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Agenda 04/18/2019
PELICAN BAY SERVICES DIVISION Municipal Services Taxing and Benefit Unit NOTICE OF PUBLIC MEETING THURSDAY, APRIL 18, 2019 THE BUDGET COMMITTEE OF THE PELICAN BAY SERVICES DIVISION WILL MEET ON THURSDAY, APRIL 18th AT 9:00 AM AT THE PBSD OFFICE LOCATED AT 801 LAUREL OAK DRIVE, SUITE 302, NAPLES, FL. AGENDA 1. Pledge of Allegiance 2. Roll call 3. Agenda approval 4. Approval of 12/03/2018 meeting minutes 5. *FY 2020 budget review & approval 6. *Assessment methodology 7. Audience comments 8. Old Business 9. New Business 10. Adjourn *indicates possible action item ANY PERSON WISHING TO SPEAK ON AN AGENDA ITEM WILL RECEIVE UP TO THREE(3) MINUTES PER ITEM TO ADDRESS THE BOARD. THE BOARD WILL SOLICIT PUBLIC COMMENTS ON SUBJECTS NOT ON THIS AGENDA AND ANY PERSON WISHING TO SPEAK WILL RECEIVE UP TO THREE (3) MINUTES. THE BOARD ENCOURAGES YOU TO SUBMIT YOUR COMMENTS IN WRITING IN ADVANCE OF THE MEETING. ANY PERSON WHO DECIDES TO APPEAL A DECISION OF THIS BOARD WILL NEED A RECORD OF THE PROCEEDING PERTAINING THERETO, AND THEREFORE MAY NEED TO ENSURE THAT A VERBATIM RECORD IS MADE, WHICH INCLUDES THE TESTIMONY AND EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED. IF YOU ARE A PERSON WITH A DISABILITY WHO NEEDS AN ACCOMMODATION IN ORDER TO PARTICIPATE IN THIS MEETING YOU ARE ENTITLED TO THE PROVISION OF CERTAIN ASSISTANCE. PLEASE CONTACT THE PELICAN BAY SERVICES DIVISION AT (239) 597-1749 OR VISIT PELICANBAYSERVICESDIVISION.N ET. BUDGET COMMITTEE PELICAN BAY SERVICES DIVISION DECEMBER 3,2018 The Budget Committee of the Pelican Bay Services Division met on Monday, December 3 at 9:00 a.m. at the SunTrust Bank Building, located at 801 Laurel Oak Drive, Suite 302, Naples, Florida 34108. In attendance were: Budget Committee Ken Dawson Mike Shepherd, Chairman Nick Fabregas Joe Chicurel Rick Swider (absent) Pelican Bay Services Division Staff Mary McCaughtry, Operations Analyst Neil Dorrill, Administrator Lisa Jacob, Associate Project Manager Marion Bolick, Operations Manager Barbara Shea, Recording Secretary Also Present Susan O'Brien, PBSD Board APPROVED AGENDA (AS PRESENTED) 1. Pledge of Allegiance 2. Roll call 3. Agenda approval 4. Approval of 08/22/2018 meeting minutes 5. Audience comments 6. EOY 2018 results and related effects on the FY 2019 budget 7. Update on LT capital project planning 8. *Proposed PBSD funding policy change 9. Old Business 10. New Business 11. Adjourn ROLL CALL Mr. Swider was absent and a quorum was established AGENDA APPROVAL Mr. Dawson motioned, Dr. Chicurel seconded to approve the agenda as presented. The motion carried unanimously. APPROVAL OF 08/22/18 MEETING MINUTES 1 Budget Committee of the Pelican Bay Services Division December 3,2018 Minutes Mr. Dawson motioned, Mr. Fabregas seconded to approve the 08/22/18 meeting minutes as presented. The motion carried unanimously. AUDIENCE COMMENTS None EOY 2018 RESULTS AND RELATED EFFECTS ON THE FY2019 BUDGET Mr. Shepherd commented on the end-of-year PBSD FY2018 budget results which show larger than normal favorable variances. The County is still in the process of posting closing journal entries for FY2018. UPDATE ON LT CAPITAL PROJECT PLANNING Mr. Shepherd provided an exhibit (included in the agenda packet) which lists the five projects that the committee has agreed are too expensive to manage through our normal funding mechanism, and will be included in a long-term capital financing project to be funded through an open line of credit of approximately $25 million. For each project, the exhibit includes (1) the status of the preliminary cost analysis, (2)the timeframe of the expected analysis completion, and (3)the estimated costs. Mr. Dorrill commented that County OMB staff has estimated that an open line of credit of $20-25 million would incur approximately $100,000 in fees. Mr. Mark Isackson, County Budget Director,has offered to provide a debt-structuring presentation to the PBSD Board and/or Budget Committee. Ms. O'Brien suggested that such a presentation include an estimated annual impact to each resident's annual assessment over the "pay-back"period. PROPOSED PBSD FUNDING POLICY CHANGE Mr. Shepherd provided a proposal to modify the PBSD's funding technique. Highlights of his discussion included the following: • At the Spring 2018 budget hearings, a number of commercial members requested that the PBSD Board revisit the formula for assigning ERU's to commercial properties, as many of these receive few benefits from the PBSD. Current policy is for commercial properties to be assigned 1.0 ERU per unimproved acre or 5.75 ERU's per improved acre. • The proposed funding modification plan changes the assigned ERU's per unimproved acre from 1.0 ERU to 1.75 ERU and the assigned ERU's per improved acre from 5.75 ERU's to 5.5 ERU's. • The proposed plan raises the millage rate for our ad valorem stream to a level which is suitable for funding our"accrual"needs (i.e. street lighting, lake bank remediation,beach renourishment, etc.) and simultaneously reduces the non-ad valorem assessment to a level required to fund our ongoing operational needs (including any loan amortization). These changes result in a less regressive form of tax on PB residents and reduces the assessments for most PB commercial members. • The plan administratively corrects the categorization of two improved properties (The Club and the County parcel on which the PBSD maintenance building sits) which have benefited from inaccurately being categorized as unimproved properties. 2 Budget Committee of the Pelican Bay Services Division December 3,2018 Minutes • A revenue-neutral plan using the FY18 budget as an example, would have resulted in a reduction of the non-ad valorem assessment from $652.86/ERU to $525.41/ERU, with a corresponding increase of the ad valorem millage rate from .0857 to .2168. • A final PBSD Board approved funding modification plan would need to be approved by the Collier County Board of Commissioners. • Staff will review the PBSD ordinance to determine whether any ordinance amendment is required in order to implement the proposed funding modification plan. Mr.Dawson motioned,Mr.Fabregas seconded to submit the plan(Mr. Shepherd's new PBSD funding modification plan) to the PBSD Board for approval. The motion carried unanimously. The committee agreed that Mr. Shepherd would provide informational materials related to the proposed PBSD funding modification plan to Ms. Shea,to provide to all PBSD Board members for review. Ms. O'Brien commented on the significant financial impact this policy change would have on high-value properties and suggested that the PBSD Board provide opportunities for resident feedback on the proposed policy change. ADJOURNMENT FThe meeting was adjourned at 9:50 a.m. ' Mike Shepherd, Chairman Minutes approved I 1 as presented OR I 1 as amended ON F 1 date 3 '0 m . )a; c. rn 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 E•a m O o 0 0 © 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 d 0, o kr, v� kr) oo 1--- M a1 N 00 Vn N 01 o o N o*, 01 'Ct N "t Ln 0 N — vi .-•. N N M ,--. 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U 0 py a CL ;; ei °; oD C •� U d a C4 a c es danPi ^•p W^oas ^CdQ NG�T4y A Qcr 5 .4' 0 a) E - o a) ti A.Vo aO 'L • r) . C Wp[ nOCL oO pa E° oH IA ° z • F) P4 g � o U d 71 a O -CCE ct ), 44 44 a) � Oc' 0 �ZaHHi 0 4 W a a, d d 4 Agenda item#5-1 Page 1 of 1 PELICAN BAY SERVICES DISTRICT FY 2020 PROPOSED NON AD VALOREM ASSESSMENT Total* Total Assessment Amounts Only $ 6,974,600.00 Per ERU Cost $ 915.87 COMMERCIAL MEMBERS ERU's Ritz Carlton 150.77 $ 138,085.72 Registry 161.50 $ 147,913.01 Inn © PB 14.38 $ 13,170.21 The Club @ PB 278.15 $ 254,749.24 St.Williams 36.00 $ 32,971.32 PBSD-water plant 12.00 $ 10,990.44 County Park 14.88 $ 13,628.15 Public Library 9.72 $ 8,902.26 Fire Station 20.87 $ 19,114.21 Philharmonic 37.38 $ 34,235.22 Fifth Third Bank 4.83 $ 4,423.65 Market Place 115.23 $ 105,535.70 Pelican Bay Financial Center 23.17 $ 21,220.71 HMA,Wachovia 57.40 $ 52,570.94 SunTrust 26.80 $ 24,545.32 Morgan Stanley 21.27 $ 19,480.55 Comerica Bldg 11.50 $ 10,532.51 Waterside Shops 150.14 $ 137,508.72 Future Residential (acreage) 98.30 $ 90,030.02 TOTAL COMMERCIAL $ 1,139,607.88 Residential Units 6371.00 $ 5,835,007.77 Rounding $ (15.65) Totals 7,615.29 $ 6,974,600.00 Reconciliation as prepared by AJC Assoc. FY 2019 ERU's 7,615.29 additions/deletions - PROPOSED FY 2020 ERU's 7,615.29 *TOTAL NON AD VALOREM ASSESMENTS Wtr. Mng. $ 1,186,400 CB $ 3,038,400 C BAY $ 196,000.00 PROJECTS $ 2,553,800.00 TOTAL $ 6,974,600.00 PELICAN BAY SERVICES DISTRICT FY 2020 PROPOSED NON AD VALOREM ASSESSMENT Total* Total Assessment Amounts Only $ 6,974,600.00 Per ERU Cost $ 793.37 COMMERCIAL MEMBERS ERU's Ritz Carlton 150.77 $ 119,616.89 Registry 161.50 $ 128,129.78 Inn @ PB 14.38 $ 11,408.71 The Club @ PB 1,326.25 $ 1,052,211.31 St.Williams 36.00 $ 28,561.44 • PBSD-water plant 69.00 $ 54,742.76 County Park 85.56 $ 67,881.02 Public Library 9.72 $ 7,711.59 • Fire Station 20.87 $ 16,557.70 Philharmonic 37.38 $ 29,656.29 Fifth Third Bank 4.83 $ 3,831.99 Market Place 115.23 $ 91,420.40 Pelican Bay Financial Center 23.17 $ 18,382.46 HMA, Wachovia 57.40 $ 45,539.63 SunTrust 26.80 $ 21,262.40 Morgan Stanley 21.27 $ 16,875.05 Comerica Bldg 11.50 $ 9,123.79 Waterside Shops 150.14 $ 119,117.06 Future Residential (acreage) 98.30 $ 77,988.59 TOTAL COMMERCIAL 2,420.07 $ 1,920,018.86 Residential Units 6,371.00 $ 5,054,581.14 Rounding Totals 8,791.07 $ 6,974,600.00 Reconciliation as prepared by AJC Assoc. FY 2019 ERU's 7,615.29 additions/deletions 1,175.78 PROPOSED FY 2020 ERU's 8,791.07 *TOTAL NON AD VALOREM ASSESMENTS Wtr. Mng. $ 1,186,400 CB $ 3,038,400 C BAY $ 196,000.00 PROJECTS $ 2,553,800.00 TOTAL $ 6,974,600.00