Agenda 06/09/2009 Item #16C17
Agenda Item No. 16C17
June 9, 2009
Page 1 of 3
EXECUTIVE SUMMARY
Recommendation to approve a budget amendment of approximately $2,400,000 to
transfer a Master Pump Station Mechanical. Improvement project from the
wastewater capital projects fund to the 2006 Revenue Bond Proceeds Fund to
segregate the project funded by the 2006 Revenue Bond.
OBJECTIVE: To approve a budget amendment of approximately $2,400,000 to transfer
a Master Pump Station Mechanical Improvement project from wastewater capital projects
fund to the 2006 Revenue Bond Proceeds Fund to segregate the project 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 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.
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On February 13, 2007, Item lOG, the Board authorized a budget amendment for
$38.198,334.09 to transfer some projects from various water and wastewater capital
project funds to the revenue bond fund. On June 26, 2007, Item 16C12, the Board
authorized another $15,000,000 to be transferred from the water impact fee capital
projects fund to the revenue bond fund. On January 29, 2008, Item 16C5, the Board
authorized $11,446,766.41 transferred from the water impact fee fund to the revenue
bond fund. On July 22, 2008, Item 16c1, the Board authorized $6,103,000 to be
transferred from various water and wastewater capital projects funds to the revenue bond
fund. On September 23, 2008, Item l6c 1, the Board authorized $1,800,000 to be
transferred from various water and wastewater capital projects funds to the revenue bond
fund.
Of the $65,248,635 in the revenue bond proceeds earmarked for capital projects,
approximately $58 million has been spent; and approximately $7 million remains to be
spent. Reductions in impact fee revenue make it fiscally necessary and prudent to fund
additional projects with the remaining bond proceeds. While the option of borrowing
under a low interest rate State Revolving Fund (SRF) administered by the State is
available, the timing of reimbursement for project-related expenses already incurred is
protracted due to the financial shortfalls within the SRF pool of funds. Due to the
fmancial constraints experienced by the State, the amount and timing of reimbursements
is less favorable at this juncture. Staff is working closely with consultants to expedite the
process at both the state and national level.
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Aoenda Item No. 16C17
- June 9, 2009
Page 2 of 3
To provide adequate and timely funding, it is prudent to move the applicable project from
the wastewater capital projects fund to the revenue bond fund and reduce the outstanding
balance of the revenue bond. As other budgeted projects are specifically identified when
they are closer to the construction phase, it will be preferable to move such projects into
fund 415.
FISCAL IMPACT: Budget amendments are needed in FY 2009 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 amounts or the intent
of the projects.
LEGAL CONSIDERATIONS: This item has been reviewed and approved by the
County Attorney's office, is not quasi-judicial and requires no ex parte disclosure,
requires only a majority vote for approval, and is otherwise legally sufficient for board
action. -SR T
GROWTH MANAGEMENT IMPACT: None.
RECOMMENDATION: That the Board of County Commissioners, ac; the Ex-
Officio Governing Board of the Collier County WaterlSewer District, approve the
necessary budget amendments as requested herein.
PREPARED BY: Bala M. Sridhar, Senior Management & Budget Analyst, Public
Utilities - Operations
,.-"
Page 1 of 1
Agenda Item No. 16C17
June 9, 2009
Page 3 of 3
COLLIER COUNTY
BOARD OF COUNTY COMMISSIONERS
Item Number:
Item Summary:
16C17
Recommendation to approve a budget amendment of approximately $2,400,000 to transfer a
Master Pump Station Mechanical Improvement project from the wastewater capital projects
fund to the 2006 Revenue Bond Proceeds Fund to segregate the project funded by the 2006
Revenue Bond.
Meeting Date:
6/9/20099:00:00 AM
Prepared By
Baja Sridhar
Senior Management/Budget Analyst
Date
Public Utilities
Public Utilities Operations
5/26/2009 8:45:03 AM
Approved By
Thomas Wides
Operations Director
Date
Public Utilities
Public Utilities Operations
5/26/2009 9:33 AM
Approved By
James W. DeLony
Public Utilities Administrator
Date
Public Utilities
Public Utilities Administration
5/28/2009 1 :34 PM
Approved By
OMB Coordinator
OMB Coordinator
Date
County Manager's Office
Office of Management & Budget
5/28/2009 1 :42 PM
Approved By
Susan Usher
Senior Management/Budget Analyst
Date
County Manager's Office
Office of Management & Budget
6/1/20092:06 PM
Approved By
Jeff Klatzkow
County Attorney
Date
County Attorney
County Attorney Office
6/1/20092:26 PM
Approved By
Leo E. Ochs, Jr.
Board of County
Commissioners
Deputy County Manager
Date
County Manager's Office
6/1/20092:38 PM
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