State of Connecticut

Pledged-Revenue Coverage
Last Ten Fiscal Years
(Expressed in Thousands)
  1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
University of Connecticut and Health Center²                    
Gross Revenues $- $- $- $- $- $1,311,797 $1,408,197 $1,476,058 $1,578,763 $1,577,646
Operating Expenses - - - - - 1,154,520 1,270,111 1,327,713 1,388,753 1,482,749
Net Available Revenues $- $- $- $- $- $157,277 $138,086 $148,345 $190,010 $94,897
Debt Service:                    
Principal $- $- $- $- $- $50,810 $57,660 $61,964 $69,921 $74,846
Interest - - - - - 10,198 11,158 13,032 15,901 15,897
Total $- $- $- $- $- $61,008 $68,818 $74,996 $85,822 $90,743
Coverage - - - - - 2.58 2.01 1.98 2.21 1.05
State Universities²                    
Gross Revenues $- $- $- $- $- $526,083 $529,180 $549,800 $580,879 $631,477
Operating Expenses - - - - - 432,163 464,940 496,923 529,744 568,197
Net Available Revenues $- $- $- $- $- $93,920 $64,240 $52,877 $51,135 $63,280
Debt Service:                    
Principal $- $- $- $- $- $68,312 $63,673 $16,294 $79,813 $18,669
Interest - - - - - - - - - -
Total $- $- $- $- $- $68,312 $63,673 $16,294 $79,813 $18,669
Coverage - - - - - 1.37 1.01 3.25 0.64 3.39
Bradley International Airport                    
Gross Revenues $48,133 $55,888 $53,364 $54,712 $56,286 $54,862 $60,618 $60,740 $63,314 $64,576
Operating Expenses 21,242 21,815 24,688 27,838 31,254 29,464 32,649 33,871 38,636 39,692
Net Available Revenues $26,891 $34,073 $28,676 $26,874 $25,032 $25,398 $27,969 $26,869 $24,678 $24,884
Debt Service:                    
Principal $3,240 $3,480 $6,785 $3,860 $5,775 $6,140 $8,780 $10,140 $8,430 $9,410
Interest 6,268 6,084 8,291 11,609 10,156 13,397 11,357 11,151 10,684 10,257
Total $9,508 $9,564 $15,076 $15,469 $15,931 $19,537 $20,137 $21,291 $19,114 $19,667
Coverage 2.83 3.56 1.90 1.74 1.57 1.30 1.39 1.26 1.29 1.27
Clean Water                    
Gross Revenues $47,744 $48,285 $57,219 $48,471 $50,566 $37,338 $47,439 $54,295 $55,955 $50,557
Operating Expenses 1,019 1,133 1,320 986 804 604 755 856 747 564
Net Available Revenues $46,725 $47,152 $55,899 $47,485 $49,762 $36,734 $46,684 $53,439 $55,208 $49,993
Debt Service:                    
Principal $96,230 $22,630 $24,915 $31,040 $27,050 $36,723 $38,207 $34,386 $62,192 $42,520
Interest 24,378 29,607 28,179 29,917 28,631 24,155 26,985 25,220 29,436 22,048
Total $120,608 $52,237 $53,094 $60,957 $55,681 $60,878 $65,192 $59,606 $91,628 $64,568
Coverage 0.39 0.90 1.05 0.78 0.89 0.60 0.72 0.90 0.60 0.77
Second Injury & Compensation Assurance¹                    
Gross Revenues $160,270 $86,946 $106,629 $112,608 $96,107 $99,687 $96,918 $- $- $-
Operating Expenses 143,291 66,843 62,375 50,654 48,100 44,793 55,821 - - -
Net Available Revenues $16,979 $20,103 $44,254 $61,954 $48,007 $54,894 $41,097 $- $- $-
Debt Service:                    
Principal $4,880 $30,100 $136,630 $50,830 $42,890 $56,875 $54,255 $- $- $-
Interest 8,469 10,646 12,642 10,581 7,455 5,274 2,454 - - -
Total $13,349 $40,746 $149,272 $61,411 $50,345 $62,149 $56,709 $- $- $-
Coverage 1.27 0.49 0.30 1.01 0.95 0.88 0.72 - - -
Bradley Parking Garage¹                    
Gross Revenues $- $- $- $17,498 $20,474 $22,068 $23,351 $24,651 $23,168 $22,984
Operating Expenses - - - 11,691 9,169 7,077 7,971 10,467 8,522 8,968
Net Available Revenues $- $- $- $5,807 $11,305 $14,991 $15,380 $14,184 $14,646 $14,016
Debt Service:                    
Principal $- $- $- $- $- $- $1,885 $2,040 $2,210 $1,460
Interest - - - 3,575 3,582 3,582 3,518 3,099 3,558 3,451
Total $- $- $- $3,575 $3,582 $3,582 $5,403 $5,139 $5,768 $4,911
Coverage - - - 1.62 3.16 4.19 2.85 2.76 2.54 2.85
Drinking Water¹                    
Gross Revenues $- $- $13,637 $9,366 $18,888 $9,205 $5,963 $10,187 $4,067 $4,702
Operating Expenses - - 1,189 1,541 1,946 1,508 1,743 3,391 2,570 2,576
Net Available Revenues $- $- $12,448 $7,825 $16,942 $7,697 $4,220 $6,796 $1,497 $2,126
Debt Service:                    
Principal $- $- $- $- $- $1,332 $1,513 $1,839 $3,209 $2,660
Interest - - 115 1,375 1,375 1,906 2,130 2,067 2,081 1,633
Total $- $- $115 $1,375 $1,375 $3,238 $3,643 $3,906 $5,290 $4,293
Coverage - - 108.24 5.69 12.32 2.38 1.16 1.74 0.28 0.50
Rate Reduction Bonds¹                    
Gross Revenues $- $- $- $- $- $- $23,075 $44,376 $32,417 $35,261
Operating Expenses - - - - - - 150 320 310 305
Net Available Revenues $- $- $- $- $- $- $22,925 $44,056 $32,107 $34,956
Debt Service:                    
Principal $- $- $- $- $- $- $12,605 $26,145 $27,155 $28,450
Interest - - - - - - 7,428 9,029 7,733 6,436
Total $- $- $- $- $- $- $20,033 $35,174 $34,888 $34,886
Coverage - - - - - - 1.14 1.25 0.92 1.00

Note: Gross revenues include nonoperating revenue. Operating expenses include nonoperating expenses and exclude depreciation and interest expenses. Revenues for Higher Education funds include transfers in. Revenues for Clean Water and Drinking Water bonds include federal grants.

1 Second Injury bonds were liquidated in fiscal year 2005. Bradley Parking Garage bonds were issued in fiscal year 2000. These bonds were reported as part of Bradley International Airport for fiscal years 2000 and 2001. Drinking Water Bonds were issued in fiscal year 2001 and Rate Reduction Bonds were issued in fiscal year 2005.

2 Starting in fiscal year 2004, the University of Connecticut and Health Center, the State Universities, and the Technical/Community Colleges funds were reported as separate Enterprise funds. In prior years, these funds were reported in the Higher Education fund, an Enterprise fund.