Page 38 - FY 2021-22 Supporting Information

2021-22 PROPOSED BUDGET
NON VOTER-APPROVED DEBT
April 2021
Debt Service to General Revenues*

DEBT MANAGEMENT POLICY
Pursuant to the Debt Management Policy, the Debt Affordability Ceiling for debt service on non voter-approved debt shall be no more than 6 percent of
General Revenues. The 6 percent ceiling may be exceeded only in the following situations: (1) if there is a guaranteed new revenue stream for the debt
payments and the additional debt will not cause the ratio to exceed 7.5 percent or, (2) if there is not a generated revenue stream but the 6 percent
ceiling will only be exceeded for one year.

For every 0.1%, approximately $55 million in project funding may be issued (at 5.5% over 15 years).

$500,000

6% General Revenues

Debt Service Amount (000's) $300,000 2.78% 3.45% 3.04% 2.78% 2.74% 2.63% 2.64% 2.36% 2.27%
$400,000

$200,000

$100,000

$-
2021 2022 2023 2024 2025 2026 2027 2028 2029
Fiscal Year
Convention Center Current MICLAs & Other Leases Commercial Paper Future MICLAs (CP Refundings)

*Projected revenue growth from Fiscal Years 2020-21 to 2025-26 is 4.5%, (2.6%), 4.6%, 3.6%, and 3.4%, respectively. Projected revenue growth from 2025-26 through 2028-29 is 2.9%.
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