Okaloosa County BOCC — May 19, 2015 — MBBA Resolution 2015-11-FY2016 Budget

RESOLUTION 2015-11 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 2016 as follows: Administrative Expenses Office Administration, Staff, Legal Counsel $363,000 Accounting & Auditing 85,000 Professional Services 107,000 Advertising 110,000 Trustee Fees 70,000 Total $735.000 BE IT FURTHER RESOLVED, that on the 19" day of May 2015 the Authority will present the Fiscal Year 2016 Budget and Certified Resolution 2015-11 to the Board of Commissioners, Okaloosa County, Florida for approval. Adopted this 14" day of May 2015 For the MID-BAY BRIDGE AUTHORITY Gordon E. Fornell, Chair Attest: Lois H. Hoyt, Secretary-Treasurer MID-BAY BRIDGE AUTHORITY BUDGET Fiscal Year 2016 Amount Cash and Investment Carry Forward 25,791,000 1st Senior Lien Debt Service Reserve Fund 17,649,000 2nd Senior Lien Debt Service Reserve Fund 2,749,000 Construction Fund 2,000,000 General Fund 3,008,000 Revenue Fund - Indenture 385,000 Interest 100,000 USAF Escrow Administration Receipts - Gross Toll Revenue 23,027,400 Total Receipts and Other Sources 23,127,400 Administrative Expenses Office Administration, Staff, Legal Counsel 363,000 Accounting & Auditing 85,000 Professional Services 107,000 Advertising 110,000 Trustee Fees 70,000 Depreciation - Subtotal Cost of Administration 735,000 Operating Income 22,392,400 Debt Service (Principal & Interest) 17,148,000 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%) TFRTF Long Term Debt (accumulated O&M, R&R, STTF) General Fund (50%) Capital Expenditures Ending Cash and Investments Note - Budget for the Authority is prepared on a cash basis. 5,230,000 2,900,000 2,330,000 1,165,000 1,165,000 26,956,000