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CITY OF ARDEN HILLS <br />Pledged Revenue Coverage <br />Last Six Fiscal Years <br />Operating <br />Less Operating <br />Net Available <br />Debt Service <br />Fiscal Year <br />Revenues <br />Expenses <br />Revenue <br />Principal Interest <br />Coverage <br />2018 <br />$ 4,026,325 <br />$ 3,279,800 <br />$ 746,525 <br />$ — $ <br />52,333 <br />14.3 <br />2019 <br />4,179,282 <br />3,387,940 <br />791,342 <br />— <br />94,288 <br />8.4 <br />2020 <br />4,187,741 <br />3,085,624 <br />1,102,117 <br />200,000 <br />86,998 <br />3.8 <br />2021 <br />4,900,238 <br />3,301,491 <br />1,598,747 <br />210,000 <br />78,800 <br />5.5 <br />2022 <br />5,032,667 <br />3,678,576 <br />1,354,091 <br />220,000 <br />70,200 <br />4.7 <br />2023 <br />5,449,172 <br />3,901,853 <br />1,547,319 <br />225,000 <br />61,299 <br />5.4 <br />Note 1: Includes Water and Sewer Funds. Operating expenses do not include depreciation. <br />Note 2: Fiscal year 2018 represents the first year the City pledged revenue for utility revenue bonds. <br />-91- <br />