Long-Term Debt At June 30, 2020, the Authority’s outstanding long-term debt, net of deferred amounts, was $108.3 million, compared to $118.1 million at the end of fiscal year 2019. Outstanding Long-Term Debt Increase 2020 VRA loans payable Revenue bonds Total long-term debt $ 53,914,819 54,348,671 $ 108,263,490 $ 2019 60,247,198 57,877,028 $ 118,124,226 (Decrease) $ (6,332,379) (3,528,357) $ (9,860,736) % Change (10.5)% (6.1) (8.3) At June 30, 2019, the Authority’s outstanding long-term debt, net of deferred amounts, was $118.1 million, compared to $127.8 million at the end of fiscal year 2018. Outstanding Long-Term Debt Increase 2019 VRA loans payable Revenue bonds Total long-term debt VRA Loans The Authority has four outstanding financing agreements with VRA at June 30, 2020, with the proceeds of each being used to finance upgrades at the HLM AWRF in previous years. 2020-2019 Comparison At June 30, 2020, approximately $53.9 million of long-term debt was outstanding with the VRA. The net decrease in VRA loans of approximately $6.3 million was due to scheduled principal payments. 2019-2018 Comparison At June 30, 2019, approximately $60.3 million of long-term debt was outstanding with the VRA. The net decrease in VRA loans of approximately $6.2 million was due to scheduled principal payments. Revenue Bonds Revenue bonds are issued to fund capital projects or defease or refund older debt in order to reduce the cost of borrowing. 2020-2019 Comparison At June 30, 2020, the Authority had approximately $54.3 million of outstanding revenue bonds, which were issued in 2013 and 2015. The 2015 bonds refunded the higher interest 2005 bonds effective July 1, 2015. The $3.5 million decrease during fiscal year 2020 resulted from regularly scheduled debt service payments and the amortization of related premiums. In June 2020, the Authority made an advance payment from unrestricted funds toward fiscal year 2021 debt service in the amount of $6.4 million. 2019-2018 Comparison At June 30, 2019, the Authority had approximately $57.9 million of outstanding revenue bonds, which were issued in 2013 and 2015. The 2015 bonds refunded the 2005 bonds effective July 1, 2015. The $3.5 million decrease during fiscal year 2019 resulted from regularly scheduled debt service payments and the amortization of related premiums. In June 2019, the Authority made an advance payment from unrestricted funds toward fiscal year 2020 debt service in the amount of $6.1 million. Compliance The Authority was in compliance with all bond and loan covenants during fiscal years 2020 and 2019. Detailed information regarding the Authority’s long-term debt outstanding is presented in Notes 5, 6, 7 and 8 to the accompanying basic financial statements. Revenue bond coverage calculations are disclosed in Tables 8 and 9 in the Statistical Section of the accompanying basic financial statements. 28 FINANCIAL SECTION MANAGEMENT’S DISCUSSION AND ANALY SIS $ 60,247,198 57,877,028 $ 118,124,226 $ 2018 66,460,114 61,342,976 $ 127,803,090 (Decrease) $ (6,212,916) (3,465,948) $ (9,678,864) % Change (9.3)% (5.7) (7.6)
Prince William County Service Authority | 4 County Complex Court Woodbridge, VA 22192
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