FY2016 CCDOA Financial Report as of 6302016.pdf - page 141

128
Clark County Department of Aviation
Clark County, Nevada
Schedule of Airport Revenue Bond Debt Service Coverage
For the Fiscal Years Ended June 30, 2016 and 2015
FY
FY
2016
2015
Reference
(000)
(000)
Operating revenue
540,200
$
521,729
$
Build America Bond subsidy payments received
16,840
16,750
Interest income
4,281
1,875
Total revenue
(a)
561,321
540,354
Other available funds:
Senior lien coverage
18,850
19,883
Subordinate lien coverage
(b)
14,037
11,855
Total other available funds
32,887
31,738
Total revenue and other available funds
594,208
572,092
Operating expenses
(c)
(239,114)
(234,368)
Net revenues available for debt service
(d)
355,094
337,724
PFC revenue
89,567
83,921
PFC fund interest income
1,858
754
Total PFC revenue
(e)
91,425
84,675
Senior lien debt service
(f)
75,401
79,533
Subordinate lien debt service
140,369
118,553
Shortfall / (excess) pledged PFC revenue*
-
-
Total subordinate lien debt service
(g)
140,369
118,553
Senior and subordinate lien debt service
(h)
215,770
198,086
Subordinate PFC debt service
(i)
75,977
76,185
(Shortfall) / excess pledged PFC revenue*
-
-
Total subordinate PFC debt service
75,977
$
76,185
$
Coverage achieved:
Net revenue (informational only)
(a-c)/f
4.27
3.85
Senior lien including other available funds (1.25 required)
(d-b)/f
4.52
4.10
Senior and subordinate lien including other available funds (1.10 required)
d/h
1.65
1.70
Subordinate lien after payment of senior lien
(d-f)/g
1.99
2.18
Subordinate PFC bonds (informational only)
e/i
1.20
1.11
* PFC pledged excess revenues maybe used for subordinate lien debt service
on bonds whose proceeds were used for approved PFC projects.
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