Loading...
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