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DEBT SERVICE AND COVERAGE CALCULATION <br /> Elk River Municipal Utilities - Electric Fund <br /> Net Revenues Available For Debt Service <br /> Fiscal Years Ended December 31, 2011 and 2012 <br /> December 31, 2011 December 31, 2012 <br /> Operating Revenue $ 28,583,986 $ 30,258,690 <br /> Operating Expense (26,433.050) (27,350,312) <br /> Net Operating Income (Loss) $ 2,150,936 $ 2,908,378 <br /> Add: Depreciation 2,041,717 2,099,594 <br /> Add: Other Income 187,695 262,532 <br /> Available for Debt Service $ 4,380,348 $ 5,270,504 <br /> Average Available for Debt <br /> Service $ 4,825,426 $ 4,825,426 <br /> Average Annual Debt Service * $ 529,092 <br /> Coverage 9.12x <br /> * Includes average annual debt service for the Bonds and the Series 2007A Bonds. <br /> Sources: City's Comprehensive Annual Financial Reports for the fiscal years ended <br /> December 31, 2011 and 2012. <br /> (The Balance of This Page Has Been Intentionally Left Blank) <br /> - 20 - <br /> 101 <br /> • <br />