2020 2021 2022 2023 2024 Total Revenues (1) $ 121,888,171 $ 131,764,725 $ 142,275,551 $ 160,429,046 $ 175,455,800 Cost of Operation and Maintenance (2) (8) 74,922,271 77,973,823 $ 88,465,782 $ 95,738,455 $ 108,160,692 Net Revenues 46,965,900 53,790,902 $ 53,809,769 $ 64,690,591 $ 67,295,107 Legally Available Impact Fees (3) 16,659,812 21,024,190 $ 24,461,833 $ 20,030,357 $ 20,375,586 Net Revenues and Legally Available Impact Fees 63,625,712 74,815,092 $ 78,271,602 $ 84,720,948 $ 87,670,693 Senior Lien Bonds Debt Service (4) 17,260,122 18,778,129 $ 19,656,349 $ 24,241,542 $ 25,636,132 Senior Lien Debt Service Coverage Tests: Test 1 - Net Revenues Calculated Coverage 2.72 2.86 2.74 $ 2.67 $ 2.63 $ Required Coverage in Resolution 1.00 1.00 1.00 $ 1.00 $ 1.00 $ Test 2 - Net Revenues and Impact Fees Calculated Coverage 3.69 3.98 3.98 $ 3.49 $ 3.42 $ Required Coverage in Resolution 1.20 1.20 1.20 $ 1.20 $ 1.20 $ Junior Lien Debt Service (5) 5,573,207 4,518,282 $ 5,395,914 $ 5,405,945 $ 5,395,000 Total Senior Lien and Junior Lien Debt Service 22,833,329 23,296,411 $ 25,052,263 $ 29,647,487 $ 31,031,132 Junior Lien Debt Service Coverage Test: (6) Test 1 - Net Revenues and Impact Fees Calculated Coverage 2.79 3.21 3.12 2.86 2.83 Required Coverage (7) 1.20 1.20 1.20 1.20 1.20 Net Available for Other Required Transfers 40,792,383 51,518,681 53,219,339 55,073,461 56,639,561 Other Required Transfers: Central Service Charges 4,378,639 4,184,092 4,184,092 4,147,629 4,386,913 Payment in Lieu of Taxes 2,586,056 2,671,844 2,705,247 2,868,539 2,840,728 Commercial Paper Loan 3,205,316 30,357 270,921 1,452 - Net Available for Other System Purposes $ 30,622,372 $ 44,632,388 $ 46,059,079 $ 48,055,842 $ 49,411,920 (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' 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 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, 346
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