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2. Revenue Sufficiency Analysis <br />• This RSA presents the annual borrowing needs assuming the identified level of capital spending for <br />planning purposes, recognizing that the County would not issue senior -lien debt such as revenue bonds on <br />an annual basis. Additionally, the Utility should evaluate the actual amount and timing of future additional <br />debt as part of future rate analyses and financial planning activities to account for changes in the timing <br />and/or amount of the CIP, the availability of other funding sources, and the level of reserves or operating <br />revenues available for capital funding. <br />Table 7 — Capital Financing Plan" <br />Description <br />CIP Funding FY 24 — FY 34 <br />Water Impact Fees <br />$38.8M <br />Sewer Impact Fees <br />$67.9M <br />Grants/External Funding <br />$49AM <br />Cash Funded (PAYGO) <br />$235.6M <br />Future Debt12 <br />$198AM <br />Total <br />$590.1 M <br />is A summary of the assumed capital financing plan by fiscal year developed as part of the RSA is provided <br />in Schedule 9 of Appendix A. <br />• <br />2.3.7 Debt Service & Coverage <br />Outstanding Debt <br />IRCDUS does not currently have any outstanding debt obligations. <br />Future Debt <br />As identified, the capital financing plan assumes that IRCDUS will need to issue future debt to partially fund <br />the future water and wastewater capacity expansions between FY 2032 and FY 2034. Annual debt service <br />payments on future debt ranges from approximately $1.1 million in FY 2032 to approximately $11.5 million <br />in FY 2034. Schedule 4 of Appendix A summarizes the Utility's annual debt service on the assumed future <br />debt obligations. <br />Rate Covenant/Debt Service Coverage <br />11 Totals may not add due to rounding. <br />12 For future water and sewer capacity projects beginning in FY 2032. <br />a <br />15 <br />