Fort Walton Beach Council agenda — 04-28-09 regular — reading text

higher if other than utility operating revenues are pledged. Revised: 01/ 19/ 06  SCHEDULE OF PRIOR AND PARITY LIENS List annual debt service beginning two years before the anticipated loan agreement date and continuing at least fifteen fiscal years. Use additional pages as necessary. IDENTIFY EACH OBLIGATION 12000 Bond -Pump Station # 1 2 Lease -Backhoe 3 1998 Bond -Tax Revenue Cert. Coverage % 150% Coverage % 0 Coverage % 125% Insured es/ No Yes Insured es/ No No Insured es/ No Yes 4 Lease -Wheel Loader 5 2005 Bond -System Improvmnts 6 Coverage % 0 Coverage % 125% Coverage % Insured es/ No No Insured (Yes/ No) Yes Insured es/ No Total Non -SRF Total SRF Fiscal Annual Debt Service ( Principal + Interest) Debt Service Debt Service w /covera e w /covera e Year 1 2 3 4 5 6 2007 154, 504 N/A 2899013 N/A 461, 994 905, 511 0 2008 158, 555 N/A 2915050 N/ A 461, 994 911, 599 0 2009 1573195 N/A 2929400 N/A 4619994 9113589 0 2010 1559533 N/ A 289,226 N/ A 621, 994 1, 0669753 0 2011 1539563 N/A 289, 294 6229034 190649891 0 2012 7219672 721, 672 0 2013 722, 559 7229559 0 2014 7229759 7229759 0 2015 7229247 722, 247 0 2016 7209997 7209997 0 2017 7199372 719, 372 0 2018 721, 572 7215572 0 2019 723, 172 7239172 0 2020 7249172 724, 172 0 2021 7249115 7245115 0 2022 7239440 7235440 0 2023 721, 850 7219850 0 2024 719,425 7195425 0 2025 7219363 721, 363 0 2026 722, 450 7229450 0 2027 7219435 721, 435 0 2028 7199515 7199515 0 2029 7215690 721, 690 0 2030 7229735 722, 735 0 2031 722, 650 722, 650 0 2032 7215550 7219550 0 2033 7249325 7249325 0 2034 720, 750 720, 750 0 2035 721, 050 7219050 0 Revised: 01/ 19/ 06  SCHEDULE OF ACTUAL REVENUES AND DEBT COVERAGE FOR PLEDGED REVENUE Provide information for the two fiscal years preceding the anticipated date of the SRF loan agreement) F 06 -0 FY" a) Operating Revenues ( Identify) Water Consumption Fees 2, 492, 378 2, 271, 189 Sewer Usage Fees 4, 162, 172 3, 984, 282 b) Interest Income 352, 339 358, 045 c) Other Incomes or Revenues Identify) Water & Sewer Connection Fees 148, 709 46, 032 Water & Sewer Impact Fees 114, 162 82, 009 d) Total Revenues 792699760 697419557 e) Operating Expenses ( excluding interest on debt, depreciation, and other non -cash items) 4, 173, 980 4, 206, 922 f) Net Revenues ( f =d —e) 3, 095, 780 2, 534, 635 g) Debt Service ( including coverage) Excluding SRF Loans 905, 511 911, 599 h) Debt Service (including coverage) for Outstanding SRF Loans 0 0 1) Net Revenues After Debt Service ( i = f — 2, 190, 269 1, 623, 036 g —h) Source: City of Fort Walton Beach FY 2006 -07 & FY 2007 -08 Annual Budgets Notes: Revised: 01/ 19/ 06  SCHEDULE OF PROJECTED REVENUES AND DEBT COVERAGE FOR PLEDGED REVENUE Begin with the fiscal year preceding first anticipated semiannual loan payment) FY 08 -09 FY 09 -10 FY 10 -11 FY 11 -12 FY 12 -13 Operating Revenues Identify) Water Consumption Fees 2, 299, 332 2,374,777 2, 446, 020 2, 519,400 2, 594, 982 Sewer Usage Fees 3, 839, 558 4, 029, 349 4, 147, 140 4, 271, 554 4, 399, 701 b) Interest Income 224, 103 2205000 220, 000 230, 000 2505000 c) Other Incomes or Revenues ( Identify) Water & Sewer Connection Fees 113, 995 127, 200 127, 200 127, 200 127, 200 Water & Sewer Impact Fees 57, 175 85,85, 000000 85, 000 85,85, 000000 85,85, 000000 d) Total Revenues 6, 5349163 658369326 7, 0259360 792339154 794569883 e) Operating Expenses' 3, 652, 155 4, 673, 192 5, 807, 253 6, 171, 894 6,6, 56595315659531 f) Net Revenues f =d - e) 2, 8829008 291639134 192189107 150615260 150615260 89153528915352 g) Existing Debt Service on Non -SRF Projects ( including coverage) 911, 589 1, 066, 753 106401106401 721,721, 672672 722, 559 h) Existing SRF Loan Debt Service ( including coverage) 0 1) Total Existing Debt Service i = g + h) 911, 589 1, 066,753 1, 0649891 7213672 7229559 j) Projected Debt Service on Non -SRF Future Projects including coverage) k) Projected SRF Loan Debt Service ( including coverage) 168, 438 168, 43 8 1683438 1681)43 8 16 8, 43 8 1) Total Debt Service ( Existing and Projected) 1= i + j +k) 15080, 027 19235, 191 1, 233, 329 890, 110 8909997 m) Net Revenues After Debt 1) Service (m = f — 1, 8019981 9275943 - 155222 1719150 355 Source: City of Fort Walton Beach FY 2008 -09 Annual Budget Proforma with Five -Year Revenue Projections Notes: ( i.e. rate increases, explanations, etc.) 1. For existing and proposed facilities, excluding interest on debt, depreciation, and other non -cash items. 2. The City is budgeted to have a rate study completed in FY 2008 -09 or FY 2009 -10. From the rate study, out year rate increases will be implemented. 3. Increase in operating expenses in FY 2009 -10 through FY 2012 -13 account for user fees to Okaloosa County for providing wastewater treatment and disposal services to the City starting in early 2010. 4. The above numbers do not include the rate increases that will be implemented as a result of the rate study; the Net Revenue after Debt will increase due to these adjustments. Revised: 01/ 19/ 06  CERTIFICATION I, Brandy Wunker, Finance Director , certify that I have reviewed the information Chief Financial Officer (please print) included