HomeMy WebLinkAboutMinutes_Workshop_07/23/1987
VILLAGE OF TEQUESTA
Post Office Box 3273 • 357 Tequesta Drive
Tequesta, Florida 33469-0273 • (305) 746-7457
VILLAGE OF TEQUESTA
COUNCIL WORKSHOP MEETING MINUTES
JULY 23, 1987
I. The Council Workshop meeting was called to order by Mayor
Carlton D. Stoddard at 7:15 P.M. Councilmembers present
were: Carlton D. Stoddard, Mayor; Edward C. Howell, Vice-
Mayor; Earl L. Collings and Ron Mackail. Officials present
were Thomas G. Bradford, Village Manager and all Department
Heads.
II. Mayor Stoddard indicated the purpose of this evening's
meeting was to review the proposed budgets for FY 88 for the
Improvement Bond Revenue Fund, Improvement Bond Revenue
Sinking Fund and the Water Department Enterprise Fund
Operation and Maintenance Fund and Capital Improvements.
III. Mr. Joseph Yoder, Village resident, speaking on behalf of the
• Tequesta Voters and Taxpayers Association made the following
comments with regards to the General Fund Budget workshop
held two days earlier on July 21, 1987.
He equated private enterprise budgets to municipal government
budgets which involved goals by objectives and costs
associated with objectives. He noted objectives possibly
could not to met if wants weren't addressed or reduced. He
noted goals would include buildings, roads, improvements and
so forth and the constraints would include serving the
public, revenues versus expenditures, head-count addressed
(employees.), and noted short falls included the raising of
taxes and the borrowing of funds to facilitate the
improvements proposed. He noted additional constraints would
consist of multiple taxing units will increase taxes and the
tax payer'`will vent his frustration where it will be felt the
most, that being the municipality. He suggested
consideration should be given to the possibility of reviewing
the desires or goals of the municipality, and the costs
associated thereto.
IV. Mr. Br~rdford reviewed the Improvement Bond Revenue Fund in
detail.
A) Revenues
. 1) Revenues estimated for FY 88 $766,496 consisting of
franchise fees 5238,750; Utility Service Taxes
5353,500; Other revenues- Village Occupational
Licenses 545,000; State Revenue Sharing revenues
5129,146; for a total of 5766,496.
• Budget Workshop Minutes
July 23, 1987
Page 2-
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B) Expenditures
1) Expenditures consist of transfers to the Improvement
Bond Revenue Sinking Fund in the amount of $83,000;
transfer to the General Fund in the amount of
$682,496 for expenditures totalling $765,496.
V. Improvement Bond Revenue Sinking Fund
A) Revenues
1) Revenues consist of a total of 588,000 comprised to
$5,000 interest income and a transfer from the
Improvement Bond Revenue Fund of $83,000.
2) Debt Service Expenditures include $25,000 for Bond
principal, $63,755 for Bond interest, $375 for other
debt service expense for a total expeditures in the
amount of 589,130.
• VI. Water Department Enterprise Fund
A) Operation and Maintenance Fund Revenues
1) Total revenues projected at $1,576,500 consisting of
Water sales $1,490,000; Connection charges 525,000;
Fire Hydrants Rents $11,400; Other income $100.;
Interest earnings $50,000; Total Revenues $1,576,500.
B) Operation and Maintenance Fund Expenditures
1) Pumping and Storage Personal Services $37,955;
Operating Expenses $604,300; Total $642,255.
2) Distribution, Personal Services $101,600; Operating
Expenses $33,300; Total $134,900.
3) Administration, Personal Services $100,700; Operating
Expenses $161,550; Total $262,250. Total operating
expenses Operation and Maintenance Fund $1,039,405
compared to operating expenses of the previous year of
51,087,440 and decrease of $48,035.
4) Debt Service, Bond Principal $75,000; Bond Interest
$112,037; Other Debt Services expenses $3,000; Bond
amoratiztion account payments $100,000; Total debt
• service $290,037.
. Budget Workshop Minutes
July 23, 1987
Page 3-
5) Capital Improvement Program, FY 88, Treatment Plant
Expansion $400,000; purchase of lot #7 $30,000; Total
$430,000.
6) Equipment Replacement Program, FY 88, One Pick-up
truck $9,500; One Back-Hoe $23,675; Meter Valve and
Hydrant replacement 510,000; Total 543,175.
7) Summary Distribution of Water Department Revenue Fund,
Operation of Maintenance Fund $1,039,405; Sinking Fund
$190,037; Bond Amoratization Account $100,000; Renewal
Replacement Fund $10,000; Retained Earnings account
$187,058; Total Capital Improvement Fund $50,000;
Total Distribution $1,576,500.
8) Debt Service Coverage-the ratio of debt service
coverage required by the Water Refunding Revenue Bond
indenture of Mortgage of 1.25$ has been satisfied by
. the operating budget presented herein. The debt
service coverage ratio is 1.85 computed as follows:
($537,455 divided by $290,037 equals 1.8530).
Upon completion of the presentation it was the
consensus of the Council that the budgets be approved
as submitted; however, the Village Manager was
requested to review the General Fund Budget that was
previously proposed at the July 21, 1987, Council
meeting workshop and recommmend alternatives to the
original budget as proposed, which would reduce the
proposed millage increase to a more acceptable level.
The meeting was adjourned at 8:30 P.M.
Respectfully submitted,
Bill C. Kasca elis
Finance Dire for/Clerk
• BCK/kb
• Budget Workshop Minutes
July 23, 1987
Page 4-
Minutes Approved:
August 11, 1987
~~~~ ~
Carlton D. Stoddard, Mayor
Edward C. Howell, Vice-Mayor
!- ~' :~ .,
0
Earl L. Collings
Ron Mackail