Agenda 05/25/2010 Item #16C 4
Agenda Item No. 16C4
May 25, 2010
Page 1 of 3
EXECUTIVE SUMMARY
Recommendation to authorize budget amendments of approximately $1,000,000.00
to transfer a Master Pump Station Mechanical 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 $1,000,000.00 to transfer a Master Pump Station
Mechanical 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, 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 and received
$112,290,277.35. Of the total amount, $65,248,635.56 was eannarked 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 transfer of projects from
various Water and Wastewater Funds since FY 2007. 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.
Staff recommends a transfer of approximately $1 million to be moved from the
wastewater capital project fund to the revenue bond fund 4 1 5 at this time. As other
budgeted projects are specifically identified when they are eloser to the construction
phase, it will be preferable to move such projects into fund 415. These transfers are
consistent with the fiscally prudent transfers made in the past and facilitate compliance
with arbitrage liabilities.
This approach of moving amounts from other Water-Sewer Capital Project Fund to the
2006 Revenue Bond Fund was reviewed and approved by the Finance Committee.
FISCAL IMPACT: Budget amendments are needed in FY 2010 to move Master Pump
Station Mechanical Improvement Project # 72548 out of Wastewater Impact Fee Capital
Project Fund and into the 2006 Revenue Bond 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. 16C4
May 25, 2010
Page 2 of 3
GROWTH MANAGEMENT IMPACT: None.
RECOMMENDATION: That the Board of County Commissioner, 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
Item Number:
Item Summary:
Meeting Date:
Agenda Item No. 16C4
May 25, 2010
Page 3 of 3
COLLIER COUNTY
BOARD OF COUNTY COMMISSIONERS
16C4
Recommendation to authorize budget amendments of approximately $1 ,000,000 to transfer a
Master Pump Station Mechanical 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.
5/25/20109:00:00 AM
Date
Approved By
Thomas Wides
Public Utilities Division
Director ~ Operations Support - PUD
Utilities Finance Operations
5/7/20103:42 PM
Date
Approved By
Jennifer White
County Attorney
Assistant County Attorney
County Attorney
5/11/20102:16 PM
Date
Approved By
James W. Delany
Public Utilities Division
Public Utilities Division Administrator
Public Utilities Division
5/13/201012:02 PM
Date
Approved By
OMS Coordinator
County Manager's Office
Office of Management & Budget
5/13/20101 :53 PM
Date
Approved By
Jeff Klatzkow
County Attorney
5/13/20104:32 PM
Approved By
Date
5 usa" Usher
Office of Management &
Budget
Management/Budget Analyst, Senior
Office of Management & Budget
5/18/20108:10 AM
Date
Approved By
Leo E. Ochs, Jr.
County Managers Office
County Manager
County Managers Office
5/18/20101 :36 PM