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Home My WebLink About2003 01 27 Consent E FY 2003 Debt Service on the Central Winds Limited Obligation Bond COMMISSION AGENDA ITEM E CONSENT X INFORMATIONAL PUBLIC HEARING REGULAR January 27, 2003 MGRJz........- IDEPT -c:1-7-- Meeting Allthorization REQUEST: The Finance Department requests the City Commission approve an Interfund Loan from the General Fund to the Central Winds Debt Service Fund in the amount of $225,330 to pay the FY 03 Debt Service on the Central Winds Limited Obligation Bond. PURPOSE: The purpose of this agenda item is to request the City Commission approve an interfund loan between the General Fund and the Central Winds Debt Service Fund for purposes of paying the FY 03 debt service obligation on the bond. CONSIDERATIONS: . The property tax bill sent out in November 2002 did not include the quarter of a mill that was approved by the voters for repayment of the debt service on the Central Winds Limited Obligation Bond. . The resolution approving the final "operating" millage rate should have also included a section approving the "voted debt service" millage rate of a quarter of a mill. Verbiage regarding the voted debt service was not included in the resolution and hence not billed. . Alternative funding is necessary to pay the Central Winds Limited Obligation Bond FY 03 debt service of $225,330. . David Moore, our Financial Advisor with Public Financial Management, advises that the loan amount is so small that it would not warrant the cost of issuance with an outside lender. Therefore, he recommends a short term loan from the General Fund. . Michael Williams, our Bond Counsel with Akerman Senterfitt stated that the interfund loan option would be satisfactory and no disclosure is necessary. . Staff estimates that the loan would be repaid to the General Fund by November 2005 from excess tax proceeds. FUNDING: The General Fund would loan the Central Winds Debt Service Fund $225,330 in FY 03. Staff estimates the loan would be repaid by the Central Winds Debt Service Fund in full by November 2005. RECOMMENDATION: Staff recommends that the General Fund loan the Central Winds Debt Service Fund $225,330 to pay FY 03 debt service on the bond and that the Central Winds Debt Service Fund repay the General Fund with the future excess tax revenues that it is projected to receive above that necessary to fund future debt service. ATTACHMENTS: Loan Repayment Schedule Ad Valorem Tax Assessment Projection Property Tax Value History Resolution 2002-32 DR-422 DR-420 COMMISSION ACTION: CITY OF WINTER SPRINGS LOAN REPAYMENT SCHEDULE FOR CENTRAL WINDS LIMITED OBLIGATION BOND FY 03 DEBT SERVICE GENERAL FUND LOAN TO CW DEBT SERVICE FUND (from fund balance) CW DEBT SERVICE FUND PAYMENTS TO GENERAL FUND (from excess tax revenues) BALANCE ON LOAN JANUARY 2003 JULY 2003 NOVEMBER 2003 NOVEMBER 2004 NOVEMBER 2005 $80,165 $145,165 $77,770 $101,328 $46,232 $80,165 $225,330 $147,560 $46,232 $0 $225,330 $225,330 CITY OF WINTER SPRINGS CENTRAL WINDS PARK LIMITED OBLIGATION BOND AD VALOREM TAX ASSESSMENT PROJECTION A B C D E F G H J C*D E*G F-I "FINAL" TOTAL GROSS TOTAL BUDGETED FISCAL TAX TAXABLE MILLAGE TAX TAX DEBT Y.E.8B Y.E.8B VALUE (a) .MIE REVENUE REVENUE ~ SERVICE DIFFERENCE 2003 2002 $1,266,969,110 0.0002500 $316,742 $303,100 95.7% (b) $225,330 $77,770 2004 2003 $1,355,656,948 0.0002500 $338,914 $325,358 96.0% $224,030 $101,328 2005 2004 $1,450,552,934 0.0002500 $362,638 $348,133 96.0% $222,438 $125,695 a=actual for FY 03 and projected at a 7% increase per year going forward b=budgeted is 96% of "tentative" tax value, taking into account the 4% discount CITY OF WINTER SPRINGS PROPERTY TAX VALUE HISTORY FINAL $ % TOTAL INCREASE INCREASE GROSS FROM FROM TAX FISCAL TAXABLE PRIOR PRIOR Y.E.AB YEAR ~ Y.E.AB Y.E.AB 2002 2003 $1,266,969,000 $82,229,000 7% 2001 2002 $1,184,740,000 $119,350,000 11% 2000 2001 $1,065,390,000 $92,409,000 9% 1999 2000 $972,981,000 $66,979,000 7% 1998 1999 $906,002,000 $51,883,000 6% 1997 1998 $854,119,000 $55,191,000 7% 1996 1997 $798,928,000 $50,811,000 7% 1995 1996 $748,117,000 $39,717,000 6% 1994 1995 $708,400,000 $42,729,000 6% 1993 1994 $665,671,000 $20,084,000 3% 1992 1993 $645,587,000 70% 7% Average % increase in taxable value per year last 10 years /' RESOLUTION NO. 2002-32 A RESOLUTION OF THE CITY OF WINTER SPRINGS, FLORIDA, ADOPTING THE FINAL MILLAGE RATE FOR THE CITY OF WINTER SPRINGS FOR THE FISCAL YEAR COMMENCING ON OCTOBER 1, 2002 AND ENDING ON SEPTEMBER 30, 2003; ANNOUNCING THE PERCENTAGE BY WHICH THE FINAL MILLAGE RATE EXCEEDS THE COMPUTED ROLLED-BACK RATE; PROVIDING FOR SEVERABILITY; PROVIDING FOR REPEAL OF PRIOR INCONSISTENT RESOLUTIONS; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City Commission of Winter Springs has held a public hearing on the final milla.ge rate pursuant to Florida Statute 200.065, Subparagraph (c); and WHEREAS, the City Commission of Winter Springs desires to adopt the final millage rate and publicly announce their percentage change by which the final millage rate exceeds the computed rolled-back rate. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF WINTER SPRINGS, AS FOLLOWS: Section 1. The City Commission adopts its final millage rate of 4.1658 mills for the fiscal year commencing October 1, 2002 and ending September 31, 2003. Section 2. The final millage rate of 4.1658 mills is more than the'computed rolled-back rate of 3.6043 by 15.58%. Section 3. Within thirty (30) days of the date of this Resolution, the Finance Director shall certify compliance with Chapter 200, Florida Statutes by causing the Certification of Compliance, along with all necessary documentation, to be sent to the Division of Ad Valorem Tax of the Department of Revenue. Section 4. Repeal of Prior Inconsistent Resolutions. All prior resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of the conflict. Section 5. Severability. If any section, subsection, sentence, clause, phrase, word or portion of this resolution is for any reason held invalid or unconstitutional by any court of competent jurisdiction, such portion shall be deemed a separate, distinct and independent provision and such holding shall not affect the validity of the remaining portion hereto. Section 6. Effective Date. This Resolution shall become effective immediately upon adoption by the City Commission of the City of Winter Springs, Florida. ADOPTED by the City Commission of the C' inter Springs, Florida, in a / Special Meeting assembled on this 23rd da of Septe b / ATTEST: '"\ I (O( " ; I ii, i ..~ . ; ~-.. lG----"......" . Andrea Lor:-~;.z6-Luaces, City Clerk ~/.... i , , ..,./~. i Resolution No. 2002-32 Page 2 ,f- ", ,~, ' "'" SECTION r "'-' , ,~hi:~': ". ", 2002'~'~"'" SEMINOLE "I. ~ CERTIFICATION OF TAXABLE VALUE >.:! DR-420 R:01/95 . Year County To CITY OF WINTER SPRINGS (Name of Taxing Authority) $ 1,227,412,868 $ 39,126~283 $ 30,931 $ 1,266,570,082 $ 27,096,996 (1 ) (2) (3) (4) t.,." (5) . , Current Year Taxable Value of Real Property for Operating Purposes Current Year Taxable Value of Personal Property for Operating Purposes Current Year Taxable Value'of Centrally Assessed Property for Operating Purposes Current Year Gross TaxableValue for Operating Purposes (1) + (2) + (3) Current Year Net New Taxable Value (New Construction + Additions + Rehabilitative Improvements Increasing Assessed Value By At Least 100% + Annexations - Deletions) (6) Current Year Adjusted Taxabf~ Value (4) - (5) (7) Pri~~ Year Final Gross Taxable Value (From Prior Year Applicable Form DR-403 Series) I do hereby certify the values shown herein to be correct to the best of my knowledge and belief. Witness my hand and official signature at SANFORD ,Florida, this the 12th day of JUNE ' / ,2002. '\~--L-' :'H /& ~A/:~~. " I '. I Igna ure 0 rope ppralser ~":"""<-""'Y',~X",',',',';:;-,'.,:.....:.....:....:.....,......;:.....,:.:O'........v......................:-............jo...o:...yoxo....;.....;...........:o...;:.:,...-:..:................-:-..............................:0..:.:.........:0..;.............;.........................:-:..<<...........:-.....;:...:>....:......:..:...:.:.:.:-..:&.....:.......>>.......y..:-:-.;-.~....)..>..'*;-.>..........;-.';O~...:..;:;::....:;............:;..............:;.........::..............:;........:;..:;:;..:;......:;:;:;.::........:;.......~......:::.., $ $ 1,239,473,086 1,184,740,270 . TAXING AUTHORITY: If this portion of the fonn is not completed in FULL your Authority will be denied TRIM certification and possibly lose its millage levy privilege for the tax year. If any line is inapplicable, enter N/A or -4-. SECTION II (8) Prior Year Operating Millage Levy (9) Prior Year Ad Valorem Proceeds (7) x (8) (10) Current Year Rolled-Back Rate (9) + (6) (11) Current Year Proposed Operating Millage Rate (12);, Check TYPE of Taxing Authority: rnMuniclpallty C::=JIndependent Special District ;.,.:- .... $ . l'": .~; $ $ $ 3.7708 4,467,419 3.6043 4.7708 per $1 ,000 .~:~ -~: per $1 ,000 ,~...,.... 7" f. per $1 ,000 '-" DCounty o Dependent District DMultl-County D Municipal Sen'ke Ta:tlng Unit D Water Management District ~ "". (13) IF DEPENDENT SPECIAL DISTRICT OR MSTU IS MARKED, PLEASE SEE REVERSE SIDE. (14) Current Year Millage Levy for VOTED DEBT SERVICE $ . 2500 .. . . -............................. ...................-............... ................................... .................................. . per $1,000 per $1,000 :'::,:::::::::::j (15) Cu,rent Year Millage lew..fqr ,OTHER VOTED. MILLAGE IPeRgNQeNm::$R~pl~~::pl$mRJCm$$KJ.e:Hmij$t16FtO:rQ.~igh::(~g) $ n/a :.:-:...:.:.:.:.:...:.:.:.:.:.:...:.:.:.:.:.:.:.:.....:.'.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.: (16) Enter Total Prior Year Ad Valorem Proceeds of ALL DEPENDENT Special Districts & MSTU's levying a millage. (The sum of Line (9) from each Districfs Form DR-420) (17) Total Prior Year Proceeds: (9) + (16) $ n/a $ 4,467,419 $ 3.6043 $ 4,565,084 $ 6,042,553 .... (18) The Current Year Aggregate Rolled-back Rate: (17) + (6) (19) . Current Year Aggregate Rolled-back Taxes: (4) x (18) (20) Enter Total of all non-voted Ad Valorem Taxes proposed to be levied by the Principal Taxing Authority, all Dependent Districts, & MSTU's if any. Line (11) x Line (4) (21) Current Year Proposed Aggregate Millage Rate: (20) + (4) per $1 ,000 $ 4.7708 32.36 per $1,000 (22) Current Year Proposed Rate as a PERCENT CHANGE of Rolled-back Rate: [(Line 21 + Line 18) - 1.00] x 100 Date, Time and Place of the first Public Budget Hearing: Road 434, Winter Springs, FL % City' Conunission Charrtbers, City Hall, 1126 East State on September 9, 2002 at 6;30 ~.M., or soon thereafte I do hereby certify the millages and rates shown herein to be correct to the best of my knowledge and belief, FURTHER, I certify that all millages comply with the provisions of Section 200.071 or 200.081, F.S. WITNESS my hand and official sign~ture at Win~er Springs ,Florida, this the 29day of (Month and Year) July, 2002 /~.t~/J~)~ 11?~ ~ast St Rd 434 W;nt@r S~rin~8 F Srgnature and Title of Chief Administrative Officer Address of hysical Location ' il126 east St Rd 434 i1ing Address Winter Springs. FL City State Zip t.Olli ~e Fiian~oul Name 01 ontact er'so 32708 407-327-5960 Phone # SEE INSTRUCTIONS ON REVERSE SIDE 407-327-4753 Fax # Certification of Final Taxable Value Pursuant .tos. 200.065 (1 ),(5), F.S. To.Ci..ty of Wint:er Sgri ngs . (Name of Taxing AuThority) .i \ SECTION I \\ It '2002 Year r=l County ~,t,unicipality r=l Multi-County/Water Management r=l School L=:J Independent S ecial Dist. (1) Current Year Gross Taxable Value (2) Final Current Year Gross Taxable Value (3) Percentage of ChangeJ~Taxable Value . (From Line 4, Form DR-420) (From applicable Form DR-403 Series [(Line 2 divided by Line 1) - 1] X 100 3 DR-422 R. 06/98 Seminole (County) , $ $ 1.266.570.082 1.266.969,110 +0.03 % I do hereby certify the values show herein to be correct to the best of my kn at Sanford . , Florida. itn~y' and and official signature Signature of Property Appraiser/Date of Certification Notice: This completed f~r.m must be returned to the Property Appraiser no later than: 5: 00 p.m.' December, 24th. ,2002 FAILURE TO DO SO COULD CAUSE LOSS OF REVENUE TO YOUR TAXING AUTHORITY. I I MILLAGE RATE ADOPTE[):BY RESOLUTION OR ORDINANCE AT FINAL BUDGET HEARING PURSUANT TO S. 200.065(2)(d), F.S. SECTION II . (4) VOTED DEBT Service. Millage (4a) OTHER VOTED Millage (In Excess of the Millage Cap and not to Exceed Two Years) (5) NON-VOTED Operating MiUage Rate (From Resolution or Ordinance) , A. . PRINCIPAL TAXING AUTHORITY (County, Municipality, or Independent Special District*) B: . Dependent Special District* $. n/a \ per $1,000 \ Required Local Effort $ n/a per $1,000 Discretionary $ n/a per $1 ,000 Capital Outlay $ n/a per $1,000 DISTRICT LEVY $ n/a per $1 ,000 Basin $ nLa per $1,000 Name C. Municipal Service Taxing Unit (MSTU)* Name D. SCHOOL DISTRICT: '. E. WATER MANAGEMENT DISTRICT: Name $ $ .2500 per $1 ,000 per $1 ,000 . n/a $ 4.1658 per $1 ,000 $ n/a per $1 ,000 I Complete lines 6 throl,lgh9 .only if :the millage is to beadministratively.acljus'e~.. T . ...., , '. ,COUNTIES, MUNICIPALITIES, SCHOOLS, and WATER MANAGEMENT DISTRICTS, MAY adjust the non-voted -".' millage'rate ONLY if the J?erceniage shown on Line 3 i~ greater tha!l :t 101.. pursuant to s. 200~065(5), F.S. ~ (6) Unadjusted Gross Ad Valorem Proceeds . (Line 1 X Line 5 (A, 0, or E, As Applicable) divided by 1000) $ (7) Adjusted Millage Rate (Only if Line 3 is Greater than:!: 1 %). , (Line 6 divided by Line' 2) X 1000 $ *MSTU's and Special Districts (As Determined by Department of Community Affairs) May . adjust the non-voted millage rate ONLY if the percentage shown on. Line 3 is greater than :t 3% pursuant to s. 200.065(5),F.S. , (8) Unadjusted Gross Ad Valorem Proceeds : .. ' , . , (Line 1 X Line 5 (B or,C, As Applicable) divided by 1000) $ ., . C,'" , (9) Adjusted Millage Rate (Only if Line 3 is Greater than:!: 3%). ~. ~ (Line 8 divided by Line 2) X 1000 $ .ex- Winter Springs. FL City State 32708 A.O~2=5.9.6 0 Zip Phone # " See Instructions on Reverse Side 4343 407-327-47-53 Fax #