Fort Walton Beach Council agenda — 02-28-06 ‎(workshop)‎ — reading text

hereto_ On September 15, 1998, an ordinance was passed allowing the collection of impact fees for any new development platted within the city. The fee was $ 2, 044 per service unit for the water service area and $ 483 per service unit for the wastewater service area (zone 1). On May 13, 2003, an ordinance was passed amending the fees to $ 3, 155 per service unit for the water service area and 1, 437 per service unit for the wastewater service area ( zone I and zone 2) for new development platted between May 29, 2003 and May 28, 2006. This amendment also sets forth variable wastewater rates beginning May 29, 2006 depending on zone and date of final plat. The city collects the impact fee when a building permit is issued. Impact fees may be used to finance or to recoup capital construction costs for water and wastewater facilities identified in the impact fee capital improvements plan and for any purpose authorized in VT.C. A., Texas Local Government Code, Chapter 395. Impact fees may also be used to pay the principal and interest and other finance costs on bonds, notes, and other obligations issued to finance such capital facilities. Impact fees must be refunded to the record owner of the property if they are not expended within ten (10) years from the date of payment, At the time the collected fees are dedicated to a particular impact fee- approved expenditure, an enforceable legal claim to the resources arises and the fees are deemed nonrefundable. As the city receives payments, the im.pact fees are considered deferred revenue. Once they are expensed, the impact fee is earned, revenue is recognized, and the deferred revenue amount is reduced. Generally, impact fees are used to make interest payments incuITed on impact fee- approved debt. The transfer of the funds is for cash management purposes. Therefore, the amount to be expensed is budgeted each year by Water and Wastewater, respectively. Dsdicatsd to Quality Servicelr www. cityofdenton. com  9403497205 FMS PAGE 03 215 E. McKin1lty * Denton, Texas 76201 Management an{l Budget'" Fax. (940) 349- 7:206 940) 349- 8320 '" DFW Metro ( 972) 434- 2259 * MEMORANDUM Date: February 25, 2004 To: Tom Shaw, Purchasing Agent Bonnie Woodruff. Financial Analyst From: William Michael Rodgers. Chief Accountant Re: Lease Agreements In its Report to Management for the fiscal year ended September 30, 2003, Deloitte & Touche recommended that the Finance Department ensure that other City departments send a1llease versus operating) and the to Finance for evaluation of the nature of the lease ( capital agreements is to document the appropriate accounting and disclosure requirements. This memorandum A 3rd party lease procedures for handling all leases, in general, and 3rd party leases, in particular. is one where a financial institution provides credit through an escrow agreement, acquiring assets as identified by the City of Denton, and allows payments over an extended period oftime. 3rd party leases apply only to items over $25, 000. to all leases): Step- by- step procedures for 3rd party leases (* denotes procedures that apply 1) Motorpool sends Purchasing a list of items to be leased. * 2) Purchasing seeks financing sources based upon the estimated cost of the items. 3) Council approves the lease agreement. At this time, the financial institution sets up an escrow account for the total amount of the lease. II< 4) Purchasing sends a copy of the lease agreement to the Finance Department. 5) Purchasing solicits bids for the items to be leased. 6) Council approves the purchase under a lease. * 7) A purchase order is handwtyped ( not entered into IDE) and sent to the vendor. 8) A copy of the handytyped order is sent to the Finance Department. 9) When the leased items arrive and are accepted by the City, Purchasing sends a Partial Receipt Certification and Payment Request and an original invoice to the financial institution. The financial institution pays the vendor. 10) Purchasing sends a copy of the payment request documentation to the Finance Department. 11) The City makes lease payments over several months. ... 12) After lease has been satisfied, any excess funds ( amounts borrowed but not applied to an asset) as well as title to the assets purchased will be returned to the City by the financial institution. t' Dedicated to Quality Service" www. cityofdenton. com 02/ 17/ 2006 07: 39 9403497206 FMS PAGE 04 Leases - page 2 rd If the lease is determined by the Finance Department to be a capital lease under a 3 party arrangement, the fonowing entries are made. After Council approves the lease agreement ( 4): Escrow for Leases XXXXXX xxxxxx Capital Lease Payablc To record the total lease obligation Once specific items and exact costs have been determined ( 10): Capital Asset XXXXXX Escrow for Leases xxxxxx To reduce the escrow amount for assets leased 12): Any amount remaining in escrow at the end of the lease that is refunded to the City ( Cash xxXXXX Escrow for Leases xxxxxx The above procedures are effective immediately_ Should you have any questions regarding this matter, please contact me at ext. 8316. cc: Kathy DuBose Diana Ortiz vii  EMPWYMENT PRE- TELEPHONE REFERENCE CHECK - PROFESSIONAL Applicant Name: Michael Rodgers Date Applicant Contacted for Pennission to Check References: 2/ 15/ 06 Position Applied For: Finance Director References checked by: Mark Wiltsie. Director of Human Resources Date of Reference Check: 2/ 15/06 This is a: Personal Reference () Professional Reference ( X ) Name of Contact: Diana Ortiz Title: CFO Relationship: CompanylInstitution: City of Denton 940 349- 8200 State: Texas Telephone Number: AS A MY NAME IS . I'M WITH the City of Fort Walton Beach AND (applicanJ) HAS APPliED WITH US AND GIVEN YOU THANK you. REFERENCE. WOUW YOU TAKE A FEW MINUrES TO SPEAK WITH ME ABOUT HIS/HER QUAUFICAT10NS? VERIFY RESUME INFORMATION CHECK IF VERIFIED Current title: Chief Accountant J 2000 - Present J Employment dates: J Employment history: Began as Senior Utilitv Accountant Promoted to As Above J Reason for tennination: Advance Career J PLEASE RATE THE APPLICANT ON THE FOLLOWING JOB CHARACTERISTICS: POOR AVERAGE GOOD EXCELLENT X LEADERSHIP ORGANIZATION & PLANNING X X PROBLEM SOLVING ABILITY DECISION MAKING ABILITY X CATIONSKILLS X CO~ X COOPERATION X PROFESSIONAL COMPETENCE X INITIATIVE WOULD YOU CARE TO MAKE COMMENTS ABOUT TIDS APPUCANT' S STRENGmS? Personable. to communicate at aU levels,Presentation Skills,Very Dedicat~ ( Work Ethic #1) Eagerness, Ability 00 YOU KNOW OF ANY WEAKNESSES THIS APPLICANT MIGHT POSSESS? Over extends by tryine;to take too much on.