Historical Gross Revenues, Net Revenues and MADS Coverage for the System The Net Revenues of the two full fiscal years immediately preceding the date of issuance for the 2018 bonds is estimated to be at least equal to the maximum annual debt service on existing and future parity bonds
Gross Revenue
2013
2014
2015
2016
2017*
Total System Operating Revenue
$51,627,127 $52,568,660 $51,689,954 $56,831,869 $60,156,230
Investment income
$135,052 $630,674
$228,378 $630,674
$240,145 $629,856
$339,021 $629,518
Federal Interest Subsidy for BABs
$688,923
Gross Revenue
$52,318,063 $53,336,400 $52,551,021 $57,703,886 $61,124,770
Operating Expenses Total Operating Expenses
$44,428,857 $46,405,167 $46,977,481 $50,029,443 $51,906,859
Less: Admin Fee paid by System to CWU (1)
$2,133,158 $1,647,708 $1,776,012 $1,776,021 $1,509,721 $3,706,608 $4,117,971 $4,178,204 $4,259,599 $4,305,878 $38,589,091 $40,639,488 $41,023,265 $43,993,823 $46,091,260
Less: Depreciation Operating Expenses
Net Revenues
$13,728,972 $12,696,912 $11,527,756 $13,710,063 $15,033,509
Maximum Annual Debt Service
$9,906,105 $9,906,105 $9,906,105 $9,906,105 $9,626,042
Coverage
1.39x
1.28x
1.16x
1.38x
1.56x
(1) The System is allocated an admin fee annually by the University. The allocation may change year to year and is set by University policy. This expense excludes administrative expenses of the University directly related to the operation of the System, which are included in the definition of Operation Expenses. *Unaudited
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