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HomeMy WebLinkAboutMarshall Allen Oak Forest Wall Fund Letter Dated 2004 01 08 1065 Winter Springs Boulevard Winter Springs, FL 32708 January 8th, 2004 To: City of winter Springs Subject: Oak Forest Wall Funds 1. According to figures provided by staff, dated 05/09/02; the Oak Forest Wall and Beautification District Advisory Com- mittee, projected revenues for the project were to be ap- proximately $1,015,272 ($723,272 from note and $292,000 from one cent sales tax). Total expenditures were to be approx- imately $885,235 ($244,363 for engineering design and footer; $586,775 for wall construction and change orders; $6,737 for contingencies; and $47,760 for assessment program/admin costs). This left the remainder, which was approximately $130,036. Question 1. Of estimated revenues, what amount was actually received? I would like actual figures, not estimates. Question 2. Of the estimated expenditures, what amount was actually expended? Again, I would like actual figures, not estimates. Question 3. What was the balance in the capital fund, prior to the expenditures for the Winter Springs Boulevard median? Again, actual figures please. Question 4. What was the actual amount remaining in the capital fund upon completion of the wSB median? Actual figures please. (Comment: According to information provided by "staff~~, there was $27,597 expended on the improvement of WSB. My calculations indicate that there should be approximately $102,439 remaining in the capital fund). Question 5. When, and in what amount, and at what interest rate were the bonds issued? Is there a restriction on the time in which the bonds may be redeemed? If so, what are the restrictions and what is the penalty should you elect to redeem and/or prepay principal and/or interest? 2. Several days age, Ms. Joanne Krebs brought to my at- attention that a significant sum, in an amount of approxi- mately $84,700, had been extracted from the capital fund and applied to debt service. She further advised me that she had contacted Commissioner McLeod regarding this matter and he advised her that he would look into the matter with City Manager McLemore. As a result of her contact with Commissioner McLeod, Mr. McLemore sent a letter to Ms. Krebs, a copy of which she has made available to me and which she is making available to staff and committee. The letter raises several questions which need to be addressed. 4 question ~. Paragraph ~ states that the FY 03 and FY04 hud~ets were approved by the Advisory Committee and City commission. Please provide me with a copy of the minutes or tape reflecting whereby the Advisory Committee approved subject budgets. Question 2. Paragraph 2 of subject letter, FY 03 budget was shown for reduction of the figure was based upon an estimate of future by the Advisory Committee, and staff. Wha~ minutes of which Advisory Committee meeting Advisory Committee identified future needs? me a copy of the minutes or tapes. states that the debt and this needs identified t specific tape or reflect that the Please provide Question 3. He further states that we are required by law to utilize excess capital funds to reduce any outstanding debt the tape. Which specific law requires such action? 3. Since we have been advised that capital funds in the amount of $84,706 have been applied to debt service, several more questions arise. Question 1. Was the debt service action applied to interest or principal? Question 2. Since the yearly assessment applies to those who did not prepay the assessment, are not those who prepaid the assessment entitled to a refund, since the principal amount initially borrowed is less than projected? Marshall E. Allen Oak Forest Resident