Comprehensive Annual Financial Report - Fiscal Year ended 6/30/2017

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) 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 2017 243,174,781 52,037,132 100,032,451 143,142,330 22,860,000 26,348,958 49,208,958 2.91 3.97 1.20 Parity and Subordinate Debt Service Coverage (4) 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 48,538,884 53,043,085 101,581,969 1.38 1.00 2017 243,174,781 100,032,451 143,142,330 24,926,658 26,630,347 51,557,005 2.78 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. (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 City of Raleigh _____________________________________________________________ Statistical Section ____________________________________________________________ __________________________________________________________ 190 __________________________________________________________

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