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7. Debt ServiceDEBT SERVICE Collier County Government Fiscal Year 2018 Recom'd Budget Debt Service Debt Service Total Full-Time Equivalents (FTE) = 0.00 Organizational Chart General Governmental Debt Total Full-Time Equivalents (FTE) = 0.00 Collier County Water & Sewer Debt Total Full-Time Equivalents (FTE) = 0.00 Fiscal Year 2018 1 Debt Service Collier County Government Fiscal Year 2018 Recom'd Budget Debt Service History of General Governmental Bond refundings - starting in Fiscal Year 2010: On June 22, 2010, the Board approved the issuance of the Collier County Special Obligation Revenue Bonds, Series 2010 in order to refinance all twelve (12) of the County's outstanding Commercial Paper Loans. Assuming that the balance due on December 2012 would be rolled into a new commercial paper loan and the variable interest plus administrative fee rate is 5%, the refunding generated a net present value savings of 6.34%, or $3,796,567. The refinancing allowed the County to take advantage of historically low fixed interest rates, eliminated variable interest rate exposure and the $47 million lump sum loan payment due in December 2012. The Commercial Paper program served the County well over the years with the previous letter of credit provider. Based on the Debt Service Reserve Requirement within the Bond documents and the dramatic deteriorating of the bond insurer's credit ratings, the County was obligated to allocate certain moneys to fund the parity Reserve Account by March 31, 2009. On March 24, 2009, agenda item 16(F)7 and again on September 29, 2009, agenda item 16(F)5, the Board of County Commissioners approved to allocate undesignated fund balances of the Collier County Water/Sewer District Capital and Solid Waste Landfill Closure accounts in the total amount of $19,570,800. These moneys were placed into Sales Tax Bond Reserve Fund 217 to satisfy the funding up of the parity Reserve Account. On October 26, 2010, the Board approved the refunding of the Capital Improvement Revenue Bonds, Series 2002. The refunding generated a net present value savings of 5.41%, or $1,362,315 over the remaining bond life (11 years). The refunding also released approximately $3.8 million of cash from existing debt service reserves currently restricted pursuant to the bond covenants. The new refunding Bonds known as Special Obligation Refunding Revenue Bonds, Series 2010B, were issued without any reserve or reserve insurance policy and are budgeted in fund 298. These refunding bonds are secured through a general covenant to budget and appropriate of legally available non ad valorem revenues. On October 25, 2011, the Board approved the partial refunding of the Capital Improvement Revenue Bonds, Series 2003 and Series 2005. The partial refunding generated a net present value savings of 5.05%, or $4,846,269. The refunding also released approximately $5.3 million of cash from existing debt service reserves currently restricted pursuant to the bond covenants. The new Special Obligation Refunding Revenue Bonds, Series 2011, were issued without any reserve or reserve insurance policy and are budgeted in fund 298, and were issued under a general covenant to budget and appropriate using all legally available non ad valorem revenues. On March 12, 2013, the Board approved to refund all remaining outstanding Capital Improvement Revenue Bonds, Series 2003 and Series 2005. The partial refunding generated a net present value savings of 2.96%, or $2,064,642. The refunding also released the balance of cash (approximately $10.4 million) from existing debt service reserves currently restricted pursuant to the bond covenants. The new Special Obligation Refunding Revenue Bonds, Series 2013, were issued without any reserve or reserve insurance policy, and are budgeted in fund 298, and were issued under a general covenant to budget and appropriate using all legally available non ad valorem revenues. The Special Obligation Refunding Revenue Bonds, Series 2010B, Series 2011, and Series 2013, eliminated onerous debt service surety requirements, allowing the release of all borrowed utility and solid waste enterprise funds. On January 24, 2012, the Board approved the prepayment of the 2007 State Infrastructure Bank Loan. The prepayment generated an interest savings $59,983. On April 10, 2012, the Board approved the partial refunding of the Gas Tax Refunding Revenue Bonds, Series 2003. The partial refunding generated a net present value savings of 9.21%, or $3,811,782. The refunding also will release approximately $2.8 million of cash in June 2013 from existing debt service reserves currently restricted pursuant to the bond covenants. The new Gas Tax Refunding Revenue Bonds, Series 2012, were issued without any reserve or reserve insurance policy. On May 13, 2014, the Board approved the partial refunding of the Gas Tax Refunding Revenue Bonds, Series 2005. The partial refunding generated a net present value savings of 11.38%, or $9,731,581. The new Gas Tax Refunding Revenue Bonds, Series 2014, were issued without any reserve or reserve insurance policy. On June 28, 2016, the Board approved the prepayment of the 2012 Radio Road MSTU Project Limited General Obligation Note. The prepayment generated an interest savings of $29,891. Fiscal Year 2018 2 Debt Service Collier County Government Fiscal Year 2018 Recommended Budget Debt Service History of General Governmental Debt Restructuring, Portfolio Interest Savings and Debt Service Reserve Fund (DSRF) Loan Return to Utilities Since FY 2010 Date Debt Issuance Purpose Security for the Bonds Par Amount Restructured Final Maturity NPV % Interest Savings over Issuance Life NPV Dollar Savings over Issuance Life Amount Returned to Utilities from DSRF Estimated Annual NPV Dollar Savings July 2010 Special Obligation Revenue Bonds Series 2010 Refinance FLGFC Outstanding Variable Rate Commercial Paper using Fixed Term Bonds CBA - All legally Available Non Ad Valorem Revenue $59,895,000 2034 6.34%$3,796,567 $0 $180,788.90 Nov 2010 Special Obligation Refunding Revenue Bonds Series 2010B Refund all of the County's Outstanding CIP Sales Tax Backed Revenue Bonds Series 2002 CBA - All legally Available Non Ad Valorem Revenue $24,620,000 2021 5.41%$1,362,315 $3,853,476 $170,289.38 Jan 2012 Special Obligation Refunding Revenue Bonds, Series 2011 Refund a portion of the County's Outstanding Series 2003 and 2005 CIP Sales Tax Backed Revenue Bonds CBA - All legally Available Non Ad Valorem Revenue $92,295,000 2030 5.05%$4,846,269 $5,315,794 $312,693.76 Jan 2012 Pre-paid the 2007 State Infrastructure Bank (SIB) Loan in the Amount of $6,482,400 $59,983 Apr 2012 Gas Tax Refunding Revenue Bonds, Series 2011 Refund a portion of the County's Outstanding Series 2003 Gas Tax Backed Revenue Bonds Gas Taxes $38,680,000 2023 9.21%$3,811,782 0 Apr 2013 Special Obligation Refunding Revenue Bonds, Series 2013 Refunds all Remaining Outstanding Series 2003 and 2005 CIP Sales Tax Backed Revenue Bonds CBA - All legally Available Non Ad Valorem Revenue $73,805,000 2035 2.96%$2,064,642 $10,401,508 $93,847.36 May 2014 Gas Tax Refunding Revenue Bonds Series 2014 Refunds all Remaining Outstanding Series 2005 Gas Tax Revenue Bonds Gas Taxes $89,780,000 2025 11.38%$9,731,581 $0 $884,689.00 Oct 2016 Radio Road MSTU Limited General Obligation Note, Series 2012 Pre-paid the 2012 Note in the Amount of $338,891 $29,891 Totals $379,075,000 $25,703,030 $19,570,778 $1,642,308 Debt Service Reserve Fund Requirement eliminated through debt restructuring and all loaned funds from Public Utilities returned. Fiscal Year 2018 3 Debt Service Collier County Government Fiscal Year 2018 Recom'd Budget Debt Service ForecastAdopted Recom'd ChangeExpandedDivision Budgetary Cost Summary Current FY 2017 FY 2018FY 2018FY 2018FY 2017FY 2016 FY 2018 Actual - 50,000 38,000 - 38,000 35,600 (24.0%)Operating Expense 29,527 37,500 34,500 - 34,500 38,900 (8.0%)Arbitrage Services 61,460,715 - - - - 99,281,700 Payment to Escrow Agent na 330,225 43,500 42,500 - 42,500 158,400 (2.3%)Debt Service 32,916,165 34,111,600 35,114,000 - 35,114,000 29,720,200 2.9%Debt Service - Principal 17,354,883 17,424,500 15,473,900 - 15,473,900 16,321,500 (11.2%)Debt Service - Interest Expense Total Net Budget 112,091,515 51,667,100 50,702,900 - 50,702,900 145,556,300 (1.9)% 4,124 6,200 4,700 - 4,700 5,000 (24.2%)Trans to Property Appraiser 11,122 15,100 15,100 - 15,100 14,100 0.0%Trans to Tax Collector 754 1,000 1,000 - 1,000 200 0.0%Trans to 001 General Fund 13,100 - - - - - Trans to 132 Pine Ridge na 650,000 - - - - - Trans to 138 Naples Prod Pk na 64,980 5,000 500 - 500 1,000 (90.0%)Trans to 174 Consrv Collier Maint - - 12,400 - 12,400 - Trans to 325 Stormw Cap Fd na - 74,500 20,000 - 20,000 - (73.2%)Reserves for Contingencies - 19,188,000 15,093,500 - 15,093,500 - (21.3%)Reserves for Debt Service - 1,192,600 955,300 - 955,300 - (19.9%)Reserves for Future Debt Service - 300,000 300,000 - 300,000 - 0.0%Reserves for Capital - 1,669,600 1,733,200 - 1,733,200 - 3.8%Reserves for Cash Flow 112,835,594 74,119,100 68,838,600 - 68,838,600 (7.1%) 145,576,600 Total Budget ForecastAdopted Recom'd ChangeExpandedActualCurrent FY 2017 FY 2018FY 2018FY 2018FY 2017FY 2016 FY 2018 Appropriations by Department General Governmental Debt 32,822,764 33,155,100 32,771,700 - 32,771,700 38,361,800 (1.2%) Collier County Water & Sewer Debt 79,268,750 18,512,000 17,931,200 - 17,931,200 107,194,500 (3.1%) 112,091,515 51,667,100 50,702,900 - 50,702,900 (1.9%) 145,556,300 Total Net Budget General Governmental Debt 744,079 5,590,400 5,422,800 - 5,422,800 20,300 (3.0%) Collier County Water & Sewer Debt - 16,861,600 12,712,900 - 12,712,900 - (24.6%) 744,079 22,452,000 18,135,700 - 18,135,700 (19.2%) 20,300 Total Transfers and Reserves 112,835,594 74,119,100 68,838,600 - 68,838,600 (7.1%) 145,576,600 Total Budget Fiscal Year 2018 4 Debt Service Collier County Government Fiscal Year 2018 Recom'd Budget Debt Service Division Funding Sources ForecastAdopted Recom'd ChangeExpandedActualCurrent FY 2017 FY 2018FY 2018FY 2018FY 2017FY 2016 FY 2018 482,029 473,400 506,600 - 506,600 7.0% 454,400 Ad Valorem Taxes 523 6,000 1,500 - 1,500 (75.0%) 2,400 Delinquent Ad Valorem Taxes 88 - - - - - Special Assessments na - 1,800,000 1,875,000 - 1,875,000 4.2% 1,850,000 Gas Taxes 270,915 117,300 117,200 - 117,200 (0.1%) 120,800 Interest/Misc - - - - - 5,293,300 Loan Proceeds na 60,153,146 - - - - 89,982,000 Bond Proceeds na 476 - - - - - Trans frm Property Appraiser na 4,329 - - - - - Trans frm Tax Collector na 3,077,500 3,073,000 2,855,200 - 2,855,200 (7.1%) 3,073,000 Trans fm 001 Gen Fund 1,206,600 1,207,100 1,208,300 - 1,208,300 0.1% 1,207,100 Trans fm 101 Transp Op Fd - 257,000 - - - (100.0%) 237,100 Trans fm 111 MSTD Gen Fd - - 77,500 - 77,500 - Trans fm 132 Pine Rdg Ind Pk Fd na - - 714,400 - 714,400 - Trans fm 138 Naples Prod Pk na 100,000 - - - - - Trans fm 159 Forest Lake Fd na 858,500 832,800 631,000 - 631,000 (24.2%) 85,500 Trans fm 187 Bayshore Redev Fd 320,000 320,700 - - - (100.0%) 320,700 Trans fm 306 Pk & Rec Cap 13,142,900 12,150,000 11,271,000 - 11,271,000 (7.2%) 12,150,000 Trans fm 313 Gas Tax Cap Fd 150,000 150,000 150,000 - 150,000 0.0% 150,000 Trans fm 345 Pk & Rec Cap 2,785,700 2,789,300 2,789,600 - 2,789,600 0.0% 2,789,300 Trans fm 346 Pks Unincorp Cap Fd 448,000 448,000 448,400 - 448,400 0.1% 448,000 Trans fm 350 EMS Cap Fd 1,159,300 1,160,300 1,158,900 - 1,158,900 (0.1%) 1,160,300 Trans fm 355 Library Cap Fd 1,877,400 1,865,500 1,858,500 - 1,858,500 (0.4%) 1,865,500 Trans fm 381 Correctional Cap Fd 1,872,700 1,873,000 1,873,700 - 1,873,700 0.0% 1,873,000 Trans fm 385 Law Enforc Cap Fd 5,169,400 5,169,500 5,705,200 - 5,705,200 10.4% 5,169,500 Trans fm 390 Gen Gov Fac Cap Fd 5,095,568 3,870,500 6,830,300 - 6,830,300 76.5% 3,870,500 Trans fm 408 Water / Sewer Fd 5,568,492 8,123,600 7,831,300 - 7,831,300 (3.6%) 4,022,700 Trans fm 411 W Impact Fee Cap Fd 4,528,820 5,647,200 5,436,300 - 5,436,300 (3.7%) 5,542,300 Trans fm 413 S Impact Fee Cap Fd 24,096,600 22,904,600 15,623,500 - 15,623,500 (31.8%) 19,532,700 Carry Forward - (119,700)(124,800) - (124,800) 4.3% - Less 5% Required By Law Total Funding 68,838,600 132,368,986 74,119,100 68,838,600 - (7.1%) 161,200,100 Division Position Summary Forecast FY 2017 Adopted Recom'd ChangeExpandedActualCurrent FY 2018FY 2018FY 2018FY 2017FY 2016 FY 2018 0.0%na 0.0%Total FTE na Fiscal Year 2018 5 Debt Service Collier County Government Fiscal Year 2018 Recom'd Budget Debt Service General Governmental Debt ForecastAdopted Recom'd ChangeExpandedActualCurrent FY 2017 FY 2018FY 2018FY 2018FY 2017FY 2016 FY 2018 Department Budgetary Cost Summary - 12,000 - - - - (100.0%)Operating Expense 18,471 25,500 22,500 - 22,500 24,500 (11.8%)Arbitrage Services - - - - - 5,253,800 Payment to Escrow Agent na 111 32,500 31,500 - 31,500 71,700 (3.1%)Debt Service 20,161,289 21,198,300 21,571,900 - 21,571,900 21,152,200 1.8%Debt Service - Principal 12,642,893 11,886,800 11,145,800 - 11,145,800 11,859,600 (6.2%)Debt Service - Interest Expense 32,822,764 33,155,100 32,771,700 - 32,771,700 38,361,800 Net Operating Budget (1.2%) 4,124 6,200 4,700 - 4,700 5,000 (24.2%)Trans to Property Appraiser 11,122 15,100 15,100 - 15,100 14,100 0.0%Trans to Tax Collector 754 1,000 1,000 - 1,000 200 0.0%Trans to 001 General Fund 13,100 - - - - - Trans to 132 Pine Ridge na 650,000 - - - - - Trans to 138 Naples Prod Pk na 64,980 5,000 500 - 500 1,000 (90.0%)Trans to 174 Consrv Collier Maint - - 12,400 - 12,400 - Trans to 325 Stormw Cap Fd na - 74,500 20,000 - 20,000 - (73.2%)Reserves for Contingencies - 2,626,400 2,680,600 - 2,680,600 - 2.1%Reserves for Debt Service - 1,192,600 955,300 - 955,300 - (19.9%)Reserves for Future Debt Service - 1,669,600 1,733,200 - 1,733,200 - 3.8%Reserves for Cash Flow 33,566,843 38,745,500 38,194,500 - 38,194,500 (1.4%) 38,382,100 Total Budget ForecastAdopted Recom'd ChangeExpandedActualCurrent FY 2017 FY 2018FY 2018FY 2018FY 2017FY 2016 FY 2018 Appropriations by Program 741,861 745,000 631,000 - 631,000 5,979,100 (15.3%)CRA Taxable Note (TD Bank), Series 2017 (287) 558,732 557,500 559,500 - 559,500 556,400 0.4%Forest Lakes Roadway Limited General Obligation Bonds (259) - 12,000 - - - - (100.0%)Naples Park Drainage Debt Service (226) 67,665 361,800 - - - 347,500 (100.0%)Radio Road East MSTU Limited General Obligation Bond (266) 13,147,131 13,151,200 13,263,000 - 13,263,000 13,151,200 0.9%Series 2003/2012 and 2005/2014 Gas Tax Revenue Bonds (212) 18,307,376 18,327,600 18,318,200 - 18,318,200 18,327,600 (0.1%)Special Obligation Bonds, Series 2010, 2010B, 2011 and 2013 (298) Total Net Budget 33,566,843 38,745,500 38,194,500 - 38,194,500 (1.4%) 38,382,100 Total Budget Total Transfers and Reserves 32,822,764 33,155,100 38,361,800 32,771,700 - 32,771,700 744,079 5,590,400 20,300 5,422,800 - 5,422,800 (1.2%) (3.0%) Fiscal Year 2018 6 Debt Service Collier County Government Fiscal Year 2018 Recom'd Budget Debt Service General Governmental Debt Department Funding Sources ForecastAdopted Recom'd ChangeExpandedActualCurrent FY 2017 FY 2018FY 2018FY 2018FY 2017FY 2016 FY 2018 482,029 473,400 506,600 - 506,600 7.0% 454,400 Ad Valorem Taxes 523 6,000 1,500 - 1,500 (75.0%) 2,400 Delinquent Ad Valorem Taxes - 1,800,000 1,875,000 - 1,875,000 4.2% 1,850,000 Gas Taxes 95,200 17,300 17,200 - 17,200 (0.6%) 20,800 Interest/Misc - - - - - 5,293,300 Loan Proceeds na 476 - - - - - Trans frm Property Appraiser na 4,329 - - - - - Trans frm Tax Collector na 3,077,500 3,073,000 2,855,200 - 2,855,200 (7.1%) 3,073,000 Trans fm 001 Gen Fund 1,206,600 1,207,100 1,208,300 - 1,208,300 0.1% 1,207,100 Trans fm 101 Transp Op Fd - 257,000 - - - (100.0%) 237,100 Trans fm 111 MSTD Gen Fd - - 77,500 - 77,500 - Trans fm 132 Pine Rdg Ind Pk Fd na - - 714,400 - 714,400 - Trans fm 138 Naples Prod Pk na 100,000 - - - - - Trans fm 159 Forest Lake Fd na 858,500 832,800 631,000 - 631,000 (24.2%) 85,500 Trans fm 187 Bayshore Redev Fd 320,000 320,700 - - - (100.0%) 320,700 Trans fm 306 Pk & Rec Cap 13,142,900 12,150,000 11,271,000 - 11,271,000 (7.2%) 12,150,000 Trans fm 313 Gas Tax Cap Fd 150,000 150,000 150,000 - 150,000 0.0% 150,000 Trans fm 345 Pk & Rec Cap 2,785,700 2,789,300 2,789,600 - 2,789,600 0.0% 2,789,300 Trans fm 346 Pks Unincorp Cap Fd 448,000 448,000 448,400 - 448,400 0.1% 448,000 Trans fm 350 EMS Cap Fd 1,159,300 1,160,300 1,158,900 - 1,158,900 (0.1%) 1,160,300 Trans fm 355 Library Cap Fd 1,877,400 1,865,500 1,858,500 - 1,858,500 (0.4%) 1,865,500 Trans fm 381 Correctional Cap Fd 1,872,700 1,873,000 1,873,700 - 1,873,700 0.0% 1,873,000 Trans fm 385 Law Enforc Cap Fd 5,169,400 5,169,500 5,705,200 - 5,705,200 10.4% 5,169,500 Trans fm 390 Gen Gov Fac Cap Fd 6,221,500 5,267,300 5,172,300 - 5,172,300 (1.8%) 5,404,500 Carry Forward - (114,700)(119,800) - (119,800) 4.4% - Less 5% Required By Law Total Funding 38,194,500 38,972,057 38,745,500 38,194,500 - (1.4%) 43,554,400 Fiscal Year 2018 7 Debt Service Collier County Government Fiscal Year 2018 Recom'd Budget Debt Service General Governmental Debt Series 2003/2012 and 2005/2014 Gas Tax Revenue Bonds (212) FY 2018 Budget FY 2018 Total FTE FY 2018 Revenues FY 2018 Net CostProgram Summary Debt Service - 13,953,000 13,953,000 - - 13,953,000 13,953,000 -Current Level of Service Budget ForecastAdopted Recom'd ChangeExpandedActualCurrent FY 2017 FY 2018FY 2018FY 2018FY 2017FY 2016 FY 2018 Program Budgetary Cost Summary 5,171 7,000 7,000 - 7,000 7,000 0.0%Arbitrage Services - 10,000 10,000 - 10,000 10,000 0.0%Debt Service 9,900,000 10,195,000 10,510,000 - 10,510,000 10,195,000 3.1%Debt Service - Principal 3,241,960 2,939,200 2,736,000 - 2,736,000 2,939,200 (6.9%)Debt Service - Interest Expense Net Operating Budget 13,147,131 13,151,200 13,263,000 - 13,263,000 13,151,200 0.9% - 737,600 690,000 - 690,000 - (6.5%)Reserves for Debt Service 13,147,131 13,888,800 13,953,000 - 13,953,000 0.5% 13,151,200 Total Budget Program Funding Sources ForecastAdopted Recom'd ChangeExpandedActualCurrent FY 2017 FY 2018FY 2018FY 2018FY 2017FY 2016 FY 2018 - 1,800,000 1,875,000 - 1,875,000 4.2% 1,850,000 Gas Taxes 12,236 2,000 1,000 - 1,000 (50.0%) 1,000 Interest/Misc 13,142,900 12,150,000 11,271,000 - 11,271,000 (7.2%) 12,150,000 Trans fm 313 Gas Tax Cap Fd 42,000 26,900 899,800 - 899,800 3,245.0% 50,000 Carry Forward - (90,100)(93,800) - (93,800) 4.1% - Less 5% Required By Law Total Funding 13,953,000 13,197,136 13,888,800 13,953,000 - 0.5% 14,051,000 Notes: Purpose: Gas Tax Refunding Revenue Bonds, Series 2003 Principal Outstanding as of September 30, 2017: $0 Final Maturity: June 1, 2013 Interest Rate: 3.70% - 5.25% Revenue Pledged: 5-cent, 6-cent, 7th cent, and 9th cent Gas Tax Purpose: Gas Tax Revenue Bonds, Series 2005 Principal Outstanding as of September 30, 2017: $0 Final Maturity: June 1, 2015 Interest Rate: 3.00% - 5.00% Revenue Pledged: 5-cent, 6-cent, 7th cent, 9th cent, and Constitutional Gas Tax Purpose: Gas Tax Refunding Revenue Bonds, Series 2012 Principal Outstanding as of September 30, 2017: $20,190,000 Final Maturity: June 1, 2023 Interest Rate: 3.00% - 5.00% Revenue Pledged: 5-cent, 6-cent, 7th cent, 9th cent, and Constitutional Gas Tax Purpose: Gas Tax Refunding Revenue Bonds, Series 2014 Principal Outstanding as of September 30, 2017: $74,155,000 Final Maturity: June 1, 2025 Interest Rate: 2.33% Revenue Pledged: 5-cent, 6-cent, 7th cent, 9th cent, and Constitutional Gas Tax Fiscal Year 2018 8 Debt Service Collier County Government Fiscal Year 2018 Recom'd Budget Debt Service General Governmental Debt Series 2003/2012 and 2005/2014 Gas Tax Revenue Bonds (212) On April 10, 2012, the Board approved the partial refunding of the Gas Tax Refunding Revenue Bonds, Series 2003. The partial refunding generated a net present value savings of 9.21%, or $3,811,782. The refunding also will release approximately $2.8 million of cash in June 2013 from existing debt service reserves currently restricted pursuant to the bond covenants. The new Gas Tax Refunding Revenue Bonds, Series 2012, were issued without any reserve or reserve insurance policy. On May 13, 2014, the Board approved the partial refunding of the Gas Tax Refunding Revenue Bonds, Series 2005. The partial refunding generated a net present value savings of 11.38%, or $9,731,581. The new Gas Tax Refunding Revenue Bonds, Series 2014, were issued without any reserve or reserve insurance policy. Fiscal Year 2018 9 Debt Service Collier County Government Fiscal Year 2018 Recom'd Budget Debt Service General Governmental Debt Caribbean Gardens General Obligation Debt Service (220) FY 2018 Budget FY 2018 Total FTE FY 2018 Revenues FY 2018 Net CostProgram Summary Reserves, Transfers, and Interest - 1,000 1,000 - - 1,000 1,000 -Current Level of Service Budget ForecastAdopted Recom'd ChangeExpandedActualCurrent FY 2017 FY 2018FY 2018FY 2018FY 2017FY 2016 FY 2018 Program Budgetary Cost Summary 754 1,000 1,000 - 1,000 200 0.0%Trans to 001 General Fund 754 1,000 1,000 - 1,000 0.0% 200 Total Budget Program Funding Sources ForecastAdopted Recom'd ChangeExpandedActualCurrent FY 2017 FY 2018FY 2018FY 2018FY 2017FY 2016 FY 2018 254 - - - - - Ad Valorem Taxes na 507 1,000 1,000 - 1,000 0.0% 200 Delinquent Ad Valorem Taxes Total Funding 1,000 761 1,000 1,000 - 0.0% 200 Notes: Purpose: Purchase Caribbean Gardens Principal Outstanding as of September 30, 2017: $0 Final Maturity was to be October 1, 2015 Revenue Pledged was Ad Valorem Taxes On November 2, 2004, Collier County voters approved a referendum authorizing the acquisition of certain land, including the land currently used as Caribbean Gardens, for the purpose of ensuring the continued operation of the Caribbean Gardens Zoo, by issuing bonds payable from ad valorem taxes not to exceed 0.15 mills for a period of 10 years. On July 26, 2005, the Board approved a Resolution authorizing a loan from the Commercial Paper Program in an amount not to exceed $40 million. With our aggressive management of prepaying down principal over 4 years, the loan was paid off in July 2009 and the taxpayers in Collier County were no longer levied 0.15 mills. Fiscal Year 2018 10 Debt Service Collier County Government Fiscal Year 2018 Recom'd Budget Debt Service General Governmental Debt Naples Park Drainage Debt Service (226) FY 2018 Budget FY 2018 Total FTE FY 2018 Revenues FY 2018 Net CostProgram Summary Reserves, Transfers, and Interest - 12,400 12,400 - - 12,400 12,400 -Current Level of Service Budget ForecastAdopted Recom'd ChangeExpandedActualCurrent FY 2017 FY 2018FY 2018FY 2018FY 2017FY 2016 FY 2018 Program Budgetary Cost Summary - 12,000 - - - - (100.0%)Operating Expense Net Operating Budget - 12,000 - - - - (100.0%) - - 12,400 - 12,400 - Trans to 325 Stormw Cap Fd na - 12,000 12,400 - 12,400 3.3% - Total Budget Program Funding Sources ForecastAdopted Recom'd ChangeExpandedActualCurrent FY 2017 FY 2018FY 2018FY 2018FY 2017FY 2016 FY 2018 124 100 200 - 200 100.0% 200 Interest/Misc 11,800 11,900 12,200 - 12,200 2.5% 12,000 Carry Forward Total Funding 12,400 11,924 12,000 12,400 - 3.3% 12,200 Notes: Purpose: Naples Park Drainage Improvements. Principal Outstanding as of September 30, 2017: $0 Final Maturity was to be September 1, 2012 Interest Rate: 6.45% Revenue Pledged was Naples Park Assessment On January 25, 2011, the Board approved the prepayment of the Naples Park Area Stormwater Improvement Assessment Bond, Series 1997. Sufficient assessment proceeds had accumulated in the debt service fund to allow an extraordinary redemption of principal which paid off the bonds. The savings realized from paying off the bonds 7 months early was $6,556. On June 22, 2010 the Board approved a work order under Project 69081 for the construction of sidewalk and stormwater drainage improvements along 111th Avenue North and 8th Street North in Naples Park. The work order funding, was provided by the Gas Tax Capital Project Fund 313. The cost of the stormwater drainage component of this project was $120,090.30. The remaining Naples Park Area Stormwater Improvement Assessment proceeds may be utilized to reimburse the Gas Tax Capital Project Fund 313 for the stormwater drainage component of Project 69081. Accordingly, in FY 2012 $100,000 was transferred to the Gas Tax Capital Project Fund 313 with the balance of $20,100 transferred in FY 2013. On February 28, 2017 the Board approved two contracts under Project 60139 for the replacement of water, wastewater, and stormwater infrastructure along 110th Avenue and 107th Avenue within Naples Park. The stormwater component is $949,223.12 for 107th Ave and $943,044.06 for 110th Ave. The remaining Naples Park Area Stormwater Improvement Assessment proceeds in the amount of $12,400 may be utilized to reimburse the Stormwater Capital Project Fund 325 for the stormwater drainage component of Project 60139 in FY 2018. Fiscal Year 2018 11 Debt Service Collier County Government Fiscal Year 2018 Recom'd Budget Debt Service General Governmental Debt Pine Ridge/Naples Production Park Debt (232) FY 2018 Budget FY 2018 Total FTE FY 2018 Revenues FY 2018 Net CostProgram Summary Reserves, Transfers, and Interest - 994,000 994,000 - - 994,000 994,000 -Current Level of Service Budget ForecastAdopted Recom'd ChangeExpandedActualCurrent FY 2017 FY 2018FY 2018FY 2018FY 2017FY 2016 FY 2018 Program Budgetary Cost Summary 13,100 - - - - - Trans to 132 Pine Ridge na 650,000 - - - - - Trans to 138 Naples Prod Pk na - 198,100 994,000 - 994,000 - 401.8%Reserves for Debt Service 663,100 198,100 994,000 - 994,000 401.8% - Total Budget Program Funding Sources ForecastAdopted Recom'd ChangeExpandedActualCurrent FY 2017 FY 2018FY 2018FY 2018FY 2017FY 2016 FY 2018 5,994 2,000 2,000 - 2,000 0.0% 2,000 Interest/Misc - - 77,500 - 77,500 - Trans fm 132 Pine Rdg Ind Pk Fd na - - 714,400 - 714,400 - Trans fm 138 Naples Prod Pk na 855,300 196,200 200,200 - 200,200 2.0% 198,200 Carry Forward - (100)(100) - (100) 0.0% - Less 5% Required By Law Total Funding 994,000 861,294 198,100 994,000 - 401.8% 200,200 Notes: Purpose: Pine Ridge Industrial Park and Naples Production Park Improvements. Principal Outstanding as of September 30, 2017: $0 Final Maturity was to be October 1, 2013 Revenue Pledged was Assessments Last Fiscal Year to Bill Assessments: 2013 The two industrial park MSTUs' were created in the early 1980's to fund capital improvements that benefited the park owners. These improvements were funded by debt and were paid back by a special assessment. On April 14, 2009, the Board of County Commissioners approved agenda item 16 (B) 12 to move the residual money remaining into the Pine Ridge Industrial Park Capital Fund 132 ($3,393,900) and Naples Production Park Capital Improvement Fund 138 ($2,776,900). The capital improvements proposed were to construct and repair intersections, roads, and drainage. Since FY 2009 additional transfers have been made as follows: Pine Ridge Ind Pk Fd 132 Naples Prod Pk Fd 138 FY 2010 $436,000 $356,700 FY 2011 $748,100 $613,200 FY 2014 $700,000 $ 0 FY 2015 $305,100 $ 0 FY 2016 $ 13,100 $650,000 Total $2,202,300 $1,619,900 The planned capital projects have been constructed and residual funding has been returned to Fund 232 as follows: FY 2018 $ 77,500 $714,400 Fiscal Year 2018 12 Debt Service Collier County Government Fiscal Year 2018 Recom'd Budget Debt Service General Governmental Debt Euclid & Lakeland Ave Assessment (253) FY 2018 Budget FY 2018 Total FTE FY 2018 Revenues FY 2018 Net CostProgram Summary Reserves, Transfers, and Interest - 91,600 91,600 - - 91,600 91,600 -Current Level of Service Budget ForecastAdopted Recom'd ChangeExpandedActualCurrent FY 2017 FY 2018FY 2018FY 2018FY 2017FY 2016 FY 2018 Program Budgetary Cost Summary - 90,700 91,600 - 91,600 - 1.0%Reserves for Debt Service - 90,700 91,600 - 91,600 1.0% - Total Budget Program Funding Sources ForecastAdopted Recom'd ChangeExpandedActualCurrent FY 2017 FY 2018FY 2018FY 2018FY 2017FY 2016 FY 2018 947 500 500 - 500 0.0% 500 Interest/Misc 89,700 90,200 91,100 - 91,100 1.0% 90,600 Carry Forward Total Funding 91,600 90,647 90,700 91,600 - 1.0% 91,100 Notes: Purpose: Water, Sewer, Drainage Improvements in assessment area. Principal Outstanding as of September 30, 2017: $0 Final Maturity was to be October 1, 1995 Revenue Pledged was Assessments Fiscal Year 2018 13 Debt Service Collier County Government Fiscal Year 2018 Recom'd Budget Debt Service General Governmental Debt Forest Lakes Roadway Limited General Obligation Bonds (259) FY 2018 Budget FY 2018 Total FTE FY 2018 Revenues FY 2018 Net CostProgram Summary Debt Service - 1,209,900 1,209,900 - - 1,209,900 1,209,900 -Current Level of Service Budget ForecastAdopted Recom'd ChangeExpandedActualCurrent FY 2017 FY 2018FY 2018FY 2018FY 2017FY 2016 FY 2018 Program Budgetary Cost Summary 2,957 3,500 3,500 - 3,500 2,500 0.0%Arbitrage Services - 500 500 - 500 400 0.0%Debt Service 425,000 440,000 460,000 - 460,000 440,000 4.5%Debt Service - Principal 130,775 113,500 95,500 - 95,500 113,500 (15.9%)Debt Service - Interest Expense Net Operating Budget 558,732 557,500 559,500 - 559,500 556,400 0.4% 3,540 4,700 4,700 - 4,700 4,700 0.0%Trans to Property Appraiser 9,675 14,100 15,100 - 15,100 14,100 7.1%Trans to Tax Collector - 650,000 575,000 - 575,000 - (11.5%)Reserves for Debt Service - 55,400 55,600 - 55,600 - 0.4%Reserves for Cash Flow 571,947 1,281,700 1,209,900 - 1,209,900 (5.6%) 575,200 Total Budget Program Funding Sources ForecastAdopted Recom'd ChangeExpandedActualCurrent FY 2017 FY 2018FY 2018FY 2018FY 2017FY 2016 FY 2018 413,620 473,400 506,600 - 506,600 7.0% 454,400 Ad Valorem Taxes - - - - - 1,200 Delinquent Ad Valorem Taxes na 8,841 2,000 1,500 - 1,500 (25.0%) 2,500 Interest/Misc 409 - - - - - Trans frm Property Appraiser na 3,766 - - - - - Trans frm Tax Collector na 100,000 - - - - - Trans fm 159 Forest Lake Fd na 889,600 830,000 727,100 - 727,100 (12.4%) 844,200 Carry Forward - (23,700)(25,300) - (25,300) 6.8% - Less 5% Required By Law Total Funding 1,209,900 1,416,235 1,281,700 1,209,900 - (5.6%) 1,302,300 Notes: Purpose: Forest Lakes Roadway Capital Improvements. Principal Outstanding as of September 30, 2017: $2,490,000 Final Maturity: January 1, 2022 Interest Rate: 3.75% - 4.25% Revenue Pledged: Ad Valorem Taxes Forest Lakes MSTU Limited General Obligation Bonds approved by district referendum in November 2006, totaling up to $6,250,000, were sold in October 2007. Net proceeds booked to the project fund (159) totaled $6,100,000. Debt service on the bonds will average $551,800 annually over the remaining four (4) year amortization (FY 2019-FY 2022). Currently, the MSTU is authorized by referendum to levy up to $4.0000 per $1,000 of taxable value in order to pay debt service. Two separate levies, one for operating and one for debt exist. This district's tax base has increased five (5) consecutive years including FY 2018 and even with a 14.5% increase in taxable value in FY 2018 to $189.7 million, the tax base remains nineteen and one half (19.5) percent below the high tax base level of $236.1 million in FY 2008. For FY 2018, this funds total reserve position amounts to $630,600 which represents 1.14 times average debt service. Although not required by the enabling bond ordinance, this reserve position allows for a higher operating millage rate and protects against any unexpected decrease in projected taxable value. Without the debt service reserve, the levy required to offset annual debt service and fund incidental overhead and required constitutional officer charges based upon projected taxable value would Fiscal Year 2018 14 Debt Service Collier County Government Fiscal Year 2018 Recom'd Budget Debt Service General Governmental Debt Forest Lakes Roadway Limited General Obligation Bonds (259) total $3.0320 per $1,000 of taxable value, leaving a millage rate of $.9680 which is not sufficient to cover regular annual operations and maintenance including customary transfers. At the June FY 2018 taxable value level and recommended reserve level, a debt service levy of $2.6700 is required. Fiscal Year 2018 15 Debt Service Collier County Government Fiscal Year 2018 Recom'd Budget Debt Service General Governmental Debt Radio Road East MSTU Limited General Obligation Bond (266) ForecastAdopted Recom'd ChangeExpandedActualCurrent FY 2017 FY 2018FY 2018FY 2018FY 2017FY 2016 FY 2018 Program Budgetary Cost Summary 2,586 3,000 - - - 3,000 (100.0%)Arbitrage Services - 1,000 - - - 100 (100.0%)Debt Service 52,433 354,300 - - - 339,100 (100.0%)Debt Service - Principal 12,646 3,500 - - - 5,300 (100.0%)Debt Service - Interest Expense Net Operating Budget 67,665 361,800 - - - 347,500 (100.0%) 583 1,500 - - - 300 (100.0%)Trans to Property Appraiser 1,447 1,000 - - - - (100.0%)Trans to Tax Collector 69,695 364,300 - - - (100.0%) 347,800 Total Budget Program Funding Sources ForecastAdopted Recom'd ChangeExpandedActualCurrent FY 2017 FY 2018FY 2018FY 2018FY 2017FY 2016 FY 2018 68,097 - - - - - Ad Valorem Taxes na 1,313 - - - - 200 Interest/Misc na 67 - - - - - Trans frm Property Appraiser na 563 - - - - - Trans frm Tax Collector na - 257,000 - - - (100.0%) 237,100 Trans fm 111 MSTD Gen Fd 110,100 107,300 - - - (100.0%) 110,500 Carry Forward Total Funding - 180,140 364,300 - - (100.0%) 347,800 Notes: Purpose: Payment of debt service for the acquisition, construction, and equipping of various landscaping and irrigation improvements in the Radio Road East MSTU. Debt retired prior to final June 1, 2022 maturity on October 27, 2016; final payoff amount totaled $338,891 Interest Rate: 3.44% fixed rate Revenue Pledged: Voter approved Ad Valorem Taxes Referendum held January 31, 2012 On January 31, 2012, a bond referendum election was held and the issuance of up to $649,000 of limited general obligation bonds payable from ad valorem taxes levied on all taxable property within the MSTU, not to exceed .5 mills, was approved by a majority of the qualified electors within the MSTU. The proceeds were used to construct landscape and irrigation improvements within the district. The FY 2017 debt service and operating tax levies were suspended and the debt has been retired pursuant to Board action and in connection with restarting the unincorporated area median landscape program. Funding for the early payoff was provided from existing Radio Road East debt reserves and a transfer of legally available non ad valorem revenue from the Unincorporated Area General Fund. This debt was retired on October 27, 2016, and the payoff amount totaled $338,891. Fiscal Year 2018 16 Debt Service Collier County Government Fiscal Year 2018 Recom'd Budget Debt Service General Governmental Debt Series 2005a Limited General Obligation Bond (272) FY 2018 Budget FY 2018 Total FTE FY 2018 Revenues FY 2018 Net CostProgram Summary Debt Service - 500 500 - - 500 500 -Current Level of Service Budget ForecastAdopted Recom'd ChangeExpandedActualCurrent FY 2017 FY 2018FY 2018FY 2018FY 2017FY 2016 FY 2018 Program Budgetary Cost Summary 64,980 5,000 500 - 500 1,000 (90.0%)Trans to 174 Consrv Collier Maint 64,980 5,000 500 - 500 (90.0%) 1,000 Total Budget Program Funding Sources ForecastAdopted Recom'd ChangeExpandedActualCurrent FY 2017 FY 2018FY 2018FY 2018FY 2017FY 2016 FY 2018 58 - - - - - Ad Valorem Taxes na 16 5,000 500 - 500 (90.0%) 1,000 Delinquent Ad Valorem Taxes 145 300 - - - (100.0%) - Interest/Misc 65,400 - - - - - Carry Forward na - (300) - - - (100.0%) - Less 5% Required By Law Total Funding 500 65,619 5,000 500 - (90.0%) 1,000 Notes: Purpose: Fund acquisition of environmentally sensitive land. Debt service for Conservation Collier. Principal Outstanding as of September 30, 2017: $0 Final Maturity: January 1, 2013 Interest Rate: 3.00% - 5.00% Revenue Pledged: Voter approved Ad Valorem Taxes Current FY 2018: Current activity is limited to returning residual funds to the Conservation Collier Maintenance fund. Fiscal Year 2018 17 Debt Service Collier County Government Fiscal Year 2018 Recom'd Budget Debt Service General Governmental Debt CRA Taxable Note (TD Bank), Series 2017 (287) FY 2018 Budget FY 2018 Total FTE FY 2018 Revenues FY 2018 Net CostProgram Summary Debt Service - 981,000 981,000 - - 981,000 981,000 -Current Level of Service Budget ForecastAdopted Recom'd ChangeExpandedActualCurrent FY 2017 FY 2018FY 2018FY 2018FY 2017FY 2016 FY 2018 Program Budgetary Cost Summary - - - - - 5,253,800 Payment to Escrow Agent na 111 1,000 1,000 - 1,000 41,200 0.0%Debt Service 503,856 504,000 456,900 - 456,900 473,100 (9.3%)Debt Service - Principal 237,894 240,000 173,100 - 173,100 211,000 (27.9%)Debt Service - Interest Expense Net Operating Budget 741,861 745,000 631,000 - 631,000 5,979,100 (15.3%) - 74,500 20,000 - 20,000 - (73.2%)Reserves for Contingencies - 950,000 330,000 - 330,000 - (65.3%)Reserves for Debt Service 741,861 1,769,500 981,000 - 981,000 (44.6%) 5,979,100 Total Budget Program Funding Sources ForecastAdopted Recom'd ChangeExpandedActualCurrent FY 2017 FY 2018FY 2018FY 2018FY 2017FY 2016 FY 2018 2,765 2,400 - - - (100.0%) 2,400 Interest/Misc - - - - - 5,293,300 Loan Proceeds na 858,500 832,800 631,000 - 631,000 (24.2%) 85,500 Trans fm 187 Bayshore Redev Fd 828,500 934,400 350,000 - 350,000 (62.5%) 947,900 Carry Forward - (100) - - - (100.0%) - Less 5% Required By Law Total Funding 981,000 1,689,765 1,769,500 981,000 - (44.6%) 6,329,100 Notes: Purpose: Bayshore / Gateway Triangle Community Redevelopment Agency (CRA) and acquisition and capital improvements. Collier County Community Redevelopment Agency Taxable Note (Fifth Third Bank), Series 2013. Principal Outstanding as of September 30, 2017: $0 Final Balloon Maturity was to be on June 1, 2018 Interest Rate: Monthly variable interest rate of 30-day LIBOR plus 3.75% Pledged: All available non-ad valorem revenues of the Bayshore Gateway Community Redevelopment Agency Collier County Community Redevelopment Agency Taxable Note (TD Bank), Series 2015. Principal Outstanding as of September 30, 2017: $5,072,089 Final Maturity: March 1, 2027 Interest Rate: 3.56% Pledged: Bayshore Gateway Community Redevelopment Agency tax increment revenues and other CRA operating revenues The BCC in its capacity as the governing body of the Collier County CRA first entered into an agreement with Wachovia Bank in July 2006 for a $7.0 million line of credit to assemble strategic property within the Bayshore Gateway CRA for redevelopment. In September 2009, the CRA and the BCC entered into a variable interest rate loan agreement with Fifth Third Bank for $13.5 million to pay off outstanding draws on the Wachovia credit line and borrow an additional $7.6 million to acquire additional strategic property. During this time period, economic conditions worsened into the prolonged recession. To achieve better loan terms and avoid an impending final balloon payment, another restructuring of the financing was undertaken in May 2013 with Fifth Third Bank. Fiscal Year 2018 18 Debt Service Collier County Government Fiscal Year 2018 Recom'd Budget Debt Service General Governmental Debt CRA Taxable Note (TD Bank), Series 2017 (287) Forecast FY 2017: On February 28, 2017, agenda item 14.B.1., the Board approved the TB Bank Loan Agreement restructuring the note. The Series 2017 Taxable Note accomplished several important objectives including; • Achieve more favorable credit terms consistent with current market conditions. • Extending the re-payment deadline past June 2018 when a final principal payment of $4.6 million is due to a more traditional long term fixed repayment schedule thus eliminating the requirement for a large final balloon maturity payoff. • Eliminate the variable interest rate in favor of a fixed rate. • Substantially reduce the current debt service reserve requirement which will free up certain available reserve dollars for one time capital projects. • Reduce annual debt service which will allow for increased operating flexibility. • Secure more favorable prepayment terms, with no requirement to apply proceeds from land sales to reduce or eliminate the Loan balance. Current FY 2018: Principal outstanding at September 30, 2017 is $5,072,089. Fiscal Year 2018 19 Debt Service Collier County Government Fiscal Year 2018 Recom'd Budget Debt Service General Governmental Debt Special Obligation Bonds, Series 2010, 2010B, 2011 and 2013 (298) FY 2018 Budget FY 2018 Total FTE FY 2018 Revenues FY 2018 Net CostProgram Summary Debt Service 32,000 - 32,000 - Reserves, Transfers, and Interest -32,000 2,665,105 2,633,105 - Principal and Interest Payments, Series 2010 Bonds - 4,050,138 4,050,138 - 2010 Special Obligation Revenue Bonds, due in annual installments through July 1, 2034; interest at 3.00% to 4.50% and collateralized by pledge on legally available non-ad valorem revenues, including but not limited to the proceeds of the local government half cent sales tax, state revenue sharing, communications services tax and charges and services generated by governmental activities. . Principal and Interest Payments, Series 2010B Bonds - 2,709,250 2,709,250 - 2010B Special Obligation Revenue Bonds, due in annual installments through October 1, 2021; interest at 3.00% to 5.00% and collateralized by pledge on legally available non-ad valorem revenues, including but not limited to the proceeds of the local government half cent sales tax, state revenue sharing, communications services tax and charges and services generated by governmental activities. . Principal and Interest Payments, Series 2011 Bonds - 8,679,632 8,679,632 - 2011 Special Obligation Revenue Bonds, due in annual installments through October 1, 2029; interest at 2.50% to 5.00% and collateralized by pledge on legally available non-ad valorem revenues, including but not limited to the proceeds of the local government half cent sales tax, state revenue sharing, communications services tax and charges and services generated by governmental activities. . Principal and Interest Payments, Series 2013 Bonds - 2,846,975 2,846,975 - 2013 Special Obligation Revenue Bonds, due in annual installments through October 1, 2035; interest at 3.50% to 4.00% and collateralized by pledge on legally available non-ad valorem revenues, including but not limited to the proceeds of the local government half cent sales tax, state revenue sharing, communications services tax and charges and services generated by governmental activities. . - 20,951,100 20,951,100 -Current Level of Service Budget Fiscal Year 2018 20 Debt Service Collier County Government Fiscal Year 2018 Recom'd Budget Debt Service General Governmental Debt Special Obligation Bonds, Series 2010, 2010B, 2011 and 2013 (298) ForecastAdopted Recom'd ChangeExpandedActualCurrent FY 2017 FY 2018FY 2018FY 2018FY 2017FY 2016 FY 2018 Program Budgetary Cost Summary 7,757 12,000 12,000 - 12,000 12,000 0.0%Arbitrage Services - 20,000 20,000 - 20,000 20,000 0.0%Debt Service 9,280,000 9,705,000 10,145,000 - 10,145,000 9,705,000 4.5%Debt Service - Principal 9,019,619 8,590,600 8,141,200 - 8,141,200 8,590,600 (5.2%)Debt Service - Interest Expense Net Operating Budget 18,307,376 18,327,600 18,318,200 - 18,318,200 18,327,600 (0.1%) - 1,192,600 955,300 - 955,300 - (19.9%)Reserves for Future Debt Service - 1,614,200 1,677,600 - 1,677,600 - 3.9%Reserves for Cash Flow 18,307,376 21,134,400 20,951,100 - 20,951,100 (0.9%) 18,327,600 Total Budget Program Funding Sources ForecastAdopted Recom'd ChangeExpandedActualCurrent FY 2017 FY 2018FY 2018FY 2018FY 2017FY 2016 FY 2018 62,835 8,000 12,000 - 12,000 50.0% 12,000 Interest/Misc 3,077,500 3,073,000 2,855,200 - 2,855,200 (7.1%) 3,073,000 Trans fm 001 Gen Fund 1,206,600 1,207,100 1,208,300 - 1,208,300 0.1% 1,207,100 Trans fm 101 Transp Op Fd 320,000 320,700 - - - (100.0%) 320,700 Trans fm 306 Pk & Rec Cap 150,000 150,000 150,000 - 150,000 0.0% 150,000 Trans fm 345 Pk & Rec Cap 2,785,700 2,789,300 2,789,600 - 2,789,600 0.0% 2,789,300 Trans fm 346 Pks Unincorp Cap Fd 448,000 448,000 448,400 - 448,400 0.1% 448,000 Trans fm 350 EMS Cap Fd 1,159,300 1,160,300 1,158,900 - 1,158,900 (0.1%) 1,160,300 Trans fm 355 Library Cap Fd 1,877,400 1,865,500 1,858,500 - 1,858,500 (0.4%) 1,865,500 Trans fm 381 Correctional Cap Fd 1,872,700 1,873,000 1,873,700 - 1,873,700 0.0% 1,873,000 Trans fm 385 Law Enforc Cap Fd 5,169,400 5,169,500 5,705,200 - 5,705,200 10.4% 5,169,500 Trans fm 390 Gen Gov Fac Cap Fd 3,329,100 3,070,400 2,891,900 - 2,891,900 (5.8%) 3,151,100 Carry Forward - (400)(600) - (600) 50.0% - Less 5% Required By Law Total Funding 20,951,100 21,458,535 21,134,400 20,951,100 - (0.9%) 21,219,500 Notes: Special Obligation Refunding Revenue Bonds, Series 2010: Purpose: Refunding Commercial Paper. Major capital projects funded with the commercial paper loans were Golden Gate Library Expansion, South Regional Library, Fleet Expansion (BCC), Sheriff Fleet Building, Courthouse Annex, Emergency Service Center, Sheriff Special Operations Center, EMS station land purchase (Old US41 location)***, EMS ambulances, and 800 MHz Upgrade and Radio Locater System. Principal Outstanding as of September 30, 2017: $47,400,000 Final Maturity: July 1, 2034 Interest Rate: 3.00% to 4.50% Revenue Pledged: Covenant to budget and appropriate non-ad valorem revenues ***On September 28, 2007, the Board closed on a Commercial Paper Loan A-40-1 in the amount of $880,000. The Loan proceeds were used on the purchase of land and the balance was to go to preconstruction activity for EMS station 411. Shortly after the land purchase, the economy and growth slowed down. The Board reprioritized their capital program to focus on maintenance projects and EMS station 411 was never built. In FY 2015, the Board started constructing EMS Station 73. The balance of the commercial paper loan proceeds were used on this project. Fiscal Year 2018 21 Debt Service Collier County Government Fiscal Year 2018 Recom'd Budget Debt Service General Governmental Debt Special Obligation Bonds, Series 2010, 2010B, 2011 and 2013 (298) Special Obligation Refunding Revenue Bonds, Series 2010B: Purpose: Refunding 2002 Capital Improvement Bond. Major capital projects funded with the 2002 Capital Improvement Bond include Sheriff's Administration Building, Domestic Animal Services Center Building, Sheriff's Building on Horseshoe Drive, Immokalee Jail renovation, Goodland Boat Launch Land, Lely Barefoot Beach Land, North Naples Satellite Government Offices Building, North Naples Regional Library, Voting Machines (amortized over 10 years), and EMS Helicopter (amortized over 10 years). Principal Outstanding as of September 30, 2017: $12,190,000 Final Maturity: October 1, 2021 Interest Rate: 3.00% - 5.00% Revenue Pledged: Covenant to budget and appropriate non-ad valorem revenues Special Obligation Refunding Revenue Bonds, Series 2011: Purpose: Partial refunding 2003 and 2005 Capital Improvement Bond. Major capital projects funded with the 2003 Capital Improvement Bond include Jail Expansion/Parking Garage and the Development Services Building Expansion/Parking Garage and refund prior debt. (The Development Services Building Expansion/Parking Garage portion of the debt was defeased on September 21, 2007) Major capital projects funded with the 2005 Capital Improvement Bond include North Regional Park, Fleet Facility, Courthouse Annex, Parking Garage, Emergency Service Center, refinance Commercial Paper debt (Transportation Building on Horseshoe Drive and Stormwater (retention) property) and partial refund of the Capital Improvement Revenue Refunding Bonds, Series 1994. Principal Outstanding as of September 30, 2017: $64,700,000 Final Maturity: October 1, 2029 Interest Rate: 2.50% - 5.00% Revenue Pledged: Covenant to budget and appropriate non-ad valorem revenues Special Obligation Refunding Revenue Bonds, Series 2013: Purpose: Refunding all remaining outstanding 2003 and 2005 Capital Improvement Bond. Major capital projects funded with the 2003 Capital Improvement Bond include Jail Expansion/Parking Garage and the Development Services Building Expansion/Parking Garage and refund prior debt. (The Development Services Building Expansion/Parking Garage portion of the debt was defeased on September 21, 2007) Major capital projects funded with the 2005 Capital Improvement Bond include North Regional Park, Fleet Facility, Courthouse Annex, Parking Garage, Emergency Service Center, refinance Commercial Paper debt (Transportation Building on Horseshoe Drive and Stormwater (retention) property) and partial refund of the Capital Improvement Revenue Refunding Bonds, Series 1994. Principal Outstanding as of September 30, 2017: $73,805,000 Final Maturity: October 1, 2035 Interest Rate: 3.50% - 4.00% Revenue Pledged: Covenant to budget and appropriate non-ad valorem revenues Fiscal Year 2018 22 Debt Service Collier County Government Fiscal Year 2018 Recom'd Budget Debt Service Collier County Water & Sewer Debt ForecastAdopted Recom'd ChangeExpandedActualCurrent FY 2017 FY 2018FY 2018FY 2018FY 2017FY 2016 FY 2018 Department Budgetary Cost Summary - 38,000 38,000 - 38,000 35,600 0.0%Operating Expense 11,056 12,000 12,000 - 12,000 14,400 0.0%Arbitrage Services 61,460,715 - - - - 94,027,900 Payment to Escrow Agent na 330,114 11,000 11,000 - 11,000 86,700 0.0%Debt Service 12,754,876 12,913,300 13,542,100 - 13,542,100 8,568,000 4.9%Debt Service - Principal 4,711,990 5,537,700 4,328,100 - 4,328,100 4,461,900 (21.8%)Debt Service - Interest Expense 79,268,750 18,512,000 17,931,200 - 17,931,200 107,194,500 Net Operating Budget (3.1%) - 16,561,600 12,412,900 - 12,412,900 - (25.1%)Reserves for Debt Service - 300,000 300,000 - 300,000 - 0.0%Reserves for Capital 79,268,750 35,373,600 30,644,100 - 30,644,100 (13.4%) 107,194,500 Total Budget ForecastAdopted Recom'd ChangeExpandedActualCurrent FY 2017 FY 2018FY 2018FY 2018FY 2017FY 2016 FY 2018 Appropriations by Program 79,268,750 18,512,000 17,931,200 - 17,931,200 107,194,500 (3.1%)County Water/Sewer Debt Service (410) Total Net Budget 79,268,750 35,373,600 30,644,100 - 30,644,100 (13.4%) 107,194,500 Total Budget Total Transfers and Reserves 79,268,750 18,512,000 107,194,500 17,931,200 - 17,931,200 - 16,861,600 - 12,712,900 - 12,712,900 (3.1%) (24.6%) Department Funding Sources ForecastAdopted Recom'd ChangeExpandedActualCurrent FY 2017 FY 2018FY 2018FY 2018FY 2017FY 2016 FY 2018 88 - - - - - Special Assessments na 175,715 100,000 100,000 - 100,000 0.0% 100,000 Interest/Misc 60,153,146 - - - - 89,982,000 Bond Proceeds na 5,095,568 3,870,500 6,830,300 - 6,830,300 76.5% 3,870,500 Trans fm 408 Water / Sewer Fd 5,568,492 8,123,600 7,831,300 - 7,831,300 (3.6%) 4,022,700 Trans fm 411 W Impact Fee Cap Fd 4,528,820 5,647,200 5,436,300 - 5,436,300 (3.7%) 5,542,300 Trans fm 413 S Impact Fee Cap Fd 17,875,100 17,637,300 10,451,200 - 10,451,200 (40.7%) 14,128,200 Carry Forward - (5,000)(5,000) - (5,000) 0.0% - Less 5% Required By Law Total Funding 30,644,100 93,396,930 35,373,600 30,644,100 - (13.4%) 117,645,700 Fiscal Year 2018 23 Debt Service Collier County Government Fiscal Year 2018 Recom'd Budget Debt Service Collier County Water & Sewer Debt County Water/Sewer Debt Service (410) FY 2018 Budget FY 2018 Total FTE FY 2018 Revenues FY 2018 Net CostProgram Summary 2013 County Water & Sewer Refunding Revenue Bonds 1,472,425 - 1,472,425 - Due in annual installments through July 1, 2021. Principal and interest are payable from the net operating revenues & special assessment collections. 2015 County Water & Sewer Refunding Revenue Bonds 785,429 2,058,766 2,844,195 - Due in annual installments through July 1, 2022. Principal and interest are payable from the net operating revenues & system development fees. 2016 County Water & Sewer Refunding Revenue Bonds 664,214 1,741,036 2,405,250 - Due in annual installments through July 1, 2036. Principal and interest are payable from the net operating revenues & system development fees. 2016 County Water & Sewer Refunding Revenue Note (Subordinate) 1,680,442 9,467,712 11,148,154 - Due in annual installments through July 1, 2029. Principal and interest are payable from the net operating revenues & system development fees. Overhead/Admin Fees, Reserves, Interest, and Transfers -4,602,510 17,376,586 12,774,076 - - 30,644,100 30,644,100 -Current Level of Service Budget ForecastAdopted Recom'd ChangeExpandedActualCurrent FY 2017 FY 2018FY 2018FY 2018FY 2017FY 2016 FY 2018 Program Budgetary Cost Summary - 38,000 38,000 - 38,000 35,600 0.0%Operating Expense 11,056 12,000 12,000 - 12,000 14,400 0.0%Arbitrage Services 61,460,715 - - - - 94,027,900 Payment to Escrow Agent na 330,114 11,000 11,000 - 11,000 86,700 0.0%Debt Service 12,754,876 12,913,300 13,542,100 - 13,542,100 8,568,000 4.9%Debt Service - Principal 4,711,990 5,537,700 4,328,100 - 4,328,100 4,461,900 (21.8%)Debt Service - Interest Expense Net Operating Budget 79,268,750 18,512,000 17,931,200 - 17,931,200 107,194,500 (3.1%) - 16,561,600 12,412,900 - 12,412,900 - (25.1%)Reserves for Debt Service - 300,000 300,000 - 300,000 - 0.0%Reserves for Capital 79,268,750 35,373,600 30,644,100 - 30,644,100 (13.4%) 107,194,500 Total Budget Program Funding Sources ForecastAdopted Recom'd ChangeExpandedActualCurrent FY 2017 FY 2018FY 2018FY 2018FY 2017FY 2016 FY 2018 88 - - - - - Special Assessments na 175,715 100,000 100,000 - 100,000 0.0% 100,000 Interest/Misc 60,153,146 - - - - 89,982,000 Bond Proceeds na 5,095,568 3,870,500 6,830,300 - 6,830,300 76.5% 3,870,500 Trans fm 408 Water / Sewer Fd 5,568,492 8,123,600 7,831,300 - 7,831,300 (3.6%) 4,022,700 Trans fm 411 W Impact Fee Cap Fd 4,528,820 5,647,200 5,436,300 - 5,436,300 (3.7%) 5,542,300 Trans fm 413 S Impact Fee Cap Fd 17,875,100 17,637,300 10,451,200 - 10,451,200 (40.7%) 14,128,200 Carry Forward - (5,000)(5,000) - (5,000) 0.0% - Less 5% Required By Law Total Funding 30,644,100 93,396,930 35,373,600 30,644,100 - (13.4%) 117,645,700 Fiscal Year 2018 24 Debt Service Collier County Government Fiscal Year 2018 Recom'd Budget Debt Service Collier County Water & Sewer Debt County Water/Sewer Debt Service (410) Notes: County Water & Sewer Refunding Revenue Bonds, Series 2013: Purpose: Refunding County Water & Sewer Refunding Revenue Bonds, Series 2003. Principal Outstanding as of September 30, 2017: $5,670,968 Final Maturity: July 1, 2021 Interest Rate: 1.47% Revenue Pledged: Net revenues of the Collier County Water and Sewer District. County Water & Sewer Refunding Revenue Bonds, Series 2015: Purpose: Partial refunding of the County Water & Sewer Revenue Bonds, Series 2006. Principal Outstanding as of September 30, 2017: $15,154,000 Final Maturity: July 1, 2022 Interest Rate: 1.75% Revenue Pledged: Net revenues of the Collier County Water and Sewer District. County Water & Sewer Refunding Revenue Bonds, Series 2016: Purpose: Refunding the balance of the County Water & Sewer Revenue Bonds, Series 2006. Principal Outstanding as of September 30, 2017: $48,105,000 Final Maturity: July 1, 2036 Interest Rate: 5.00% Revenue Pledged: Net revenues of the Collier County Water and Sewer District. County Water & Sewer Refunding Revenue Note (Subordinate), Series 2016: Purpose: Refunding twelve (12) State of Florida's State Revolving Fund (SRF) Loan Program. Principal Outstanding as of September 30, 2017: $87,453,000 Final Maturity: July 1, 2029 Interest Rate: 1.80% Revenue Pledged: Net revenues of the Collier County Water and Sewer District. Fiscal Year 2018 25 Debt Service