COG Comprehensive Annual Financial Report

In October 2006, the City completed construction of a solid waste transfer station as an alternative to the White Street Landfill, at an estimated cost of $9 million. The City issued $8.4 million in special obligation bonds in November 2005 associated with this new facility, supported with a pledge of local sales tax revenue. In December 2009, $5.7 million of the remaining 1997 bonds (originally issued at $16 million for landfill expansion and improvements) were refunded. All bonds relating to the original 1997 landfill bond issue were retired as of FY 2012. Debt outstanding associated with the transfer station is $1,535,000 as of June 30, 2018. Debt service coverage by the local sales tax revenue well exceeds the 2.00 times covenant requirement, currently at more than 25 times covered. 6) Parking Facilities Fund Charges for current services totaled $2,838,356 as compared to $2,399,536 in the preceding year, an increase of 18.3%. Operating expenses (excluding depreciation) totaled $1,923,864 as compared to $2,328,034 for the preceding year, a decrease of 17.4%, due to reduced elevator repair costs that were completed in FY 2017. General Fund suspended support of this operation in FY 2010 following final maturity of all parking deck debt recorded in the Fund. The City is currently planning for two additional parking decks to be financed with Limited Obligation Bonds with debt service being repaid through parking fee revenue as well as property and sales tax from related downtown development.

FIGURE 3 Expenses and Program Revenues – Business-Type (In thousands of dollars)

Expenses

$60,000

$50,000

Revenues

$40,000

$30,000

$20,000

$10,000

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