Loading...
Agenda 09/15/2009 Item #16C 5 Agenda Item No. 16C5 September 15, 2009 Page 1 of 3 -.... EXECUTIVE SUMMARY Recommendation to approve budget amendments of approximately $2,500,000.00 to transfer projects from various water and wastewater capital projects funds to a 2006 Revenue Bond Proceeds Fund to segregate the projects funded by the 2006 Revenue Bond. OBJECTIVE: That the Board of County Commissioners (Board) approve budget amendments of approximately $2,500,000 to transfer projects from various water and wastewater capital projects funds to a 2006 Revenue Bond Proceeds Fund to segregate 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. ,.-. 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 16Cl, the Board authorized $11,000,000 to be transferred from various water and wastewater capital projects fund to the revenue bond fund. On September 23, 2008, Item 16Cl, the Board authorized $1,782,600 transferred from various water and wastewater capital projects fund to the revenue bond fund. On June 9, 2009, Item 16C7, the Board authorized $2,314,500 transferred from wastewater impact fee fund to the revenue bond fund. ~ Of the $65,248,635 in the revenue bond proceeds earmarked for capital projects, approximately $60 million has been spent; approximately $5 million remains to be spent. Reductions in impact fee and user rate revenue makes 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 financial 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. In addition, funding these projects with the proceeds of the 2006 Revenue Bond will position the county to stay in compliance with the arbitrage regulations. Agenda Item No. 16C5 September 15, 2009 Page 2 of 3 _.. To provide adequate and timely funding, it is prudent to move the applicable projects from the various capital projects funds to the revenue bond fund where such projects can be tracked. Out of the approximately $5 million available in the revenue bond fund for the funding of capital projects, approximately $2.5 million is recommended to be moved to the revenue bond fund 415 at this time. 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. This approach of moving amounts from other Water-Sewer capital project funds to the 2006 Revenue Bond fund was reviewed and approved by the Finance Committee. FISCAL IMPACT: Budget amendments are needed in FY 2009 to move various project budgets out of impact fee and user fee capital project funds and into the 2006 Revenue Bond Fund (415). Below is a detail schedule of projects. The proposed budget amendments do not change the overall budget amounts or the intent of the projects. Increase C tWt S ~ oumy a er ewer on un Fund Center # Proiect # Title Amount 273411-Water 70093 Immok. Road 36" WWM 951 to $396,707.86 Impact Fee Project Orangetree 273411-Water 71002 North County Regional Water $595,248.21 Impact Fee Project Treatment Plant TDS RO 273411-Water 70892 SCRWTP Expansion $228,175.22 Impact Fee Proiect . 273412-Water User 71052 North County Regional Water $1,059,120.00 Rate Project Treatment Plant Sand Filter 263614- W atewater 73050 Sewer Line Rehab. $11,902.59 User Rate Proiect 263614- W atewater 73966 North County Water Reclamation $189,912.51 User Rate Proiect Facility Bleach System 263614- Watewater 73970 Pump Station Improvements $10,426.17 User Rate Project TOTAL $2,491,492.56 B dF d(415) LEGAL CONSIDERATION: No legal issues are raised by this item, which is ready for Board action. This is a regular matter requiring simple majority vote. JBW GROWTH MANAGEMENT IMPACT: None. RECOMMENDATION: That the Board of County Commissioner, as the Ex-Officio Governing Board of the Collier County Water/Sewer District approve all the necessary budget amendments. ~. PREPARED BY: Bala M. Sridhar, Senior Management & Budget Analyst, Public Utilities-Operations Agenda Item No. 16C5 September 15, 2009 Page 3 of 3 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS Item Number: Item Summary: 16C5 Recommendation to approve budget amendments of approximately $2,500,000,00 to transfer projects from various water and wastewater capital projects funds to a 2006 Revenue Bond Proceeds Fund to segregate the projects funded by the 2006 Revenue Bond. Meeting Date: 9/15/200990000 AM Prepared By Bala Sridhar Senior Management/Budget Analyst Date Public Utilities Public Utilities Operations 8/25/20099:07:47 AM Approved By Jennifer White Assistant County Attorney Date County Attorney County Attorney Office 8/31/2009 1 :32 PM Approved By Thomas Wides Operations Director Date Public Utilities Public Utilities Operations 9/1/20098:35 AM Approved By Jeff Klatzkow County Attorney Date County Attorney County Attorney Office 9/1/20093:16 PM Approved By James W. Delony Public Utilities Administrator Date Public Utilities Public Utilities Administration 9/2/2009 11 :07 AM Approved By OMB Coordinator OMS Coordinator Date County Manager's Office Office of Management & Budget 9/2/2009 2:08 PM Approved By Susan Usher Senior Management/Budget Analyst Date County Manager's Office Office of Management & Budget 9/8/2009 1 :32 PM Approved By Leo E. Ochs, Jr. Deputy County Manager Date Board of County County Manager's Office Commissioners 9/8/2009 3:27 PM ~1_~ fln.\ A ____ ...:1_""""'__..;...\ T:____ __.....1-\ 1"" A ~ ___.L ____ L __.0 1,",,1\ 1 ~ 0/ 1'"\1\,", " il(\\ 1 /: 0 I ""AnA'" lC1r'l\. 1...,.....0 I ""\" A. I' 1'1l. T " /0 '''' 1\""