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Centennial Water and Sanitation District
<br /> Douglas County,Colorado
<br /> Debt Service Parity Certification
<br /> 2015 Colorado Water Conservation Board Loans
<br /> Exhibit A
<br /> (Unaudited/Estimated)
<br /> (Audited) 12-Months Ended
<br /> 2014 3/31/2015
<br /> Revenues
<br /> Operating Revenues $ 31,199,215 $ 31,324,940 (1)
<br /> Other Utility Revenue(2) 693,307 912,032
<br /> Tota Recurring Revenue 31,892,522 32,236,972
<br /> Operation and Maintenance Expenses(3). 21,631,371 21,854,174 (4)
<br /> Operating Revenues less Operation and Maintenance Expenses 10,261,151 10,382,798
<br /> Annual Current Debt Service Requirements
<br /> 2005 Bond Series 2,245,000 2,245,000
<br /> 2008 Bond Series 2,516,000 2,516,000
<br /> 2012 Bond Series A 1,169,000 1,169,000
<br /> 2012 Bond Series B 772,000 772,000
<br /> Total Current Annual Debt Service 6,702,000 6,702,000
<br /> Debt Coverage Ratio i 153.11% 154.92%
<br /> Future Annual Debt Service Requirements
<br /> 2005 Bond Series 2,245,000 2,245,000
<br /> 2008 Bond Series 2,516,000 2,516,000
<br /> 2012 Bond Series A 1,169,000 1,169,000
<br /> 2012 Bond Series B 772,000 772,000
<br /> 2015 Colorado Conservation Water Board Contract 150405A 253,989 253,989
<br /> 2015 Colorado Conservation Water Board Contract 150405B 1,455,449 1,455,449
<br /> 2015 Colorado Conservation Water Board Contract 150405C 557,858 557,858
<br /> Total Future Annual Debt Service 8,969,296 8,969,296
<br /> Debt Coverage Ratio ii 114% 116%
<br /> Capital Contributions
<br /> Capacity Fees 3,061,561 3,033,881
<br /> Capacity Fees as%of Revenue 9.60% 9.41%
<br /> Financial Assurance Fund(equivalent of Rate Stabilization Fund) 5,694,663 5,694,663 (5)
<br /> Total Revenue,Capital Contributions,and Financial Assurance Fund 19,017,375 19,111,342
<br /> Debt Coverage Ratio iii 212% 213%
<br /> Reserve Funding Requirements
<br /> 2015 Colorado Conservation Water Board Loans 226,730 226,730
<br /> Total Future Annual Debt Service and Reserve Funding 9,196,025 9,196,025
<br /> Total Revenue and Capital Contributions 13,322,712 13,416,679
<br /> Debt Coverage Ratio iv 145% 146%
<br /> Pertinent Debt Compliance Provisions
<br /> 2005,2008,2012 Bond Series
<br /> Debt coverage ratio of 100%based on the ratio of net recurring revenue vs.current year debt service(see(i)and(ii))
<br /> Minimum secondary coverage ratio of 125%based on ratio of net recurring revenue plus capital contributions plus the financial assurance
<br /> fund(see(iii))
<br /> 2015 Colorado Water Conservation Board Loans 150405A,150405B,150405C
<br /> 100%based on net recurring revenue including capital contributions,including required reserves(see(iv))
<br /> (1)-12-month revenues at 3/31/15 were estimated by removing the 1st qtr 2014 revenue from the 12/31/14 audited balance and
<br /> adding the total unaudited 1st qtr 2015 revenue
<br /> (2)-Includes net investment income,but excludes other non-operating income and capital contributions
<br /> (3)-Excludes depreciation and expenses for non-capitalized major repairs made from a reserve fund established for major repair
<br /> (4)-To provide a more meaningful and conservative expense estimate, the 2015 budget increase of 1.03%was applied to prior year
<br /> expenses.
<br /> (5)-This balance is transferred annually at the end of the fiscal year. Transfer has not fluctuated materially over the past 4 years
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