Okaloosa County BOCC — May 17, 2016 — FY 17 Budget and Adopting Resolution 2016-14

RESOLUTION 2016-14 MID-BAY BRIDGE AUTHORITY WHEREAS, the procedure regarding the annual budget of the Authority is established by legislation as set forth in Chapter 2000-411 Laws of Florida; and WHEREAS, as prescribed in Section 6(1)(b), 2000-411, Laws of Florida, prior to June 1 the Authority must produce and adopt a proposed budget by resolution; and WHEREAS, as prescribed in Section 6(1)(a) an advertised Public Hearing was held this day before the citizens of Okaloosa County; and WHEREAS, at the time the Authority prepares its annual budget, it is required to determine and find the estimated amounts to be expended in the operating expense accounts (exclusive of any bonds or other obligations) for the Authority in the ensuing year; and WHEREAS, as a Dependent Special District the Authority submits the Budget to the Board of County Commissioners of Okaloosa County. NOW THEREFORE BE IT RESOLVED, that the Mid-Bay Bridge Authority adopts the attached Budget reflecting administrative expenses for Fiscal Year 2017 as follows: Administrative Expenses Office Administration, Staff, Legal Counsel $361,000 Accounting & Auditing 80,000 Professional Services 80,000 Advertising 110,000 Trustee Fees 88,000 Total $719.000 BE IT FURTHER RESOLVED, that on the 17" day of May 2016 the Authority will present the Fiscal Year 2017 Budget and Certified Resolution 2016-14 to the Board of Commissioners, Okaloosa County, Florida for approval. Adopted this 12" day of May 2016 For the MID-BAY BRIDGE AUTHORITY James D. Neilson, Jr., Chair < 1 3 23 Attest:/ Virginia A. Asthana, Secretary-Treasurer MID-BAY BRIDGE AUTHORITY CERTIFIED RESOLUTION The undersigned Secretary-Treasurer of the Mid-Bay Bridge Authority certifies that the attached is a true, correct and complete copy of Resolution 2016-14 duly adopted by the members of the Authority at a regular meeting on May 12, 2016, and that said Resolution has not been revoked. Dated this 12" day of May 2016 For the MID-BAY BRIDGE AUTHORITY Virginia A. Asthana, Secretary-Treasurer MID-BAY BRIDGE AUTHOIRTY BUDGET Fiscal Year 2017 Cash and Investment Carry Forward 1st Senior Lien Debt Service Reserve Fund 2nd Senior Lien Debt Service Reserve Fund Construction Fund General Fund Current Expense Fund Interest Gross Toll Revenue Total Receipts and Other Sources Administrative Expenses Office, Staff, Legal Counsel Accounting & Auditing Professional Services Advertising Non-Operating Expenses (Trustee, Rating Agencies, DAC) Subtotal Cost of Administrative Expenses Operating Income Debt Service (Principal & Interest) Change in Net Position Before Current Year Payment to FDOT FDOT Cost of Current Year Operations & Maintenance Change in Net Position After Current Year Payment to FDOT FDOT (50%): Long Term Debt (accumulated O&M, R&R, STTF) Capital Expenditures Restoration Project Expenditures Subtotal FDOT General Fund (50%) Asset Management Plan Construction Fund Capital Expenditures Restoration Project Expenditures Ending Cash and Investments Note - Budget for the Authority is prepared on a cash basis. FY2017 Budget 26,444,000 18,481,000 2,740,000 1,900,000 3,200,000 123,000 212,000 25,624,000 25,836,000 361,000 80,000 80,000 110,000 88,000 719,000 25,117,000 17,171,000 7,946,000 3,246,878 4,699,122 2,349,561 600,000 1,000,000 3,949,561 2,349,561 (200,000) (800,000) (1,000,000) 26,693,561