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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, 2017, 2018and 2019
<br />December 31, 2017December 31, 2018December 31, 2019
<br />Operating Revenue$ 36,120,824 $ 38,779,905 $ 38,094,633
<br />Operating Expense(33,394,471)(35,201,406)(34,555,086)
<br />Net Operating Income (Loss)$ 2,726,353 $ 3,578,499 $ 3,539,547
<br />Add Back Depreciation 2,046,935 2,297,349 2,856,258
<br />Add Other Income 424,101 701,413 727,649
<br />Available for Debt Service$ 5,197,389 $ 6,577,261 $ 7,123,454
<br />Average Annual Debt Service *$1,431,663
<br />Coverage4.98
<br />* Includes average annual debt service for the Series 2021B Bonds and the ParityBonds.
<br />Sources: The Utility’s Annual Financial Reports for the fiscal years ended December31,2017, 2018, and 2019.
<br />UTILITY REVENUE DEBT
<br /> Est. Principal
<br />Date Original Final Outstanding
<br /> of Issue Amount Purpose MaturityAs of 5-13-21
<br /> 7-14-16 $9,755,000 Electric Revenue2-1-2036 $ 8,465,000
<br /> 7-14-16 1,370,000 Electric Revenue Refunding 2-1-2022 240,000
<br /> 9-26-18 10,000,000 Electric Revenue8-1-2048 9,600,000
<br /> 5-13-21 12,620,000 Electric Revenue
<br /> (the Series 2021B Bonds) 8-1-2051 12,620,000
<br />Total $30,925,000
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