br /> Interest Income 449,555 626,519 346,467 321,267 295,236 275,000 275,000 275,000 275,000 275,000
<br /> Capital Surcharge 135,000 262,800 161,860 65,160 109,200 284,978 285,000 285,000 285,000 285,000
<br />Total Gross Revenues 27,555,651 30,701,446 33,249,401 30,392,165 29,268,783 $36,786,542 $41,865,375 $44,969,000 $46,300,000 $47,673,000
<br />
<br />Maintenance and Operation Costs(1)
<br />
<br />
<br />
<br /> Purchased Water 14,573,368 17,552,212 17,642,015 17,825,538 18,922,044 23,291,833 24,491,833 25,941,000 27,503,000 29,168,000
<br /> Personnel Services 3,364,873 4,423,446 4,732,533 3,048,704 4,152,957 4,887,267 5,131,630 5,388,000 5,657,000 5,940,000
<br /> Services and Supplies/Repairs 4,177,421 3,947,870 4,905,793 6,128,260 5,422,693 5,005,602 5,749,343 6,821,000 6,942,000 7,062,000
<br />Total M&O Costs 22,115,662 25,923,528 27,280,341 27,002,502 28,497,694 33,184,702 35,372,806 38,150,000 40,102,000 42,170,000
<br />
<br />Net Revenues $5,439,989 $4,777,918 $5,969,060 $3,389,663 $771,089 $3,601,840 $6,492,569 $6,819,000 $6,198,000 $5,503,000
<br />
<br />Debt Service
<br />2015 SRF Loan $398,129 $398,129 $398,129 $434,896 $432,647 $434,895 $434,895 $434,895 $434,895 $434,895
<br />2017 Water Revenue Bonds 972,988 969,685 971,017 979,980 972,388 980,850 - - - -
<br />Installment Payments/2024 Bonds* - 1,195,750 1,195,750 1,195,750 1,195,750
<br />Total Debt Service* $1,371,117 $1,367,814 $1,369,146 $1,414,876 $1,405,035 $1,415,745 $1,630,645 $1,630,645 $1,630,645 $ 1,630,645
<br />
<br />Debt Service Coverage Ratio* 3.97 3.49 4.36 2.40 0.55 2.54 3.98 4.18 3.80 3.37
<br />
<br />Water Fund FYE Cash Balance(2) $24,207,703 $27,279,668 $32,273,798 $26,239,511 $23,289,828 $26,783,302 $29,997,298 $30,897,217 $31,824,134 $32,778,858
<br />
<br />* Preliminary; subject to change for Fiscal Years 2023-24 through 2027-28. Excludes an unsecured internal fund loan; see “Outstanding indebtedness” above.
<br />(1) Excludes deprecation and other non-cash charges.
<br />(2) The balance includes investments.
<br />Source: City of Pleasanton.
<br />
<br />
|