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DATE: APRIL S, 2005
TO: MICHAEL R. COUZZO, VILLAGE MANAGER
FROM: JOANN FORSYTHE, FINANCE DIRECTOR
RE: AGENDA ITEM #� INCREASING THE GENERAL FUND #001 AND
WATER UTTLITY FUND #401 BUDGETS
In compliance with Ordinance #594, requiring the Finance Director through the Village Manager
to advise the Village Council at any tune that additional reserves/appropriations are required that
will ultimatel result in the oxiginal budget being exceeded, please be advised that approving
Resolution �-04/05, an item on the April 14, 2005 Village Council meeting, will xesult in
increasing the cutrent 2005 General Fund #001 budget $$55,355.62 and incxeasing the Water
Uriliry Fund #401 budget $38,189.39
4/8/052:45 PM
RESOLUTION NO. 53-04/05
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF TEQUESTA,
PALM BEACH COUNTY, FLORIDA, AMENDING THE 2004/Z005 GENERAL FUND AND
WATER FUND BUDGETS BY INCREASING REVENUES IN THE GENERAL FUND,
INSURANCE REIMBURSEMENT ACCOUNT # 001-000-369.100 IN THE AMOUNT OF
$55,355.62 AND IN THE WATER FUND, OTHER MISC REVENUE ACCOUNT # 401-000-
369.000 IN THE AMOUNT OF 538,189.39, AND INCREASING THE FOLLOWING
BUDGETED ACCOUNTS: IN THE GENERAL FUND, ACCOUNT # 001-230-546.303,
BUII.DING REPAIR AND MAINTENANCE IN THE AMOUNT OF $6,764.72 AND
ACCOUNT # 001-230-546.306 GENERAL MAINTENANCE IN TIIE AMOUNT OF
$48,590.90 AND IN THE WATER FUND, ACCOUNT # 401-242-546.303; BUILDING
REPAIR AMD MAINTENANCE IN THE AMOUNT OF $35,527.10 AND ACCOUNT #401-
242-546.342, WATER SYSTEM MAINTENANCE IN THE AMOUNT OF $2,662.29.
WHEREAS, the Village of Tequesta has received a check totaling $93,545.01 from iYs insurance
carrier, PGIT, for property damages as a result of Hurricane Frances and
WHEREAS, the Village of Tequesta needs to appropriate an additional $55,355.62 in the General Fund
#001 and $38,189.39 in the Water Utility Fund #�O1 and
VV�IEREAS, the Village of TeQuesta needs to increase budgeted expenditure account balances in
General Fund #001 Water Utility Fund #401 to pay for hurricane repairs,
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE OF TEQUESTA, PALM BEACH
COUNTY, FLORIDA, AS FOLLOWS:
Section 1. Consideration to increase appropriate additional fund balance in the General Fund #001 for
$55,355.62 and the Water Utility Fund #401 for $38,189.39 and to increase budgeted revenues and
expenditures as detailed above, is hereby authorized.
THE FOREGOING RESOLUTION WAS OFFERED by Councilmember , who moved its adoption.
The motion was seconded by Councilmember , and upon being put to a vote, the vote was as follows:
FOR ADOPTION AGAINST ADOPTION
e Mayor thereupon declazed the Resolution duly passed and adopted this day
f , A.D, 2005.
MAYOR OF TEQUESTA
Jim Humpage
ATTEST:
Gwen Cazlisle
Village Clerk
Tequesta Park fence $ 3,591.00
Rec. Building $43,139.72
Constitution Park fence $ 8,624.90
Tatal � $55,355.62 General Fund
Well Field #4 Building $35,527.10
Scrubber Area $ 2,662.29
Total $3$,189.39 Water Fund
Tota1 Insurance Reimbursement $93,545.01 '
Insurance reimbursement in the amount of $93,545.01 has been received and
depositec� The reimbursement is for specific damages and the money is being allocated
to the appropriate funds to be available for the paymQnt of future repairx
,
Gwen Carlisle
From: JoAnn Forsythe [jforsythe@tequesta.org]
Sent: Thursday, Aprii 14, 2005 3:34 PM
To: tpaterno@tequesta.org; Edward Resnik; Geraldine Genco; James Humpage; Patricia Watkins
Cc: Mark Raymond; Michael Couzzo; Scott Hawkins; Anne Koch
Subject: Advance refunding of 1998 water revenue bonds
Michael asked me to contact Council members to give some additional
information regarding the presentation and discussion regarding the advance
refunding of the 1998 water revenue bonds that is on the agenda for
tonight's Council meeting.
Mark Raymond, Moyle, Flanigan et al and a loan officer from Bank of America
will explain an advance refunding of the current bonds, as well as a new
borrowing using an adjustable rate note and an interest rate swap to effect
a fixed rate. After hearing the presentation, should the Village Council
decide to proceed with the advance refunding, a resolution would have to be
prepared and the Council approval would be required to adopt it. In this
circumstance, since interest rates change, which would effect the net
present value savings, staff would supply back up information (interest
rate, net present value savinqs) that would be sent out to Council with the
agenda for that meeting.
At the meeting tonight, the presentation will be made to allow the Village
Council to have an opportunity to hear the presentation, ask questions of
both Bond Counsel and Bank of America, and to decide if they would like
staff to proceed with this refunding (prepare a resolution and bring it back
to Council for approval).
JoAnn R. Forsythe, CPA
Finance Director
Village of Tequesta
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