2025 Annual Comprehensive Report

removed from the Water Resources Fund. The proceeds of these bonds were used for improvements to the City’s water and sanitary sewer system and other issue costs. The City has pledged 100% of future water and sewer customer revenues, net of specified operating expenses to the payment of and as security for the Revenue Bonds in the amounts shown below specifically to cover annual debt service through 2054. This pledge relates to all Combined Enterprise Revenue bonds outstanding, issued for the purpose of making 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 $79,196,405 to provide a coverage ratio of 2.22 at June 30, 2025. The City believes it was in compliance with all such covenants during Fiscal Year 2024-25.

Revenue Bonds/Anticipation Notes Debt Service Requirements to Maturity are:

Business-Type Activities Annual Requirements

Fiscal Year

Interest

Total

Principal

$ 97,417,695 1 $ 20,704,030 118,121,725 $

2025-26 2026-27 2027-28 2028-29 2029-30 2031-35 2036-40 2041-45 2046-50 2051-55

14,730,000 15,945,000 13,880,000 14,855,000 62,445,000 68,390,000 82,655,000 81,350,000 38,380,000

16,708,811 16,030,951 15,278,474 14,627,808

31,438,811 31,975,951 29,158,474 29,482,808

64,037,198 126,482,198 50,987,038 119,377,038 36,713,100 119,368,100 18,760,700 100,110,700

4,287,600

42,667,600

$ 490,047,695

$ 258,135,710 748,183,405 $

(1) Includes Direct Placement Bond Anticipation Notes of $80,502,695, principal scheduled to mature in FY26, and includes estimated interest of $3,212,221.

6. Leases The City has entered into various lease agreements. These lease agreements qualify as other than short-term leases under GASB 87 and, therefore, have been recorded at the present value of the future lease payments as of the date of their inception. The future lease obligations and the net present value of these lease payments as of June 30, 2025, were as follows:

Government Activities: Fiscal Year

Principal

Interest

Total

2025-26 2026-27 2027-28 2028-29 2029-30 2031-35 2036-40

$

5,860,860 3,376,329 2,255,933 1,141,085 719,950 4,486,814 860,682 18,701,653

$

375,531 271,195 201,101 156,866 135,043 414,925 52,545

$

6,236,391 3,647,524 2,457,034 1,297,951 854,993 4,901,739 913,227 20,308,859

$

$

1,607,206

$

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