|
Indian River County, Florida
<br />Pledged Revenue Coverage (Unaudited)
<br />Water and Sewer Revenue Bonds
<br />(Series 1993A, 1996, 2005, 2009)
<br />Last Ten Fiscal Years
<br />2007 2008 2009 2010
<br />Uniform Charges
<br />Water sales $ 13,529,341 $ 13,435,398 $ 13,001,743 $ 13,570,657
<br />Wastewater sales 12,003,677 12,128,706 11,954,333 12,375,346
<br />Other 1,386,198 1,460, l43 1,285,605 1,430,966
<br />Total uniform charges 26,919,216 27,024,247 26,241,681 27,376,969
<br />Septage/Sludge 290,955 256,785 294,459 302,187
<br />Surcharges 243,919 245,343 244,619 245,011
<br />Interest earnings 6,576,873 3,650,480 2,110,031 686,776
<br />1989/1990 Special assessments 21,138 112 413 438
<br />1996 Special assessments 268,883 220,754 184,272 151,316
<br />Gross revenues 34,320,984 31,397,721 29,075,475 28,762,697
<br />Less: Direct expenses 16,226,651 17,147,444 17,057,273 16,007,055
<br />Net revenues available
<br />for debt service $ 18,094,333 $ 14,250,277 $ 12,018,202 $ 12,755,642
<br />Annual debt service
<br />Principal $ 2,505,000 $ 2,620,000 $ 2,745,000 $ 2,870,000
<br />Interest 3,041,150 2,922,950 2,047,513 2,510,910
<br />Total debt service payment $ 5,546,150 $ 5,542,950 $ 4,792,513 $ 5,380,910
<br />Debt service coverage
<br />3.26x 2.57x
<br />2.51x 2.37x
<br />Note: In accordance with Water and Sewer Revenue Refunding Bonds, Series 2005 bond covenants, there are items included
<br />in the debt service coverage calculation other than normal operating revenues. These items include surcharges and
<br />collections on special assessments. Expenses specifically excluded: renewal and replacement, depreciation,
<br />amortization and interest expense, and Toss on disposal of equipment.
<br />Note: Water and Sewer debt information can be found in Note 12.
<br />194
<br />
|