Checkbook 2.0

New York City Educational Construction Fund

Fiscal year	Rental Revenue	Investment Earnings	Other Income	Total Revenue	Debt Service	Operating Expenses	Total to be Covered	Coverage Ratio
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
2018	26,968	1,263	18,760	46,991	11,931	4,680	16,611	1,919	18,530	2.54
2019	28,025	3,569	1,603	33,197	11,067	4,835	15,902	1,510	17,412	1.91
2020	31,302	1,911	834	34,047	10,519	4,840	15,359	1,625	1,698	2.00
2021	35,005	520	162	35,687	10,352	5,030	15,382	1,653	17,035	2.09
2022	36,483	(599)	334	36,218	9,781	4,845	14,626	2,331	16,957	2.14
2023	35,854	4,745	523	41,122	10,218	6,850	17,068	2,161	19,229	2.14

(*) Interest of $8,919,000 was capitalized during FY13 construction for year 2011 and 2010 bonds.

In FY2014 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 2016 does not include the redemption amount of the 2005 bonds on October 1, 2015.

In FY2017 and FY2018, ECF received participation payments from E57th Street condo sales by the developer of $10 million and $18.7 million, respectively.

Principal in FY2019 and FY2021 does not include redemption amount of the 2007 bonds and 2011 bonds, respectively.

Source: New York City Educational Construction Fund.