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Home My WebLink AboutDocumentation_Miscellaneous_Tab 5_5/20/1996 Memorandum To: Public Works Committee Members From: Thomas G. Bradford, Village Manager f ' ' Date: May 17, 1996 Subject: Available Revenues for Proposed Public Works Projects Without the benefit of the Director of Finance and the Director of Public Works, both of whom are on vacationyas of this writing, I have reviewed the General Fund balance and the Capital Improvement Fund balances in order to derive an estimate of fund availability for the Public Works projects to be reviewed by you at your meeting on May 20. My analysis is detailed under the heading of "Revenues" on the attached spreadsheet entitled "Stormwater Utility Capital Projections" . As you can see, I have culled all the capital improvement accounts to derive as much funding as possible from this source and have taken $170, 000 from the General Fund Undesignated Balance. Using $170,000 of the General Fund Undesignated Balance is estimated to bring the balance to $573, 375 . I contemplate requesting an additional $30, 000 for a computer network system throughout the Village facilities . The Early Retirement Incentive Program may require an additional $50,000 . With the hurricane season upon us and the need to anticipate the use of at least $50, 000 to balance the budget for FY 1997 , I do not believe it would be prudent to use any more of this General Fund Undesignated Balance. I have prioritized the Public Works drainage projects based upon my opinion of urgency. You and others may feel differently. Notice that I have given you two (2) 'scenarios relative to expenditures, one being on a cash basis, the other on'' a debt service basis . There are pros and cons to each, which I am sure we. will discuss at your meeting and at the forthcoming Stormwater Utility Board Meeting. • However, please keep in mind the following when considering the same. The amount of debt ($391,500) is not worth a bond issue. However., if packaged with other Village needs, such as new facilities, these become a bondable group of projects . Since we are nowhere near finalizing anything relative to our facilities, a loan from a bank could be done at this time and 'rolled-over into a bigger bond package once the facility decisions have been made. Banks may not go beyond ten (10) years in a loan for such purposes . A debt service schedule for a 10-year loan and a 15-year bond have been included with your package. TGB/krb Attachment STORMWATER UTILITY CAPITAL PROJECTIONS PROJECT EXPENDITURES FY96 FY97 FY98 FY99 FY00 FY01 Prioritized on cash basis ; Dover Ditch Maintenance Dredge 110000 0 0 0 0 0 Tequesta Drive Drainage Diversion 70000 0 0 0 0 0 Seabrook Road North 139000 0 0 0 0 0 Shay Place 0 40000 0 0 0 0 Seabrook Road South 0 41500 33000 33000- 0 0 North Dover Road 0 0 63000 0 0 0 Country Club Drive 0 0 0 45000 0 0 Cypress Drive 0 0 0 0 55000 0 Riverside Drive 0 0 0 0 0 81000 TOTAL 319000 81500, 96000 78000 55000 81000 PROJECT EXPENDITURES FY96 FY97 FY98 FY99 FY00 FY01 Prioritized on debt service basis Dover Ditch Maintenance Dredge 110000 0 0 0 0 0 Tequesta Drive Drainage Diversion 70000 0 0 0 0 0 Seabrook Road North .139000 0. 0 0 0 0 Shay Place - 0 40000 ' 0 0 0 0 Seabrook Road South 0 107500 0 0 0 0 North Dover Road 0 63000 0 0 0 0 Country Club Drive 0 45000 0 , 0 0 0 Cypress Drive 0 55000 _ 0 0 0 0 Riverside Drive 0 81000 0 0 0 0 Debt Service Expense 0 0 57245 57245 57245 57245 . TOTAL 319000 391500 57245 57245 57245 57245 REVENUES FY96 FY97 FY98 FY99 FY00 FY01 Tequesta Branch Library 45000 0 0 0 0 0 Tequesta Drive Pathway 7500 _ 0 0 0 _ 0 0 Village Hall Parking Lot 6000 0 0 0 0 0 Village Hall Landscape 5000 0 0 0 0 0 Tequesta Drive Bridge 5000 0 0 0 0 0 Dover Ditch 40000 0 0 0 0 0 Country Club Drainage Ponds 38000 -_ 0 0 0 - 0 0 Drainage System Improvements 2500 0 0 0 0 0 General Fund Undesignated Balance 170000 0 0 0 0 0 Stormwater Utility Fees .— 0 40000_ _ 40000 70000 - 60000 60000 TOTAL 319000 40000 40000 70000 60000 60000 Interest Vision - 1 Amortization Schedule Loan or Annuity. Variables : Start Date: May 17, 1996 End Date : 'May 17, 2006 Start Payment: May 17, 1996 No. of Payments : 10 Start Interest: May 17, 1996 Interest Rate: - 6 . 500% Payment Freq. :, Annual Initial Principal : $411500 .00 Compound Freq. : Annually Payment Amount: $57241.58 Days in Mo. /Yr. : Actual No. Balloon: $0 .00 Payment Mode: In Arrears Amortization Method: Simple Int. • Payment Interest Interest No. Date Amount Amount Rate/Yr. Principal Balance May 17, 1996, 0 . 00 0 .00 0 . 000 0 . 00 411500 .00 1 May 17, 1997 57241 .58 26747 .50, 6 . 500 30494 . 08 381005 .92 2 May 17 , 1998 57241. 58 24765 .38 6 . 500 32476 .20 348529 .72 - 3 May 17, 1999 57241 . 58 22654 .43 6 . 500 34587 . 15 313942 .58 4 May 17 , 2000 57241 . 58 20406 .27 6 .500 36835 .31 277107 .26 5 May 17, 2001. 57241.58 18011 .97 6 . 500 39229 . 61 237877 .66 6 May 17, .2002 57241 . 58 15462 .05 6 .500 41779 . 53 196098 .12 7 May 17, 2003 57241.,58 12746 .38 6 .500 44495 .20 151602 .92 8 .May 17, 2004 57241 . 58 9854 .19 6 . 500 47387 .39 104215 .53 9 May 17, 2005 57241 .58 6774 . 01 6 . 500 50467 . 57 53747 . 96 10 May 17, 2006. , 57241.58 3493 .62 6 . 500 53747 . 96 0 .00 1 Interest Vision Amortization Schedule Loan or Annuity Variables : Start Date: May 17, 1996 End Date: May 17, 2011' Start Payment: May 17, 1996 No. of Payments : 15 Start Interest: May 17, 1996 Interest Rate: 6 . 500% Payment Freq. : Annual Initial Principal: $411500 .00 Compound Freq. : Annually Payment Amount: $43764 . 17 Days in Mo. /Yr. : Actual No. Balloon: $0 .00 . Payment Mode: In Arrears • Amortization Method: Simple Int. Payment . Interest Interest , No. Date Amount Amount Rate/Yr. Principal Balance May 17, 1996 0 .00 0 .00 0 .000 0 .00 411500 .00 1 May 17 , 1997 43764 . 17 26747 .50 6 .500 17016 .67 394483 .33 2 May 17, 1998 43764 . 17 25641.42 6•.500 18122 .75 376360 .58 3 May 17, 1999 43764 . 17 24463 .44 6 .500 19300 .73 357059 . 84 4 May 17, 2000 43764 . 17 23208 . 89 6 .500 • 20555 .28 336504 . 56 5 May 17, 2001 43764 .17 21872 . 80 6 .500 21891 .37 314613 . 19 6 May 17, 2002 43764 . 17 20449 . 86 . 6 .500 23314 .31 291298 . 88 7 May 17, 2003 43764 .17 18934 .43 6 .500 . 24829 .74 266469 .13 8 May 17 , 2004 43764 . 17 17320 .49 6 .500 26443 . 68 240025 . 46 9 May 17,• 2005 43764 . 17 15601 . 65. 6 .500 2.8162 . 52' 211862 . 94 10 May 17, 2006 43764 . 17 13771 .09 6 .500 29993 .08 181869 .8.6 11 May 17, 2007 43764 . 17 ` 11821 . 54 6 .500 31942 . 63 149927 .23 12 May 17, 2008 43764 .17 9745 .27 6 .500 34018 .90 1159.08 .33 13 May 17, 2009 43764 . 17 7534 . 04 6 .500 36230 . 13 79678 .20 14 May 17, 2010 43764 .17 5179 .08 6 .500 38585 . 09 41093 . 12 15 May 17, 2011 43764 . 17 2671 .05 6 . 500 ' 41093 . 12 . 0 .00 • Post-it'Fax Note 7671 Dabs—,a 1,631,610 / 'wait cu. Aloa Opt. To: Tom Bradford Phone• Nunn., 7 From: Al'Oslund �. 71-- Date: May 15, 1996 `�� Gze 3 3 �" Re: Proposed Capital Improvement Projects -4'4k):1. t t- ! ..� 'c...x, y -..r. r'.w .£ .....r•+.+M.....,.o...x:<� w �::M �1.� ( � +. 1 r �G •rtidb ...,a...i�•M.w .....c + y w...w w•rA-•-•xr f h -Y F ^'•'/ a,o- ..;w'.».wy. ^v-w a + ' =y Place-add storm sewer positive outfall to $40,000 Seabrook Rd. rdquesta Drive•add storm drainage from $70,000 aeabrook Rd. to Short Ave. —leabrook Rd. North-add storm drainage from $139,000 Qonstitution Park North to Willow. Add curb& %Vter from Tequesta Dr. North to Wiow. Seabrook Rd. North-landscape&Irrigation from $60,000 Tequesta Dr. to Willow both sides of road 9iabrook Rd. South-repair storm drainage line • $100,000 firm Tequesta Dr. to Dover Ditch []ever Ditch-maintenance dredge ditch from $110,000 , 1f est of Seabrook Rd.West to River (` untry Club Drive-add storm drainage from $45,000 North of Country Club entrance North to Tequesta Circle. Fprth Dover Road-add storm drainage from — $83,000 200'+1-West of Seabrook Rd.,West to Garden • SI. Add curb, gutter&parking from Seabrook to t3itrden St. —vpress Drive-add storm drainage&connect to $55,000 eliisting storm drainage on Tequesta Dr. Turtle Creek Entrance-modify Turtle Creek $45,000 entrance to make It a 4-way stop on Country Cpb Drive • Rfierside Drive-add storm drainage from Dover $81,000 DNch North to Tequesta Drive Includes curb& Witter 1 .