Golf Course Revenue Bond Coverage

CITY OF DOWNEY

GOLF COURSE REVENUE COVERAGE (amounts expressed in thousands)

Last Ten Fiscal Years

Net Direct Available Fiscal Gross Operating for Debt Debt Service Requirement

Year Revenue Expenses Service Principal Interest Total Coverage 2012-13 2,639 2,414 225 350 349 699 0.32 2013-14 3,325 2,696 629 365 335 700 0.90 2014-15 3,019 2,966 53 475 132 607 0.09 2015-16 3,249 2,453 796 395 210 605 1.32 2016-17 3,128 2,593 535 410 195 605 0.88 2017-18 3,223 2,733 490 425 180 605 0.81 2018-19 3,213 2,703 510 445 163 609 0.84 2019-20 2,776 2,832 (56) 460 147 607 (0.09) 2020-21 4,313 2,991 1,322 475 130 605 2.19 2021-22 4,694 2,978 1,716 495 112 607 2.83

Note: Direct operating expenses does not include inter-fund transfers and debt services.