Revenue Bond Coverage Higher Education Statistical Section Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2003

FOR THE YEAR ENDED JUNE 30,	GROSS REVENUES(1)	DIRECT OPERATING EXPENSES (2)	NET REVENUE AVAILABLE FOR DEBT SERVICE	DEBT SERVICE REQUIREMENTS
Revenue Bond Coverage
Higher Education
Current Fiscal Year
(Expressed in Thousands)
FOR THE YEAR ENDED JUNE 30,	GROSS REVENUES(1)	DIRECT OPERATING EXPENSES (2)	NET REVENUE AVAILABLE FOR DEBT SERVICE	PRINCIPAL	INTEREST	TOTAL	COVERAGE
2002	1,999,018	1,755,980	243,038	46,052	8,290	54,342	4.47
2003	2,100,229	1,840,553	259,676	55,061	10,724	65,785	3.95
(1) Includes Operating and Non-Operating Revenues and Transfers In.
(2) Includes Operating Expenses Less Depreciation, & Interest Expenses.
SOURCE: Higher Education Financial Statements