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Indian River County, Florida
<br />Pledged Revenue Coverage
<br />Water and Sewer Revenue Bonds
<br />(Series 1993A, 1996, 2005, 2009)
<br />Last Ten Fiscal Years
<br />Annual debt service
<br />Principal
<br />2001
<br />2002
<br />2003
<br />2004
<br />Uniform Charges
<br />4,177,559
<br />4,102,839
<br />4,021,989
<br />3,936,019
<br />Water sales
<br />$ 9,101,553 $
<br />9,373,866 $
<br />10,108,045 $
<br />11,037,623
<br />Wastewater sales
<br />8,154,933
<br />8,534,228
<br />8,940,200
<br />9,439,597
<br />Other
<br />1,367,291
<br />1,684,506
<br />1,314,453
<br />1,426,112
<br />Total uniform charges
<br />18,623,777
<br />19,592,600
<br />20,362,698
<br />21,903,332
<br />Septage/Sludge
<br />293,741
<br />381,741
<br />348,320
<br />278,897
<br />Surcharges
<br />238,079
<br />247,137
<br />243,342
<br />234,746
<br />Interest Earnings
<br />4,577,350
<br />2,983,032
<br />1,797,260
<br />1,269,838
<br />1989/1990 Special assessments
<br />37,235
<br />9,409
<br />11,650
<br />1,564
<br />1996 Special assessments
<br />870,629
<br />2,619,805
<br />2,752,661
<br />1,539,600
<br />Gross revenues
<br />24,640,811
<br />25,833,724
<br />25,515,931
<br />25,227,977
<br />Less: Direct expenses
<br />9,388,472
<br />9,662,508
<br />10,723,548
<br />12,507,398
<br />Net revenues available
<br />for debt service
<br />$ 15,252,339 $
<br />16,171,216 $
<br />14,792,383 $
<br />12,720,579
<br />Annual debt service
<br />Principal
<br />$ 1,615,000 $
<br />1,690,000 $
<br />1,765,000 $
<br />1,855,000
<br />Interest
<br />4,177,559
<br />4,102,839
<br />4,021,989
<br />3,936,019
<br />Total debt service payment
<br />$ 5,792,559 $
<br />5,792,839 $
<br />5,786,989 $
<br />5,791,019
<br />Debt service coverage
<br />2.63x
<br />2.79x
<br />2.56x
<br />2.20x
<br />Note: In accordance with Water and Sewer Revenue Refunding Bonds, Series 2005 bond covenants, there are items included in the
<br />debt service coverage calculation other than normal operating revenues. These items include surcharges and collections on
<br />special assessments. Expenses specifically excluded: renewal and replacement, depreciation, amortization and interest expense,
<br />and loss on disposal of equipment.
<br />Note: Water and Sewer debt information can be found in Note 13.
<br />186
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