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New York City Educational Construction Fund

New York City Educational Construction Fund*

Export
(AMOUNTS IN THOUSANDS)
Fiscal
year
Rental
Revenue
Interest
Revenue
Other
Income
Total
Revenue
Debt Service
Operating
Expenses
Total to
be Covered
Coverage
Ratio
Interest
Principal
Total
2005
$
18,699
$
1,936
$
-
$
20,635
$
6,658
$
51,015
$
57,673
$
4,864
$
62,537
0.33
2006
22,011
2,860
-
24,871
6,544
3,010
9,554
5,756
15,310
1.62
2007
24,636
3,545
-
28,181
4,222
12,095
16,317
5,303
21,620
1.30
2008
19,056
4,722
-
23,778
4,727
13,665
18,392
5,635
24,027
0.99
2009
18,712
3,081
-
21,793
3,595
7,465
11,060
5,636
16,696
1.31
2010
18,436
1,078
-
19,514
2,498
6,135
8,633
4,627
13,260
1.47
2011
19,517
1,072
-
20,589
7,579
6,075
13,654
5,453
19,107
1.08
2012
19,441
1,161
-
20,602
8,763
6,390
15,153
6,006
21,159
0.97
2013
14,844
777
-
15,621
4,466
6,075
10,541
7,479
18,020
1.33
2014
13,087
557
7,000
20,644
13,245
1,890
15,135
1,557
16,692
1.24
2015
17,609
579
-
18,188
13,189
1,965
15,154
1,838
16,992
1.07
2016
21,108
839
-
21,947
12,595
2,055
14,650
1,498
16,148
1.36
2017
23,298
1,105
10,021
34,424
12,097
4,525
16,622
1,523
18,145
1.90

(*) Interest of 8,919,000 was capitalized during Fiscal Year 2013 construction for year 2011 and 2010 bonds.

In Fiscal Year 2014 ECF received $7 million in income for option for E. 57th development to extend lease beyond 99 years.

Operating Expenses exclude Post Employment Benefits accrual.

Principal in Fiscal Year 2016 does not include the redemption amount of the 2005 bonds on October 1, 2015.

In FY 2017 ECF received a $10 million Participation payment from E57th Street initial condo sales by the developer.


Source: New York City Educational Construction Fund