State of Connecticut

Pledged-Revenue Coverage
Last Ten Fiscal Years
(Expressed in Thousands)
  2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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 $1,774,037
Operating Expenses - - 1,154,520 1,270,111 1,327,713 1,388,753 1,482,749 1,592,289 1,569,966 1,673,797
Net Available Revenues $ - $ - $157,277 $138,086 $148,345 $190,010 $94,897 $213,967 $216,163 $100,240
Debt Service:                    
Principal $ - $ - $50,810 $57,660 $61,964 $69,921 $74,846 $76,148 $79,655 $95,962
Interest - - 10,198 11,158 13,032 15,901 15,897 52,307 53,523 52,730
Total $ - $ - $61,008 $68,818 $74,996 $85,822 $90,743 $128,455 $133,178 $148,692
Coverage - - 2.58 2.01 1.98 2.21 1.05 1.67 1.62 0.67
                     
State Universities²                    
Gross Revenues $ - $ - $526,083 $529,180 $549,800 $580,879 $631,477 $629,832 $669,388 $702,729
Operating Expenses - - 432,163 464,940 496,923 529,744 568,197 589,022 599,792 588,571
Net Available Revenues $ - $ - $93,920 $64,240 $52,877 $51,135 $63,280 $40,810 $69,596 $114,158
Debt Service:                    
Principal $ - $ - $68,312 $63,673 $16,294 $79,813 $18,669 $19,163 $18,976 $32,986
Interest - - - - - - - - - 11,851
Total $ - $ - $68,312 $63,673 $16,294 $79,813 $18,669 $19,163 $18,976 $44,837
Coverage - - 1.37 1.01 3.25 0.64 3.39 2.13 3.67 2.55
                     
Bradley International Airport                    
Gross Revenues $54,712 $56,286 $54,862 $60,618 $60,740 $63,314 $64,576 $57,027 $56,517 $64,066
Operating Expenses 27,838 31,254 29,464 32,649 33,871 38,636 39,692 40,342 38,445 41,726
Net Available Revenues $26,874 $25,032 $25,398 $27,969 $26,869 $24,678 $24,884 $16,685 $18,072 $22,340
Debt Service:                    
Principal $3,860 $5,775 $6,140 $8,780 $10,140 $8,430 $9,410 $9,605 $10,145 $172,075
Interest 11,609 10,156 13,397 11,357 11,151 10,684 10,257 10,259 9,789 9,448
Total $15,469 $15,931 $19,537 $20,137 $21,291 $19,114 $19,667 $19,864 $19,934 $181,523
Coverage 1.74 1.57 1.30 1.39 1.26 1.29 1.27 0.84 0.91 0.12
                     
Clean Water                    
Gross Revenues $48,471 $50,566 $37,338 $47,439 $54,295 $55,955 $50,557 $52,232 $64,648 $59,714
Operating Expenses 986 804 604 755 856 747 564 465 8,502 9,468
Net Available Revenues $47,485 $49,762 $36,734 $46,684 $53,439 $55,208 $49,993 $51,767 $56,146 $50,246
Debt Service:                    
Principal $31,040 $27,050 $36,723 $38,207 $34,386 $62,192 $42,520 $46,897 $53,745 $67,310
Interest 29,917 28,631 24,155 26,985 25,220 29,436 22,048 23,635 37,113 32,724
Total $60,957 $55,681 $60,878 $65,192 $59,606 $91,628 $64,568 $70,532 $90,858 $100,034
Coverage 0.78 0.89 0.60 0.72 0.90 0.60 0.77 0.73 0.62 0.50
                     
Second Injury & Compensation Assurance¹                    
Gross Revenues $112,608 $96,107 $99,687 $96,918 $ - $ - $ - $ - $ - $-
Operating Expenses 50,654 48,100 44,793 55,821 - - - - - -
Net Available Revenues $61,954 $48,007 $54,894 $41,097 $ - $ - $ - $ - $ - $-
Debt Service:                    
Principal $50,830 $42,890 $56,875 $54,255 $ - $ - $ - $ - $ - $-
Interest 10,581 7,455 5,274 2,454 - - - - - -
Total $61,411 $50,345 $62,149 $56,709 $ - $ - $ - $ - $ - $-
Coverage 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 $21,076
Operating Expenses 11,691 9,169 7,077 7,971 10,467 8,522 8,968 9,039 8,776 8,609
Net Available Revenues $5,807 $11,305 $14,991 $15,380 $14,184 $14,646 $14,016 $11,336 $10,016 $12,467
Debt Service:                    
Principal $ - $ - $ - $1,885 $2,040 $2,210 $1,460 $1,550 $1,650 $1,755
Interest 3,575 3,582 3,582 3,518 3,099 3,558 3,451 3,437 3,620 3,378
Total $3,575 $3,582 $3,582 $5,403 $5,139 $5,768 $4,911 $4,987 $5,270 $5,133
Coverage 1.62 3.16 4.19 2.85 2.76 2.54 2.85 2.27 1.90 2.43
                     
Drinking Water¹                    
Gross Revenues $9,366 $18,888 $9,205 $5,963 $10,187 $22,664 $17,164 $10,714 $14,714 $17,935
Operating Expenses 1,541 1,946 1,508 1,743 3,391 2,570 2,576 4,184 7,068 8,802
Net Available Revenues $7,825 $16,942 $7,697 $4,220 $6,796 $20,094 $14,588 $6,530 $7,646 $9,133
Debt Service:                    
Principal $ - $ - $1,332 $1,513 $1,839 $3,209 $2,660 $2,718 $3,964 $4,055
Interest 1,375 1,375 1,906 2,130 2,067 2,081 1,633 1,794 2,405 2,141
Total $1,375 $1,375 $3,238 $3,643 $3,906 $5,290 $4,293 $4,512 $6,369 $6,196
Coverage 5.69 12.32 2.38 1.16 1.74 3.80 3.40 1.45 1.20 1.47
                     
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.