Agenda 09/14/2010 Item #16C 1
Agenda Item No. 16C1
September 14, 2010
Page 1 of 3
EXECUTIVE SUMMARY
Recommendation to authorize budget amendments of approximately $631,000 to
transfer a Lift Station Improvements project from the Wastewater Capital Projects
Fund to the 2006 Revenue Bond Proceeds Fund to segregate the projects funded by
the 2006 Revenue Bond.
OBJECTIVE: That the Board of County Commissioners (Board) authorize budget
amendments of approximately $631,000 to transfer a Lift Station Improvements project
from the Wastewater Capital Projects Fund to the 2006 Revenue Bond Proceeds Fund to
segregate the projects funded by the 2006 Revenue Bond.
CONSIDERATIONS: On November 14, 2006, under Agenda Item 101, the Board
authorized the Collier County Water-Sewer District (District) to issue revenue bonds,
series 2006, in the aggregate principal amount not to exceed $120,000,000. The Public
Utilities Division worked with .the county's Finance Committee and Financial Advisor,
ultimately receiving $112,290,277.35. Of the total amount, $65,248,635.56 was
earmarked to fund capital projects, and $38,000,000 to payoff existing commercial paper
loans. The balance of $9,041,641.79 was applied toward a reserve for debt service,
underwriters discount, capitalized interest, and cost of issuance.
To provide adequate and timely funding, and to track projects funded by the Revenue
Bond Fund, staff recommended and the Board authorized on February 13, 2007, under
Agenda Item lOG, the transfer of projects from various Water and Wastewater Funds to
the 2006 Revenue Bond Proceeds Fund. Approximately $63 million of projects are
currently funded by the 2006 Revenue Bonds as a result of the transfers from various
Water and Wastewater Funds.
By way of this executive summary, staff recommends a transfer of approximately
$631,000 from the Wastewater Capital Project Fund to the 2006 Revenue Bond Proceeds
Fund (415). This transfer is consistent with the fiscally prudent transfers made in the past,
and facilitates compliance with arbitrage liabilities.
This approach of moving amounts from other Water-Sewer Capital Project Fund to the
2006 Revenue Bond Proceeds Fund has been reviewed and approved by the Finance
Committee.
FISCAL IMPACT: Budget amendments are needed in FY2010 to move Lift Station
Improvements Project # 72549 out of the Wastewater Capital Project Fund and into the
2006 Revenue Bond Proceeds Fund (415). The proposed budget amendments do not
change the overall budget amount for the project or the intent of the project.
LEGAL CONSIDERATION: No legal issues are raised by this item. JBW
Agenda Item No. 16C1
September 14, 2010
Page 2 of 3
GROWTH MANAGEMENT IMPACT: None.
RECOMMENDATION: That the Board of County Commissioners, as the Ex-
Officio Governing Board of the Collier County Water-Sewer District authorize all the
necessary budget amendments.
PREPARED BY: Bala M. Sridhar, Senior Management & Budget Analyst, Public
Utilities-Operations
Agenda Item No. 16C1
September 14, 2010
Page 3 of 3
COLLIER COUNTY
BOARD OF COUNTY COMMISSIONERS
Item Number:
Item Summary:
16C1
Recommendation to authorize budget amendments of approximately $631,000 to transfer a
Lift Station Improvements project from the Wastewater Capital Projects Fund to the 2006
Revenue Bond Proceeds Fund to segregate the projects funded by the 2006 Revenue Bond.
9/14/20109:00:00 AM
Meeting Date:
Prepared By
Bala Sridhar
Management/Budget Analyst, Senior
Date
Public Utilities Division
Utilities Finance Operations
8/9/20109:17:24 AM
Approved By
Jennifer White
Assistant County Attorney
Date
County Attorney
County Attorney
8/18/20109:12 AM
Approved By
Margie Hapke
Operations Analyst
Date
Public Utilities Division
Public Utilities Division
8/18/2010 2:48 PM
Approved By
Thomas Wides
Director - Operations Support - PUD
Date
Public Utilities Division
Utilities Finance Operations
8/20/201010:47 AM
Approved By
James W. Delony
Public Utilities Division Administrator
Date
Public Utilities Division
Public Utilities Division
8/24/201010:39 AM
Approved By
Jeff Klatzkow
County Attorney
Date
8/24/201010:44 AM
Approved By
OMB Coordinator
Date
County Manager's Office
Office of Management & Budget
8/24/20103:08 PM
Approved By
Susan Usher
Management/Budget Analyst, Senior
Date
Office of Management &
Budget
Office of Management & Budget
9/8/20107:55 AM
Approved By
Mark Isackson
Office of Management &
Budget
Management/Budget Analyst, Senior
Date
Office of Management & Budget
9/8/20108:21 AM