Page 39 - FY 2022-23 Supporting Information

2022-23 PROPOSED BUDGET
NON VOTER-APPROVED DEBT
April 2022
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).
$600,000

$500,000
6% General Revenues
Debt Service Amount (000's) $300,000 3.32% 2.96% 2.79% 2.75% 2.66% 2.70% 2.39% 2.29% 2.20%

$400,000

25

$200,000

$100,000

$-
2022 2023 2024 2025 2026 2027 2028 2029 2030
Fiscal Year
Convention Center Current MICLAs & Other Leases Commercial Paper Future MICLAs (CP Refundings)

*Projected revenue growth in Fiscal Years 2022-23 to 2026-27 is (2.2%), 1.9%, 3.4%, 2.4%, and 3.3%, respectively. Projected revenue growth in 2027-28 through 2029-30 is 2.9%.