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157

City of Raleigh

Statistical Section

PLEDGED REVENUE COVERAGE

LAST TEN FISCAL YEARS

Fiscal

15%

of CY

Net Revenue

Debt Service Requirements (

3

and

4

)

Year

Gross

Unrestricted

Operating

Available for

Net

Required

Ended

Revenues

Net Position

Expenses

Debt Service

Principal

Interest

Total

Coverage With

15%

Coverage

(1)

(2)

(5)

(2)

(5)

Parity Debt Service Coverage

(3)

2007

(6)

$ 122,529,240

$

10,619,640

$ 71,042,733

$

51,486,507

$ 5,465,000

$ 8,238,046

$ 13,703,046

3.76

4.53

1.20

2008

(6)

122,551,257

7,611,436

83,987,047

38,564,210

5,550,000

8,123,779

13,673,779

2.82

3.38

1.20

2009

(6)

120,957,554

7,992,892

88,596,831

32,360,723

5,750,000

7,909,634

13,659,634 2.37

2.95

1.20

2010

140,145,189

11,314,260

85,916,982

54,228,207

6,985,000

21,041,497

28,026,497 1.93

2.34

1.20

2011

153,349,630

14,913,980

85,869,606

67,480,024

11,115,000

24,899,417

36,014,417 1.87

2.29

1.20

2012

173,365,019

19,133,381

90,783,309

82,581,710

12,050,000

24,671,035

36,721,035 2.25

2.77

1.20

2013

187,414,283

24,812,247

89,197,234

98,217,049

13,145,000

23,917,626

37,062,626 2.65

3.32

1.20

2014

201,259,452

30,659,474

91,027,389

110,232,063

15,965,000

26,159,934

42,124,934 2.62

3.34

1.20

2015

(7)

214,997,564

37,843,467

89,725,721

125,271,843

19,695,000

23,969,886

43,664,886 2.87

3.74

1.20

2016

231,560,704

46,008,826

91,722,046

139,838,658

22,405,000

28,970,260

51,375,260 2.72

3.62

1.20

Parity and Subordinate Debt Service Coverage

(4)

2007

(6)

$ 122,529,240

$ 71,042,733

$

51,486,507

$ 10,051,834

$ 9,214,679

$ 19,266,513

2.67

1.00

2008

(6)

122,551,257

83,987,047

38,564,210

9,655,080

8,935,545

18,590,625

2.07

1.00

2009

(6)

120,957,554

88,596,831

32,360,723

9,174,700

8,547,494

17,722,194 1.83

1.00

2010

140,145,189

85,916,982

54,228,207

9,529,491

21,594,268

31,123,759 1.74

1.00

2011

153,349,630

85,869,606

67,480,024

13,643,740

25,351,895

38,995,635 1.73

1.00

2012

173,365,019

90,783,309

82,581,710

14,011,829

25,037,720

39,049,549 2.11

1.00

2013

187,414,283

89,197,234

98,217,049

15,072,689

24,215,588

39,288,277 2.50

1.00

2014

201,259,452

91,027,389

110,232,063

18,549,105

26,729,341

45,278,446 2.43

1.00

2015

(7)

214,997,564

89,725,721

125,271,843

22,480,320

24,335,506

46,815,826 2.68

1.00

2016

231,560,704

91,722,046

139,838,658

25,223,884

29,315,429

54,539,313 2.56

1.00

Notes:

(1)

The City has issued 10 series of water and sewer revenue bonds between December 1

996

and May

, 2013

.

(2)

Water and sewer user charges and other utility revenues are pledged revenues; operating expenses are exclusive of depreciation and interest expense.

(3)

Parity debt service includes interest and principal of revenue bonds and certain State Bond loans.

(4)

Parity and subordinate debt service includes interest and principal of revenue bonds, State loans, and water and sewer general obligation bonds.

Certain other debt paid within the Utility Fund is not subject to legal coverage requirements, and is not included above.

(5)

The City entered into the First Amendatory Trust Agreement dated April

15, 2004

. The first amendment provides that

15%

of Water and Sewer

unrestricted net positions as of the last day of the preceding fiscal year be added to gross revenues in computing the net revenue available

for debt service. The required coverage for parity indebtedness was also decreased to

1.20% 

from

1.25%.

(6)

The schedule was updated in

 2011

to change certain prior period amounts for consistency in reporting.

(7) The schedule was updated for the 2015 interest figures with a reclassification between the two categories presented.

Coverage Ratios

157