2018 2019 2020 2021 2022 Total Revenues (1) $ 112,789,828 $ 115,322,160 $ 121,888,171 $ 131,764,725 $ 142,275,551 Cost of Operation and Maintenance (2) (8) 66,881,482 70,288,739 74,922,271 77,973,823 88,465,782 Net Revenues 45,908,346 45,033,421 46,965,900 53,790,902 53,809,769 Legally Available Impact Fees (3) 19,156,809 16,722,911 16,659,812 21,024,190 24,461,833 Net Revenues and Legally Available Impact Fees 65,065,155 61,756,332 63,625,712 74,815,092 78,271,602 Senior Lien Bonds Debt Service (4) 17,812,887 17,433,654 17,260,122 18,778,129 19,656,349 Senior Lien Debt Service Coverage Tests: Test 1 - Net Revenues Calculated Coverage 2.58 2.58 2.72 2.86 2.74 Required Coverage in Resolution 1.00 1.00 1.00 1.00 1.00 Test 2 - Net Revenues and Impact Fees Calculated Coverage 3.65 3.54 3.69 3.98 3.98 Required Coverage in Resolution 1.20 1.20 1.20 1.20 1.20 Junior Lien Debt Service (5) 5,702,525 5,576,037 5,573,207 4,518,282 5,395,914 Total Senior Lien and Junior Lien Debt Service 23,515,412 23,009,691 22,833,329 23,296,411 25,052,263 Junior Lien Debt Service Coverage Test: (6) Test 1 - Net Revenues and Impact Fees Calculated Coverage 2.77 2.68 2.79 3.21 3.12 Required Coverage (7) 1.20 1.20 1.20 1.20 1.20 Net Available for Other Required Transfers 41,549,743 38,746,641 40,792,383 51,518,681 53,219,338 Other Required Transfers: Central Service Charges 3,899,484 4,378,859 4,378,639 4,184,092 4,184,092 Payment in Lieu of Taxes 2,253,580 2,401,924 2,586,056 2,671,844 2,705,247 Commercial Paper Loan - 3,348,381 3,205,316 30,357 270,921 Net Available for Other System Purposes $ 35,396,679 $ 28,617,477 $ 30,622,372 $ 44,632,388 $ 46,059,078 (1) Amounts shown do not include interest income earned on balances in the construction funds relating to the Bonds, the FDEP Loans or the Commercial Paper Loan and impact fee funds, if any, which are restricted to such accounts, or the unrealized gain on the fair market adjustment of investments pursuant to the Resolution. (2) Amounts shown do not include depreciation or amortization expenses or internal administrative charges pursuant to the Resolution. Fiscal years' 2019 and 2020 cost of operation and maintenance have been adjusted for internal administrative charges which were inadvertently excluded. (3) Generally, under Florida law, Impact Fees may be validly imposed against new construction or development in order to fund capital improvements or capacity which are necessitated by such new construction or development to satisfy debt service for the bonds or other obligations issued for such purposes. Proceeds of such Impact Fees may be used only for the capital improvements or capacity attributable to the new construction or to pay associated debt service. (4) Senior lien bonds debt service is net of any federal interest reimbursement. (5) Includes debt service on the FDEP Loans, but not on the Commercial Paper Loan. (6) The junior lien debt coverage test is based on the combined debt service requirements of the Bonds and the Subordinate Obligations (excluding the Commercial Paper Loan). (7) Required coverage pursuant to agreements made by the County regarding the FDEP Loans. (8) Operating expenses shown from 2018-2020 have been adjusted to include true operating expenditures of the utility system Source: Prepared by the County from audited financial statements (on accrual basis) Sarasota County, Florida Utility Bond Issue Continuing Disclosure Historical Operating Results and Debt Service Coverage Last Five Fiscal Years Fiscal Year Ended September 30, 326
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