Central Washington University System Historical Compliance with Rate Covenant for the Years 2013 to 2017 2017 2016 2015 2014
2013
Gross Revenue Total System Operating Revenue
$51,689,954 $52,568,660 $51,627,127
Investment income Federal interest subsidy
228,378 630,674
135,052
-
630,674 688,923
Gross Revenue
$52,551,021 $53,336,400 $52,318,063
Operating Expenses Total Operating Expenses Less: Admin fees (1) Less: Depreciation Operating Expenses
$46,977,481 $46,405,167 $44,428,857
1,776,012 4,178,204
1,647,708
2,133,158
4,117,971 3,706,608
$41,023,265 $40,639,488 $38,589,091 $11,527,756 $12,696,912 $13,728,972 $ 9,906,105 $ 9,906,105 $ 9,906,105
Net Revenues
Maximum Annual Debt Service
Rate Covenant (1.00x)
1.16x 1.39x (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. In 2012 the University began to allocate a larger amount of administrative expenses to the System. This adjustment amount excludes administrative expenses of the University directly related to the operation of the System, which are included in the definition of Operation Expenses. Outstanding Parity Bonds The University has outstanding the following Outstanding Parity Bonds, as of March 1, 2018. Name of Issue Original Principal Outstanding Principal (1) System Revenue Bonds, Series 2008 $36,495,000 $ 915,000 System Revenue Bonds, 2010, Series A&B (Taxable Build America Bonds – Direct Payment) 34,465,000 31,090,000 System Revenue Refunding Bonds, Series 2012 7,665,000 6,120,000 System Revenue Refunding Bonds, Series 2013 53,415,000 48,085,000 System Revenue Refunding Bonds, Series 2016 29,175,000 29,175,000 1.28x
9
Made with FlippingBook - professional solution for displaying marketing and sales documents online