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Metropolitan Wastewater Management Commission Reserves <br />CAPITAL RESERVE <br />The Capital Reserve accumulates funds transferred from the Operating Reserve for the purpose of funding <br />the CIP, Major Capital Outlay and Major Rehabilitation Program costs. The intent is to collect sufficient <br />funds over time to construct a portion of planned capital projects with cash in an appropriate balance with <br />projects that are funded with debt financing. The FY 11-12 Budget includes a contribution from the <br />Operating Reserve of $8,354,604. The beginning balance on July 1, 2011 is projected to be $57,717,443. <br />Additional budget detail on the CIP, Major Capital Outlay and Major Rehabilitation Program reserves is <br />provided below. <br />BOND RESERVE <br />The Bond Reserve was created to provide assurances to the bond holders that adequate revenue coverage <br />will be provided for future debt service payments. For FY 11-12 the Bond Reserve is budgeted at <br />$8,100,000 in order to meet reserve requirements of the bond issuances ($4,100,000 for 06 issuance and <br />$4,000,000 for 08 issuance). <br />Page 23 DRAFT FY 11-12 BUDGET AND CIP <br />