Pledged-Revenue Coverage Statistical Section Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2009

State of Connecticut

Pledged-Revenue Coverage
Last Ten Fiscal Years
(Expressed in Thousands)
  2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
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
Operating Expenses - - - - 1,154,520 1,270,111 1,327,713 1,388,753 1,482,749 1,592,289
Net Available Revenues $- $- $- $- $157,277 $138,086 $148,345 $190,010 $94,897 $213,967
Debt Service:                    
Principal $- $- $- $- $50,810 $57,660 $61,964 $69,921 $74,846 $76,148
Interest - - - - 10,198 11,158 13,032 15,901 15,897 52,307
Total $- $- $- $- $61,008 $68,818 $74,996 $85,822 $90,743 $128,455
Coverage - - - - 2.58 2.01 1.98 2.21 1.05 1.67
                     
State Universities²                    
Gross Revenues $- $- $- $- $526,083 $529,180 $549,800 $580,879 $631,477 $629,832
Operating Expenses - - - - 432,163 464,940 496,923 529,744 568,197 589,022
Net Available Revenues $- $- $- $- $93,920 $64,240 $52,877 $51,135 $63,280 $40,810
Debt Service:                    
Principal $- $- $- $- $68,312 $63,673 $16,294 $79,813 $18,669 $19,163
Interest - - - - - - - - - -
Total $- $- $- $- $68,312 $63,673 $16,294 $79,813 $18,669 $19,163
Coverage - - - - 1.37 1.01 3.25 0.64 3.39 2.13
                     
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
Operating Expenses 21,815 24,688 27,838 31,254 29,464 32,649 33,871 38,636 39,692 40,342
Net Available Revenues $34,073 $28,676 $26,874 $25,032 $25,398 $27,969 $26,869 $24,678 $24,884 $16,685
Debt Service:                    
Principal $3,480 $6,785 $3,860 $5,775 $6,140 $8,780 $10,140 $8,430 $9,410 $9,605
Interest 6,084 8,291 11,609 10,156 13,397 11,357 11,151 10,684 10,257 10,259
Total $9,564 $15,076 $15,469 $15,931 $19,537 $20,137 $21,291 $19,114 $19,667 $19,864
Coverage 3.56 1.90 1.74 1.57 1.30 1.39 1.26 1.29 1.27 0.84
                     
Clean Water                    
Gross Revenues $48,285 $57,219 $48,471 $50,566 $37,338 $47,439 $54,295 $55,955 $50,557 $52,232
Operating Expenses 1,133 1,320 986 804 604 755 856 747 564 465
Net Available Revenues $47,152 $55,899 $47,485 $49,762 $36,734 $46,684 $53,439 $55,208 $49,993 $51,767
Debt Service:                    
Principal $22,630 $24,915 $31,040 $27,050 $36,723 $38,207 $34,386 $62,192 $42,520 $46,897
Interest 29,607 28,179 29,917 28,631 24,155 26,985 25,220 29,436 22,048 23,635
Total $52,237 $53,094 $60,957 $55,681 $60,878 $65,192 $59,606 $91,628 $64,568 $70,532
Coverage 0.90 1.05 0.78 0.89 0.60 0.72 0.90 0.60 0.77 0.73
                     
Second Injury & Compensation Assurance¹                    
Gross Revenues $86,946 $106,629 $112,608 $96,107 $99,687 $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
Operating Expenses - - 11,691 9,169 7,077 7,971 10,467 8,522 8,968 9,039
Net Available Revenues $- $- $5,807 $11,305 $14,991 $15,380 $14,184 $14,646 $14,016 $11,336
Debt Service:                    
Principal $- $- $- $- $- $1,885 $2,040 $2,210 $1,460 $1,550
Interest - - 3,575 3,582 3,582 3,518 3,099 3,558 3,451 3,437
Total $- $- $3,575 $3,582 $3,582 $5,403 $5,139 $5,768 $4,911 $4,987
Coverage - - 1.62 3.16 4.19 2.85 2.76 2.54 2.85 2.27
                     
Drinking Water¹                    
Gross Revenues $- $13,637 $9,366 $18,888 $9,205 $5,963 $10,187 $22,664 $17,164 $10,714
Operating Expenses - 1,189 1,541 1,946 1,508 1,743 3,391 2,570 2,576 4,184
Net Available Revenues $- $12,448 $7,825 $16,942 $7,697 $4,220 $6,796 $20,094 $14,588 $6,530
Debt Service:                    
Principal $- $- $- $- $1,332 $1,513 $1,839 $3,209 $2,660 $2,718
Interest - 115 1,375 1,375 1,906 2,130 2,067 2,081 1,633 1,794
Total $- $115 $1,375 $1,375 $3,238 $3,643 $3,906 $5,290 $4,293 $4,512
Coverage - 108.24 5.69 12.32 2.38 1.16 1.74 3.80 3.40 1.45
                     
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.

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.

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