Fort Walton Beach Council agenda — 04-23-13--regular — reading text

134, 368 2. 1. 3. SANITATION FUND — A budget amendment in the amount of $ 1, 071 is proposed, increasing the fund' s budget to $ 3, 316, 671. Purpose Amount Revenue Source 071 1 Grant Replacement Residential Carts 1, 071 3. RECOMMENDATION: Page I DOCto 2292 Paekbt Pg. 96  11. 1 RESOLUTION 2013 - 11 3. 1. Staff respectfully recommends City Council adoption of Resolution 2013 -11 to amend the FY 2012 -13 budget. ATTACHMENTS: XLSX) Resolution 2013 -11 Budget Amendment Backup ( SIGNATURE BLOCK: Charlotte Dunworth Completed 04/ 08/ 2013 9: 25 AM Finance Completed 04/ 09/ 2013 1: 57 PM Carole Jones Completed 04/ 09/ 2013 2: 08 PM Completed 04/ 18/ 2013 8: 26 AM City Manager City Council Pending Pgcket Pg. 97  F- 1 1- 1 RESOLUTION 2013 - 11 A RESOLUTION OF THE CITY OF FORT WALTON BEACH, FLORIDA, AMENDING THE FISCAL YEAR OCTOBER 1, 2012 THROUGH SEPTEMBER 30, 2013 BUDGET TO MAKE CERTAIN AMENDMENTS TO APPROPRIATIONS OF CITY FUNDS: AND PROVIDING AN EFFECTIVE DATE WHEREAS, Resolution 2012 -24 adopted on September 19, 2012 authorizes amendments to the FY 2012 -13 budget by resolution, and WHEREAS, the General Fund incurred expenses related to police sergeant severance pay, SCBA bottle repairs, and a library grant writing workshop, and WHEREAS, the CRA Fund incurred expenses related to FCC radio nairowbanding, the Landing sound system installation, the Landing boat dock replacement, and the Brooks Street Parking Lot, and WHEREAS, the Sanitation Fund incurred expenses related to replacing residential garbage carts, NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WALTON BEACH, FLORIDA THAT: Section I. There is appropriated $ 60, 249 from unassigned fund balance, $ 4, 500 from donations, and $ 425 from grants, increasing the General Fund budget by $ 65, 174 to 16, 931, 012. Section 2. There is appropriated 5134,368 from unassigned fund balance, increasing the CRA Fund budget by $ 134, 368 to $ 1, 460,469. Section 3. There is appropriated $ 1, 071 from grants, increasing the Sanitation Fund budget by $ 1, 071 to $ 3, 316, 671. Adopted by the City Council on this 23rd day of April, 2013. Mike Anderson, Mayor Attest: Approved for form, legal sufficiency Helen Spencer, City Clerk Hayward Dykes, Jr., City Attorney FfTwket P9,, 98  11. t. a FY 2012 -13 Budget Amenement # 2 Resohtllon 2013 -11 Severance 001 0800 521 - 2100 3, 052 s oolsecu, iry 001 0800- 121- 2101 742 d 001 -0800- 52 1- 2300 5, 315 health ullultuel CN 4, 500 001 0900 522 0630 - 4, 500 dludItA + ces 9 SCBA Bual, Repairs iJw%. b}ipyp/®' 425 001 1060 5" 11 - 5500 425 k d 1126 12 4adIsW-33?='9°°°. s cam warn, wmemop : aE F' 2012- 13 Adopted Budget 16. 801 950 adrn 63, 888 m Budget Amendment li 1 Budges Amendment R2 65, 194 Genual FUnd - Amended Budget 16931, 012 YvNv Comments Revenue ACCOunt& Amount E,, pena ACUUunt & Aumunl CRAFUND 0800 -521 - 4630 CCapp, d 11/ 13/ 12 FCC Nanowbanding 109- 1600.389 -9100 1. 156 109- 0800.521 -6405 260 896 N l uddng Sound Sysmm Uu,ding B0al D. A RFlaeemau 109 1600.389 9100 109 1600 -389- 9100 40. 000 90, 898 109 2000 572 6352 109000 572 e354 40. 000 90, 878 CC appvd 03; 12 CC appvd 0226 13 0NrL Brooks Stmct paling 109 1600- 189 9100 134.2, 334368 109 5356- 545 6359 134,2. 334368 CC appvd 0424' 12 Nf ON FY 2012 13 Adapted Budeet 1. 326. 101 Budget Amendment d2 134, 368 CRAFund - Amend, d Budget 1460. 469 403 - 1 FY 2012 -13 Adopted Budget 3. 315. 600 Budget Amatdmem P2 1, 0111 Sanitation Fund - Anlendeal Budeel 3. 31 fi 691 FPa4Kot W99' 1, cusers qones ewes uMaupaatatloceNemp' rtinutena9aouwelmnoe6cndtyn@tonwe lontl cLdlyn i9m3 comlwonstucamen Slaw  its City Council of Fort Walton Beach FINANCE MEMORANDUM To: Michael D. Beedie, City Manager From: Brandy Ferris, Finance Director Date: April 23, 2013 Subject: 2013 -12 Refunding Capital Improvement Bonds, Series 2001 BACKGROUND: 1. 1 In 2001, the City issued Capital Improvement Revenue Bonds in the amount of $5. 7 million to construct new facilities for the City' s Public Library, Police Station, and Fire Station and renovate City Hall and the City Hall Annex. 1. 2. The total outstanding amount of the 2001 Capital Improvement Revenue Bonds, $4.47 million, is currently callable at par. 13. City Council authorized Staff to move forward with the issuance of a Request for Interest Rates ( RFI) to refund the 2001 Capital Improvement Revenue Bonds in order to take advantage of current interest rates. 2. DISCUSSION: 2. 1. Public Financial Management, Inc. ( PFM) issued RFI 13 -014 on March 1, 2013. Four 4) proposals were received. After reviewing the terms of each proposal, Pinnacle Public Finance was selected. 2. 2. The interest rate offered by Pinnacle Public Finance is 2. 30 %. The rate is fixed, and the loan agreement provides for the option of a lump sum early payoff on each principal due date. 3. FINANCIAL INFORMATION: 3. 1. Through this refunding, the City will realize $ 1, 031, 302. 51 in net present value savings; approximately $ 61, 000 on an annual basis. 4. RECOMMENDATION: 4. 1. Staff respectfully recommends City Council award of RFI 13 -014 to Pinnacle Public Finance. Additionally. Staff recommends adoption of Resolution 2013 -12 to authorize the issuance of the Capital Improvement