2022 Annual Comprehensive Financial Report

water and sewer system improvements. Certain financial covenants are contained in the revenue bond order, among the most restrictive of which provide that the City maintain a long-term debt service coverage ratio, as defined, of not less than 1.50. Pledged revenues exceeded operating expenses by $60,604,278 to provide a coverage ratio of 2.26 at June 30, 2022. The City believes it was in compliance with all such covenants during Fiscal Year 2021-22. Revenue Bonds/Anticipation Notes Debt Service Requirements to Maturity are:

6. Other Financing Agreements The City had previously entered into lease-purchase and other financing agreements for certain energy improvements, and land that was payable monthly and quarterly. Principal and interest requirements were provided by an appropriation in the year in which they became due. The City had an outstanding direct placement Master Lease Agreement with PNC Bank for certain energy improvements, at a fixed tax-exempt rate of 4.38%, which matured in 2022. In 2015, the City issued $3,578,000 HUD Section 108 Series 2015A notes and refinanced Series 2002A, 2003A and 2006 S. Elm Street interim notes. These notes had interest at fixed rates ranging from 2.78 to 8.12% that were due to mature in 2026. The original commitment was $10,461,000. Total notes outstanding as of June 30, 2022 for HUD funding are $0 as the commitment was paid off in FY22. The City also had a total of $14,327,305 in capital leases at 6/30/2021 primarily for information technology systems that were reclassed per GASB 87 for FY22. Leases that qualify as lease assets and any associated lease liability are now reported as Right to Use Lease Assets and Lease Liability. There are no remaining balances for other financing agreements as of 6/30/22 other than $120,000 for technology related purchases.

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