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MAR 2 0 1995 aooK 60 F 258 <br />Mr. Moats noted that in 1983, the water and sewer system had <br />a loss of about $35,000, and this year, there is about $76,000 <br />net income. Even more important is the fact that the County has <br />met all their covenants on their bond issue and has 1.8 coverage, <br />which is above what is needed, and that is good when you go to <br />the bond market and look for ratings. The solid waste income <br />statement also is in a good position; the rate covenant there is <br />also important; and the County has 1.42 coverage. The income was <br />approximately $14,000 last year and it is $20,000 this year, and <br />if the County is planning to move in the area of resource <br />recovery, that also is good. County Building also is doing very <br />well. Mr. Moats asked if anyone had any question re the <br />enterprise funds. <br />Commissioner Scurlock had a question of Director Pinto, <br />which related to the quite substantial coverage as we always are <br />concerned about rate structure, and if we have too much coverage, <br />it may reflect in rates being too high. He believed he got his <br />answer about things that will happen this year that are not <br />reflected and that will shrink that coverage. <br />Director Pinto noted that with the new debt service that <br />will be due, if we didn't have 1.8'coverage, FHA would be looking <br />at a rate increase prior to closing on the next issue. <br />Mr. Moats continued that in regard to compliance with the <br />solid waste revenue bonds, series 1977, they have reviewed those <br />and the County is in compliance in all material respects. In the <br />report of Federal Revenue Sharing, there was one small item of <br />non-compliance, which only had to do with a publication notice of <br />the budget - all else was in conformity with the regulations. <br />Mr. Moats then emphasized the importance of the fact that <br />this Annual Report received a Certificate of Conformance in <br />Financial Reporting from the GFOA (Government Finance Officers <br />Association), especially since the underwriters and rating <br />agencies like to see this. He stressed that this certificate <br />M <br />