State of Connecticut

Pledged-Revenue Coverage
Last Eleven Fiscal Years
(Expressed in Thousands)
  2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
University of Connecticut and Health Center²                      
Gross Revenues $ - $ - $ - $ - $1,311,797 $1,408,197 $1,476,058 $1,578,763 $1,577,646 $1,806,256 $1,786,129
Operating Expenses - - - - 1,154,520 1,270,111 1,327,713 1,388,753 1,482,749 1,592,289 1,569,966
Net Available Revenues $ - $ - $ - $ - $157,277 $138,086 $148,345 $190,010 $94,897 $213,967 $216,163
Debt Service:                      
Principal $ - $ - $ - $ - $50,810 $57,660 $61,964 $69,921 $74,846 $76,148 $79,655
Interest - - - - 10,198 11,158 13,032 15,901 15,897 52,307 53,523
Total $ - $ - $ - $ - $61,008 $68,818 $74,996 $85,822 $90,743 $128,455 $133,178
Coverage - - - - 2.58 2.01 1.98 2.21 1.05 1.67 1.62
                       
State Universities²                      
Gross Revenues $ - $ - $ - $ - $526,083 $529,180 $549,800 $580,879 $631,477 $629,832 $669,388
Operating Expenses - - - - 432,163 464,940 496,923 529,744 568,197 589,022 599,792
Net Available Revenues $ - $ - $ - $ - $93,920 $64,240 $52,877 $51,135 $63,280 $40,810 $69,596
Debt Service:                      
Principal $ - $ - $ - $ - $68,312 $63,673 $16,294 $79,813 $18,669 $19,163 $18,976
Interest - - - - - - - - - - -
Total $ - $ - $ - $ - $68,312 $63,673 $16,294 $79,813 $18,669 $19,163 $18,976
Coverage - - - - 1.37 1.01 3.25 0.64 3.39 2.13 3.67
                       
Bradley International Airport                      
Gross Revenues $55,888 $53,364 $54,712 $56,286 $54,862 $60,618 $60,740 $63,314 $64,576 $57,027 $56,517
Operating Expenses 21,815 24,688 27,838 31,254 29,464 32,649 33,871 38,636 39,692 40,342 38,445
Net Available Revenues $34,073 $28,676 $26,874 $25,032 $25,398 $27,969 $26,869 $24,678 $24,884 $16,685 $18,072
Debt Service:                      
Principal $3,480 $6,785 $3,860 $5,775 $6,140 $8,780 $10,140 $8,430 $9,410 $9,605 $10,145
Interest 6,084 8,291 11,609 10,156 13,397 11,357 11,151 10,684 10,257 10,259 9,789
Total $9,564 $15,076 $15,469 $15,931 $19,537 $20,137 $21,291 $19,114 $19,667 $19,864 $19,934
Coverage 3.56 1.90 1.74 1.57 1.30 1.39 1.26 1.29 1.27 0.84 0.91
                       
Clean Water                      
Gross Revenues $48,285 $57,219 $48,471 $50,566 $37,338 $47,439 $54,295 $55,955 $50,557 $52,232 $64,648
Operating Expenses 1,133 1,320 986 804 604 755 856 747 564 465 8,502
Net Available Revenues $47,152 $55,899 $47,485 $49,762 $36,734 $46,684 $53,439 $55,208 $49,993 $51,767 $56,146
Debt Service:                      
Principal $22,630 $24,915 $31,040 $27,050 $36,723 $38,207 $34,386 $62,192 $42,520 $46,897 $53,745
Interest 29,607 28,179 29,917 28,631 24,155 26,985 25,220 29,436 22,048 23,635 37,113
Total $52,237 $53,094 $60,957 $55,681 $60,878 $65,192 $59,606 $91,628 $64,568 $70,532 $90,858
Coverage 0.90 1.05 0.78 0.89 0.60 0.72 0.90 0.60 0.77 0.73 0.62
                       
Second Injury & Compensation Assurance¹                      
Gross Revenues $86,946 $106,629 $112,608 $96,107 99687 $96,918 $ - $ - $ - $ - $ -
Operating Expenses 66,843 62,375 50,654 48,100 44,793 55,821 - - - - -
Net Available Revenues $20,103 $44,254 $61,954 $48,007 $54,894 $41,097 $ - $ - $ - $ - $ -
Debt Service:                      
Principal $30,100 $136,630 $50,830 $42,890 $56,875 $54,255 $ - $ - $ - $ - $ -
Interest 10,646 12,642 10,581 7,455 5,274 2,454 - - - - -
Total $40,746 $149,272 $61,411 $50,345 $62,149 $56,709 $ - $ - $ - $ - $ -
Coverage 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 $20,375 $18,792
Operating Expenses - - 11,691 9,169 7,077 7,971 10,467 8,522 8,968 9,039 8,776
Net Available Revenues $ - $ - $5,807 $11,305 $14,991 $15,380 $14,184 $14,646 $14,016 $11,336 $10,016
Debt Service:                      
Principal $ - $ - $ - $ - $ - $1,885 $2,040 $2,210 $1,460 $1,550 $1,650
Interest - - 3,575 3,582 3,582 3,518 3,099 3,558 3,451 3,437 3,620
Total $ - $ - $3,575 $3,582 $3,582 $5,403 $5,139 $5,768 $4,911 $4,987 $5,270
Coverage - - 1.62 3.16 4.19 2.85 2.76 2.54 2.85 2.27 1.90
                       
Drinking Water¹                      
Gross Revenues $ - $13,637 $9,366 $18,888 $9,205 $5,963 $10,187 $22,664 $17,164 $10,714 $14,714
Operating Expenses - 1,189 1,541 1,946 1,508 1,743 3,391 2,570 2,576 4,184 7,068
Net Available Revenues $ - $12,448 $7,825 $16,942 $7,697 $4,220 $6,796 $20,094 $14,588 $6,530 $7,646
Debt Service:                      
Principal $ - $ - $ - $ - $1,332 $1,513 $1,839 $3,209 $2,660 $2,718 $3,964
Interest - 115 1,375 1,375 1,906 2,130 2,067 2,081 1,633 1,794 2,405
Total $ - $115 $1,375 $1,375 $3,238 $3,643 $3,906 $5,290 $4,293 $4,512 $6,369
Coverage - 108.24 5.69 12.32 2.38 1.16 1.74 3.80 3.40 1.45 1.20
                       
Rate Reduction Bonds¹                      
Gross Revenues $ - $ - $ - $ - $ - $23,075 $44,376 $32,417 $35,261 $18,319 $ -
Operating Expenses - - - - - 150 320 310 305 747 -
Net Available Revenues $ - $ - $ - $ - $ - $22,925 $44,056 $32,107 $34,956 $17,572 $ -
Debt Service:                      
Principal $ - $ - $ - $ - $ - $12,605 $26,145 $27,155 $28,450 $110,990 -
Interest - - - - - 7,428 9,029 7,733 6,436 - -
Total $ - $ - $ - $ - $ - $20,033 $35,174 $34,888 $34,886 $110,990 $ -
Coverage - - - - - 1.14 1.25 0.92 1.00 0.16 -


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 and retired in fiscal year 2010.

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.