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Indian River County, Florida
<br />Pledged Revenue Coverage
<br />Recreational Revenue Refunding Bonds, Series 2003
<br />Last Ten Fiscal Years Schedule 15
<br />Golf Course Operations
<br />Less:
<br />Net
<br />Fiscal Revenues
<br />Expenses
<br />Available
<br />Debt Service Requirements
<br />Year Gross (A)
<br />Operating (B)
<br />Revenues
<br />Principal
<br />Interest
<br />Total
<br />Coverage
<br />2001 $ 3,095,768
<br />$ 2,190,943 $
<br />904,825 $
<br />345,000
<br />$ 390,673 $
<br />735,673
<br />1.23
<br />2002 25928,157
<br />2,188,791
<br />739,366
<br />360,000
<br />375,148
<br />735,148
<br />1.01
<br />2003 3,135,478
<br />2,326,179
<br />809,299
<br />375,000
<br />357,103
<br />732,103
<br />1.11
<br />2004 3,105,806
<br />2,474,969
<br />630,837
<br />410,000
<br />202,155
<br />612,155
<br />1.03
<br />2005 3,252,414
<br />2,590,759
<br />661,655
<br />450,000
<br />188,307
<br />638,307
<br />1.04
<br />2006 35324,127
<br />2,554,640
<br />769,487
<br />460,000
<br />179,291
<br />639,291
<br />1.20
<br />2007 35396,639
<br />2,6705309
<br />726,330
<br />475,000
<br />170,016
<br />645,016
<br />1.13
<br />2008 35327,236
<br />2,390,018
<br />937,218
<br />485,000
<br />159,753
<br />644,753
<br />1.45
<br />2009 3,292,170
<br />2,581,254
<br />710,916
<br />490,000
<br />147,516
<br />637,516
<br />1.12
<br />2010 3,157,520
<br />2,393,964
<br />763,556
<br />510,000
<br />133,889
<br />643,889
<br />1.19
<br />(A) Gross revenues include charges for services of the golf course as well as interest income.
<br />Insurance recoveries and gain on disposal of equipment are
<br />excluded.
<br />(B) Operating expenses include all expenses except depreciation, amortization, interest expense,
<br />and
<br />loss on disposal of equipment.
<br />Note: Details regarding the County's outstanding debt can be found
<br />in the Notes to the Financial
<br />Statements.
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