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Home My WebLink AboutMinutes_Miscellaneous_01/11/1994_Finance & Administration Committee E VILLAGE OF TEQUESTA Post Office Box 3273 • 357 Tequesta Drive Tequesta, Florida 33469 -0273 • (407) 575 -6200 J Fax: (407) 575 -6203 o B 4 F I N A N C E A N D A D M I N I S T R A T I O N C O M M I T T E E M E E T I N G M I N U T E S J A N U A R Y 1 1, 1 9 9 4 I. CALL TO ORDER AND ROLL CALL The Finance & Administration Committee of the Village Council held a Committee Meeting on Tuesday, January 11, 1994 in the Village Hall, 357 Tequesta Drive, Tequesta, Florida. The meeting was called to order at 8:30 A.M. by Chairman Earl L. Collings. Finance & Administration Committee Co- Chairman William E. Burckart was not in attendance at roll call. Staff members present were: Village Manager, Thomas G. Bradford; Village Clerk, Joann Manganiello; Scott Ladd, Building Official; Bill Kascavelis, Finance Director; and Gary Preston, Director of Public Works and Recreation. Also in attendance was Clark Bennett, of Florida Municipal Advisors, Inc. II. APPROVAL OF AGENDA The Agenda was approved as submitted. III. REVIEW OF THE 1994 BOND ISSUE Bill Kascavelis presented to the Committee copies of a memorandum dated January 10, 1994 from himself to the Village Manager, giving three different scenarios to be considered for the 1994 Bond Issue, as follows: a. Include Tequesta Park ($295,000); Constitution Park ($310,000) ; Dover Ditch ($826,850) ; include the 1979 Series Bonds ($597,400); for a Bond Issue of $2,170,000 This would cause a 4% increase over the current millage rate. b. Include Tequesta Park ($295,000); Constitution Park ($310,000); include the 1979 Series Bonds ($597,400); for a Bond Issue of $1,260,000 This would cause a .73% increase over the current millage rate. Recycled Paper Finance and Administration Committee Meeting Minutes January 11, 1994 Page 2 -------------------------- Co- Chairman Burckart arrived at 8:40 a.m. C. Include Tequesta Park ($295,000) ; Constitution Park ($310,000); Future Pathway Improvements ($365,000); include the 1979 Series Bonds ($597,400) ; for a Bond Issue of $1,660,000 This would cause a 2.34% increase over the current millage rate. 1) Report on Current Market Conditions: It was Mr. Kascavelis' opinion that market conditions today (5.35% for 20 year Bonds) are slightly more favorable than when the Bond was first considered in July 1993 (5.60% to 5.80 %). To answer Chairman Collings' question of which scenario would most benefit the Village and its citizens as a whole, Mr. Bradford stated that those scenarios which involve recreational facilities would be most beneficial. Mr. Bradford further explained that a greater percentage of the citizens would use Tequesta Park, if the park was improved. Chairman Collings inquired, since discussion was taking place regarding the quality of life in Tequesta, as to the feasibility of considering a separate Bond Issue for certain portions of the Downtown Development area. Mr. Bradford stated that consideration would have to be given to extra issuance costs to determine whether or not a separate Bond Issue would be prudent. He reminded the Committee that the present deficit is in the recreational facilities area. Co- Chairman Burckart felt the Village should lean away' from funding for Dover Ditch at the present time, since it benefits the least number of Tequesta citizens, and lean more towards recreational facilities. 2) Discussion of Dover Ditch Stormwater Drainage Outfall Project Chairman Collings asked what the situation would be if Dover Ditch was not funded at this time. Village Manager Bradford stated that it would free up $826,850, but the Village Staff would continue to work in conjunction with Jupiter and Palm Beach County to maintain the southern embankment on an as- needed basis while a long -term solution to the problem was sought. Gary Preston stated that the present problem with Dover Ditch is on the Jupiter side of the Ditch, but quickly progressing toward the Tequesta side. Tequesta took over the responsibility of the Ditch in 1979. Finance and Administration Committee Meeting Minutes January 11, 1994 Page 3 -------------------------- Mr. Preston stated that filling in the ditch is not an option, since there is no other place for drainage to go for the areas of Tequesta Drive and south. Village Manager Bradford stated that some short -term options may be: 1) to shore up the banks; and 2) Stormwater Utilities will soon come to fruition. Short -term shorings cost between $2,500 - $4,000. This has taken place three times to date. The Committee suggested that since only one opinion has been received on remedying the problems of Dover Ditch, that another opinion be sought from Gale English of South Indian River Water Control District, and that Dover Ditch be put on hold for now with temporary shoring. Gary Preston explained that in Scenario 3, the Pathway Improvements are: a concrete sidewalk from Willow Road to Gallery Square, North; an asphalt overlay from Seabrook Road to Riverside Drive; a concrete sidewalk from Tequesta Drive Bridge to the Tequesta Country Club. Mr. Preston reminded the Committee that Phase III of the Tequesta Park Improvement Project has a design fee of $40,000 for the designs which must be submitted to the State for approval before those improvements begin. It is not certain whether or not the State will approve Phase III of the Tequesta Park Improvement Project. If disapproved by the State, that $40,000 fee will have been wasted. Mr. Preston felt that the abutting homes in Tequesta Hills would find objection to the lighting planned for the back ball field at Tequesta Park. The Committee suggested that Scenario 2 with the sidewalk project ($70,000) be recommended to the Village Council for approval for the 1994 Bond Issue. This would have a financial impact on Tequesta citizens to be reported by Memorandum from the Finance Director. Clark Bennett reminded the Committee that the Treasury sets certain limits as to what can be done with Bond proceeds. First of all, it is a requirement to identify projects. It appears that Tequesta has nebulous projects. If 85% of the proceeds from a Bond Issue are not spent within the 'spindown period' (three years), there are penalties back to the Treasury. It is possible, however, with Bond Counsel permission to re- allocate those funds to another project if it meets the criteria of the original project. Finance and Administration Committee Meeting Minutes January 11, 1994 Page 4 -------------------------- IV. REVIEW OF DRAFT ORDINANCE INCREASING DEVELOPMENT AND ZONING FEES FOR DIRECTION RELATIVE TO TIMING OF IMPLEMENTATION Village Manager Bradford informed the Committee that it is necessary for the Village to have $120,000 extra revenue this year over that already allotted, to cover uncontrollable costs (i.e., inflation, health insurance increases, major increases in workers compensation, general property insurance, etc.) which will arise between now and October 1, 1994. These cover two basic categories: 1) ad valorem revenue, and 2) non -ad valorem revenue. Approval of the above - referenced draft ordinance would cause an approximate $20,000 increase in development fee revenue. The fees have not been increased in six years. Co- Chairman Burckart stated he did not approve of annexation fees being included in the Ordinance, since that might prove to be a discouragement to those areas being annexed. The Committee agreeed that annexation fees would be waived, therefore becoming zero, and that the Ordinance be presented to the Village Council for approval having an October 1, 1994 effective date. Finance and Administration Committee Meeting Minutes January 11, 1994 Page 5 -------------------------- V. ANY OTHER MATTERS There were no other matters before the Committee. VI. ADJOURNMENT There being no further business before the Committee, the meeting was adjourned at 9:40 A.M. Respectfully submitted, Fran Bitters Recording Secretary ATTEST: Joann Mardaniello Village Clerk DATE APPROVEDtl)`