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Agenda 01/26/2010 Item #10FAgenda Item No. 1 OF January 26, 2010 Page 1 of 3 EXECUTIVE SUMMARY Recommendation to approve FY2010 budgeted Commercial Paper Loan prepayments in the amount of $6,154,000. OBJECTIVE: To obtain approval for Commercial Paper Loan prepayments totaling $6,154,000. CONSIDERATIONS: On January 24, 2007, Item 10(H), the Collier County Board of County Commissioners approved a $7,000,000 prepayment on Caribbean Gardens Commercial Paper Loan A -32 -2. While approving Item 10(H), the Board requested that County and Clerk staff place debt prepayment proposals on the Board of County Commissioners' agenda. The prepayments proposed in this executive summary will be scheduled for February 9, 2010, contingent upon Board approval. At current commercial paper rates, interest cost savings of approximately $4,540 per month will result from these prepayments. The Board's FY -2010 adopted budget provided for the prepayments presented in this executive summary. The prepayments proposed in this executive summary are related to the following Collier County capital projects: Loan No. Fund Description Amount A -34 -1 350 EMS Ambulances $ 235,000 A -35 -1 355 South Regional Library Site work 171,000 A -36 -1 001 800 MHz Upgrade 451,000 A -37 -1 390/350/385 Emergency Service Center 532,000 A -38 -1 385 Sheriffs Special Operations Facility 1,848,000 A -39 -1 355 South Regional Library Construction 399,000 A -40 -1 350 EMS Substation 88,000 A -41 -1 390 Courthouse Annex 1,028,000 A -42 -1 001 Radio Locator System 265,000 A -43 -1 355 Golden Gate Library Expansion 313,000 A -44 -1 390/001 County Fleet Management Facility 176,000 A -45 -1 385 Sheriffs Fleet Facility 648,000 Total $6,154,000 The prepayments of commercial paper and executive summary was reviewed and approved by the Collier County Finance Committee on December 17, 2009. FISCAL IMPACT: The current principal reduction request totals $6,154,000 and results in interest cost savings of approximately $4,540 per month. Funds are available and budgeted in the General Fund (001), EMS Impact Fee Fund (350), Library Impact Fee Fund (355), Law Enforcement Impact Fee Fund (385) and General Governmental Facilities Impact Fee Fund (390). GROWTH MANAGEMENT IMPACT: There is no growth management impact. RECOMMENDATION: Approve the Commercial Paper Loan prepayments, as outlined above. Prepared by: John Yonkosky, Director of Office of Management and Budget Susan Usher, Sr Budget Analyst, Office of Management and Budget Agenda Item No. 1 O January 26, 2010 Page 2 of 3 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS Item Number: 10F Item Summary: Recommendation to approve FY2010 budgeted Commercial Paper Loan prepayments in the amount of $6,154,000. (Mark Isackson, Corporate Financial Planning and Management Services, County Manager's Office) Meeting Date: 1/2612010 9:00:00 AM Approved By OMB Coordinator Date County Manager's Office Office of Management & Budget 111412010 1:50 PM Approved By Susan Usher Management/Budget Analyst, Senior Date Office of Management & Budget Office of Management & Budget 1/1412010 3:28 PM Approved By Jeff Klatzkow County Attorney Date 1/14/20104:41 PM Approved By Mark Isackson Management/Budget Analyst, Senior Date Office of Management & Budget Office of Management & Budget 111612010 10:16 AM CLERK OF THE 0. Dwight E. Brock COLLIER COUNTY Clerk of Courts 3301 TAMIAMI I P.O. BOX 4 NAPLES, FLORID January 7, 2010 Elizabeth Newberry Florida Association of Counties P.O. Box 549 Tallahassee, Florida 32302 VIA EMAIL: enewberry @fl- counties.com Dear Elizabeth: COURT Agenda Item No. 1 OF January 26, 2010 Page 3 of 3 Clerk of Courts Accountant Auditor Custodian of County Funds Please accept this memorandum as notice for preliminarily scheduling a principal paydown of $6,154,000.00 for February 9, 2010 in the Florida Local Government Finance Commission's Commercial Paper Program. The paydown should be applied as outlined in the following draw and maturity schedule: Draw Amount Original Maturity Date A -34 -1 $ 235,000.00 December 4, 2012 A -35 -1 171,000.00 December 4, 2012 A -36 -1 451,000.00 December 4, 2012 A -37 -1 532,000.00 December 4, 2012 A -38 -1 1,848,000.00 December 4, 2012 A -39 -1 399,000.00 December 4, 2012 A -40 -1 88,000.00 December 4, 2012 A -41 -1 1,028,000.00 December 4, 2012 A -42 -1 265,000.00 December 4, 2012 A -43 -1 313,000.00 December 4, 2012 A -44 -1 176,000.00 December 4, 2012 A -45 -1 648.000.00 December 4, 2012 Total $6,154,000.00 The Collier County Board of County Commissioners' adopted FY -2010 budget was predicated on making this prepayment and final approval is scheduled for January 26, 2010. Should you have any questions, please feel free to contact me, Derek M. Johnssen, at (239) 774 -8350, direct. 1. Johnsen John Yonko�lty , . , ,..- Accounting Manager OMP Director, Copier County cc: Crystal K. Kinzel, Director of Finance and Accounting Phone (239) 252 -2646 Fax (239) 252 -2755 Website: www.collierelerk.com Email: collierclerk @collierclerk.com