Water and Sewer Revenue Sufficiency Analysis...DeSoto County - Water and Sewer Revenue Sufficiency...
Transcript of Water and Sewer Revenue Sufficiency Analysis...DeSoto County - Water and Sewer Revenue Sufficiency...
Water and Sewer Revenue Sufficiency Analysis Final Report
July 2013
July 25, 2013 Mr. Ed Miller Utilities Director DeSoto County Utilities Department 2170 NE Roan Street Arcadia, FL 34266 Re: Final Report – Water and Sewer Revenue Sufficiency Analysis Mr. Miller
Lighthouse Utility Consulting is pleased to present the Final Report of the Water and Sewer Revenue Sufficiency Analysis prepared for the County. During the course of the analysis, County staff was instrumental in providing the data and insight into the County’s water and sewer utility which allowed us to complete this analysis.
We appreciate the opportunity to be of service to the City on this important project. If you have any questions regarding this report, or any aspect of the analysis, please feel free to contact me at 407.417.2324. Very truly yours,
Jonathan Varnes Principal Lighthouse Utility Consulting
TABLE OF CONTENTS
SECTION 1 - INTRODUCTION
1.1 Introduction ..................................................................................................................................... 1
1.2 Revenue Sufficiency Analysis ........................................................................................................... 2
1.2.1 General Methodology ..................................................................................................... 2
1.2.2 Data for the Revenue Sufficiency Analysis .............................................................................. 2
1.2.3 Results of the Revenue Sufficiency Analysis ........................................................................... 6
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DeSoto County, FL Water and Sewer Revenue Sufficiency Analysis Final Report – July 2013
1.1. Introduction
Lighthouse Utility Consulting, in its role as DeSoto County’s (“County”) utility rate consultant, has
prepared this Water and Sewer Revenue Sufficiency Analysis Report (“Report”) for purposes of
demonstrating the financial health of the County’s Water and Wastewater Enterprise Fund for a 5-
year period. The results of the analysis are presented herein on a summary basis for the forecast
period, FY 2013-2017.
The County provides water and wastewater utility service through the water and sewer utility
(“Utility”). The Utility operates as a combined water and wastewater enterprise fund, for which
there is a pledge of the combined net revenues of the system as a source of repayment of
outstanding debt used to finance capital assets. In addition, funds held on hand in the enterprise
fund are further subdivided into both unrestricted and restricted funds. Funds consist of the:
• Operating Fund
• Water Impact Fee Fund
• Wastewater Impact Fee Fund
In order to design a financial plan which adequately addresses the rate and financial goals of the
Utility, a determination of the adequacy of system revenues to meet system expenses during the
study forecast period was made. The results of this analysis, known as the Revenue Sufficiency
Analysis, was an assessment of the ability of the existing revenue stream to meet the projected
financial requirements of the system during the forecast period and, to the extent required, the
identification of the magnitude and timing of any required rate revenue adjustments.
Finally, during the course of the Water and Sewer Revenue Sufficiency Analysis the County
requested Lighthouse incorporate the projected impact of the acquisition of the Lake Suzy system.
Lighthouse was provided projected revenues and expenses associated with the acquisition of the
Lake Suzy system which were incorporated into the analysis and this Report.
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DeSoto County, FL Water and Sewer Revenue Sufficiency Analysis Final Report – July 2013
1.2. Revenue Sufficiency Analysis
1.2.1. General Methodology
In order to develop a financial plan which generates sufficient revenue to meet the fiscal
requirements of the Utility, a determination of the annual revenue from rates which, combined
with other sources of funds, will provide sufficient funds to meet those fiscal requirements must
first be completed. This process is typically referred to as a Revenue Sufficiency Analysis.
The process employed in the Revenue Sufficiency Analysis resulted in the identification of
revenue requirements of the system, such as operating expenses, capital expenses (minor and
major), debt service expenses (including a provision for debt service coverage if applicable),
transfers out and the maintenance of both restricted and unrestricted reserves at appropriate
levels. These revenue requirements were then compared to the total sources of funds during
each year of the forecast period to determine the adequacy of projected revenues to meet
requirements. To the extent that the existing revenue stream was not sufficient to meet the
annual revenue requirements of the system, a series of rate revenue increases were calculated
to provide revenue sufficient to meet those needs.
In addition, the Revenue Sufficiency Analysis resulted in the identification of a capital project
funding plan for the forecast period which identified the need to fund a portion of capital
projects with new debt. The projected debt service associated with that new debt was
incorporated into the analysis and the projected rate revenue increases are reflective of that.
1.2.2. Data for Revenue Sufficiency Analysis
Key data items reviewed, discussed and incorporated into the Revenue Sufficiency Analysis
were:
• Financial management goals of the Utility
• FY 2012 Comprehensive Annual Financial Report (CAFR)
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DeSoto County, FL Water and Sewer Revenue Sufficiency Analysis Final Report – July 2013
• FY 2013 Projected Year-end Actuals and FY 14 Budget
• Capital Improvements Program (CIP)
• Loan documentation associated with outstanding loans
• General assumptions related to:
o Customer growth
o Cost escalation factors
o New debt
A discussion of the use of each of the above data items is presented below.
1.2.2.1. Financial Management Goals of the Utility
The establishment of specific financial management goals of a utility is a key step in
developing financial plans which will ensure the financial health of the utility remains strong.
The financial management goals of the Utility are described below.
1.2.2.2. Minimum Working Capital / Unrestricted Reserve Balances
In order to maintain a certain level of liquidity, the Utility has developed a goal of
maintaining working capital balances in an amount between 60 and 90 days of operating
expenses. The analysis presented herein meets or exceeds this goal in each year of the
forecast period.
1.2.2.3. Debt Service Coverage
The Utility has availed itself of various loans in order to fund capital projects over the years,
including USDA loans and State Revolving Fund (SRF) loans. While only the SRF loans have a
stated debt service coverage requirement - defined as Current Year Net Revenues divided by
Current Year Debt Service – we have assumed that any non-SRF loans will require debt
service coverage be maintained at a minimum of 1.30x
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SRF loan debt service coverage is projected to be maintained at least a minimum of 1.15x
which is consistent with the outstanding SRF loan agreements. The analysis presented
herein meets or exceeds this goal in each year of the forecast period.
1.2.2.4. FY 2012 Comprehensive Annual Financial Report (CAFR)
To better understand what funds the Utility will have on hand to start the forecast period, a
detailed review of the FY 2012 CAFR was conducted and reviewed with Utility staff.
Assumptions were made to estimate the actual funds available at the end of FY 2012, and
therefore at the beginning of FY 2013, based on discussions with staff and are incorporated
into this analysis.
1.2.2.5. FY 2013 Projected Year-end Actuals and FY 14 Budget
Staff provided the FY 2013 Projected Year-end Actuals and FY 14 Budget, and associated
line-item detail, as the basis for the projection of financial performance for FY 2013 and FY
2014 and to be used as the basis for the projection of future budgetary line-items for the
remainder of the forecast period. A 3.0% cost escalation factor was then used to project
line-item costs beyond the FY 2014 budget.
1.2.2.6. Capital Improvements Program (CIP)
Staff provided a forecast of capital requirements for FY 2013-2017. This capital forecast was
provided in current year dollars. An annual cost escalation factor of 3.0% was then used to
increase the CIP provided for 2013 and beyond. The CIP includes projects which are
designed to provide for the repair and replacement of existing infrastructure and to provide
additional capacity for the water and wastewater system.
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1.2.2.7. General Assumptions
In order to develop the financial and rate projections, certain assumptions were made with
regard to elements of the revenue sufficiency analysis. A summary of those assumptions is
presented below.
1.2.2.8. Growth
Based on projected growth in customer base due to the expansion of the County’s
infrastructure to serve new customers, additional revenue projected by staff of, on average
during FY 13-17, approximately 18% per year is assumed in this analysis.
1.2.2.9. New Debt Assumptions
In order to fund the Utility’s CIP during the forecast period, new debt is projected to be
required. To the extent that new debt is issued, it is assumed it will be provided through
revenue bonds (or a similar debt instrument). It was assumed that to the extent that new
debt is required from either of these sources that the requisite debt service coverage
requirements would be consistent with the requirements which currently exist for each type
of debt.
The following details the assumptions related to new revenue bond debt projected during
the forecast period:
• Term – 30 Years • Average Rate – 5.5% • Issuance costs – 2.0% • Debt service coverage requirement – 1.30x
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1.2.3. Results of the Revenue Sufficiency Analysis
After a thorough review of the above-mentioned data elements, a draft of the Revenue
Sufficiency Analysis was developed and reviewed with staff. This draft provided the forum in
which various alternative assumptions were discussed, tested and evaluated for both their
reasonableness and their impact upon the ultimate financial health of the utility. At the
conclusion of this process four alternative scenarios were identified, the results of which are
presented herein.
Based on a review of those alternatives, a final recommended scenario was developed. A
description of the recommended scenario and associated results is presented next.
1.2.3.1. 5% Annual Rate Increases – FY 14-17
This scenario assumes that water and sewer customers from the recently acquired Lake Suzy
system are incorporated into the County system in the latter portion of FY 13 and are
charged the existing water and sewer rates and charges for the Lake Suzy system through FY
14. Further, it is assumed Lake Suzy customers will be transitioned to County rates in FY 15.
This scenario assumes the implementation of a 5% annual rate increase for customers which
are charged County rates in FY 14-17.
1.2.3.1.1. Rate Revenue Increases Required
The revenue requirements and financial goals of the Utility during the forecast
period necessitate the need for additional revenue in the form of rate revenue
increases. The graph below presents the projected water and sewer rate increases
required during the forecast period for all customers which are charged County
rates. It is assumed that each rate increase is implemented on October 1st of each
fiscal year.
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1.2.3.1.1.1. Capital Project Funding
With significant capital project funding needs projected during the forecast period,
it is imperative the Utility develop a financial plan which provides for the full funding
of the Capital Improvement Program (CIP). The graph below presents projected
capital costs during the forecast period.
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
13 14 15 16 17Annual Rate Increases 0.00% 5.00% 5.00% 5.00% 5.00%
Fiscal Year
Annual Rate Increases
$- $500,000
$1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000
13 14 15 16 17CIP (Escalated) $324,182 $2,457,879 $3,787,725 $519,045 $450,204
Fiscal Year
CIP (Escalated)
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1.2.3.1.1.2. New Debt
It is projected that the Utility will incur additional debt during the forecast period in
order to fully fund the CIP. Debt is the most common funding source for utility
capital projects. Debt provides a better matching of annual costs borne by users of
the system and use of capital assets over the life of the asset financed. While this
doesn’t mitigate the need for a utility to consistently fund some portion of capital
with cash, it is important to recognize that debt is an essential funding instrument for
utilities. The graph below presents projected new debt.
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
13 14 15 16 17Projected New Debt $161,605 $2,017,879 $2,248,228 $480,045 $407,204
Fiscal Year
Projected New Debt
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1.2.3.2. Summary of Revenue Sufficiency Analysis
The financial plans presented herein includes a series of rate revenue increases which
provides for funding of projected revenue requirements during the forecast period, and is
projected to meet or exceed the financial goals of the Utility. The financial goals projected
to be met are as follows:
• Full funding of both the projected operating and capital budgets presented herein.
• Working capital fund balances of between 60 and 90 days operating expenses.
• Projected debt service coverage greater than or equal to 1.15x the total of existing
and projected SRF debt service.
• Projected debt service coverage greater than or equal to 1.30x the total of existing
and projected conventional (non-SRF) debt service.
The Summary of Financial Projections for the Revenue Sufficiency Analysis is presented in
Appendix A.
Appendix A
Appendix A
DeSoto County, FL Water and Sewer Revenue Sufficiency Analysis Final Report – July 2013
Line No 2013 2014 2015 2016 2017410 - Operating Fund
1 Beginning Unrestricted Fund Balance 504,951$ 637,521$ 787,414$ 797,616$ 843,599$ 2 Water Rate Revenue 1,518,000$ 1,594,000$ 1,674,000$ 1,758,000$ 1,846,000$ 3 Sewer Rate Revenue 1,563,000 1,641,000 1,723,000 1,809,000 1,899,000 4 Total Rate Revenue 3,081,000$ 3,235,000$ 3,397,000$ 3,567,000$ 3,745,000$ 5 Other Operating Revenue 431,000 1,176,000 952,000 974,000 997,000 6 Interest Income - Operating Fund 1,000 1,000 1,000 1,000 1,000 7 Total Operating Revenue 3,513,000$ 4,412,000$ 4,350,000$ 4,542,000$ 4,743,000$ 8 Operating Expenses (2,639,042) (3,290,773) (3,196,767) (3,348,000) (3,572,000) 9 Net Revenue 873,958$ 1,121,227$ 1,153,233$ 1,194,000$ 1,171,000$
Plus:Other Sources of Funds
10 Transfers In - - - - - 11 Non Operating Revenue - - - - -
Less:Other Uses of Funds
12 Minor Capital (10,000)$ (79,500)$ (80,000)$ (5,000)$ (5,000)$ 13 Major Capital Funded with Existing Reserves/Current Cash - - - (39,000) (43,000) 14 Transfers Out (168,289) (168,324) (169,324) (170,324) (102,434) 15 Non Operating Expenses - - - - - 16 Existing Revenue Bond Debt Service (427,053) (427,463) (427,661) (427,646) (427,418) 17 New Revenue Bond Debt Service - (160,000) (330,000) (370,000) (400,000) 18 Existing SRF Debt Service (136,047) (136,047) (136,047) (136,047) (136,047)
19 New SRF Debt Service - - - - - 20 Net Cash Flow 132,569$ 149,893$ 10,202$ 45,984$ 57,101$
21 Ending Unrestricted Fund Balance 637,521$ 787,414$ 797,616$ 843,599$ 900,700$ 22 Days of O&M 88 87 91 92 92
Debt Service Coverage Calculations:Revenue Bond Debt Service CoverageRate Covenant Debt Service Coverage Test:
23 Net Revenue Available for Debt Service Coverage Test 873,958$ 1,121,227$ 1,153,233$ 1,194,000$ 1,171,000$ Revenue Bond Debt Service:
24 Existing Revenue Bond Debt Service 427,053 427,463 427,661 427,646 427,418 25 New Revenue Bond Debt Service - 160,000 330,000 370,000 400,000 26 Total Revenue Bond Debt Service 427,053$ 587,463$ 757,661$ 797,646$ 827,418$ 27 Debt Service Coverage - Rate Covenant 2.05 1.91 1.52 1.50 1.42 28 Debt Service Coverage Requirement 1.30 1.30 1.30 1.30 1.30
Parity Debt Service Coverage Test:29 Net Revenue Available for Debt Service Coverage Test 873,958$ 1,121,227$ 1,153,233$ 1,194,000$ 1,171,000$ 30 Maximum Revenue Bond Debt Service 428,000 588,000 758,000 798,000 828,000 31 Debt Service Coverage - Parity Test 2.04 1.91 1.52 1.50 1.41 32 Debt Service Coverage Requirement 1.30 1.30 1.30 1.30 1.30
SRF Debt Service CoverageSRF Test:
33 Net Revenue 873,958$ 1,121,227$ 1,153,233$ 1,194,000$ 1,171,000$ Less:
34 Senior Lien Debt Service (427,053)$ (587,463)$ (757,661)$ (797,646)$ (827,418)$ 35 Net Revenue Available for SRF Debt Service Coverage Test 446,905$ 533,764$ 395,572$ 396,354$ 343,582$ 36 SRF Debt Service 136,047$ 136,047$ 136,047$ 136,047$ 136,047$ 37 Debt Service Coverage - Rate Covenant 3.28 3.92 2.91 2.91 2.53 38 Debt Service Coverage Requirement 1.15 1.15 1.15 1.15 1.15
412 - Water Capital Utilities39 Beginning Balance 162,577$ -$ -$ -$ -$ 40 Sources of Funds - - - - - 41 Interest Earnings - - - - - 42 Major Capital Funded with 412 - Water Capital Utilities (162,577) - - - - 43 Ending Balance -$ -$ -$ -$ -$
413 - Sewer Capital Utilities44 Beginning Balance 1,533,497$ 1,535,497$ 1,537,497$ -$ -$ 45 Sources of Funds - - - - - 46 Interest Earnings 2,000 2,000 2,000 - - 47 Major Capital Funded with 413 - Sewer Capital Utilities - - (1,539,497) - - 48 Ending Balance 1,535,497$ 1,537,497$ -$ -$ -$
GRANT FUNDING49 Beginning Balance -$ -$ -$ -$ -$ 50 Sources of Funds - 440,000 - - - 51 Interest Earnings - - - - - 52 Major Capital Funded with GRANT FUNDING - (440,000) - - - 53 Ending Balance -$ -$ -$ -$ -$
Schedule A - 1DeSoto County, FL
Pro Forma with Debt Service Coverage and Fund Balance Reconciliation
Line No: BEGINNING BALANCES
410 - Operating Fund 412 - Water Capital
Utilities 413 - Sewer Capital
Utilities Total 1 Current assets:2 Adjusted Current Assets 1,559,976$ 162,577$ 1,533,497$ 3,256,050$
3 Total Current Assets 1,559,976$ 162,577$ 1,533,497$ 3,256,050$
Current Liabilities:4 Adjusted Current Liabilitites 1,055,024$ -$ -$ 1,055,024$
5 Total Current Liabilities 1,055,024$ -$ -$ 1,055,024$
6 Net Beginning Balances (Curr Assets less Current Liabilities - with Adjustments) 504,951$ 162,577$ 1,533,497$ 2,201,025$
Schedule A - 2DeSoto County, FL
Beginning Fund Balance Reconciliation
Line No:1 Code Description 2013 2014 2015 2016 20172 RR1 Water Rate Revenue 1,518,000$ 1,594,000$ 1,674,000$ 1,758,000$ 1,846,000$ 3 RR2 Sewer Rate Revenue 1,563,000 1,641,000 1,723,000 1,809,000 1,899,000 4 OR Other Operating Revenue 431,000 1,176,000 952,000 974,000 997,000 5 NOR Non Operating Revenue - - - - - 6 TRIN Transfers In - - - - - 7 Sources - WCU Sources of Funds - 412 - Water Capital Utilities - - - - - 8 Sources - SCU Sources of Funds - 413 - Sewer Capital Utilities - - - - - 9 Sources - GRT Sources of Fund - Grants - 440,000 - - - 10 INT - OpFund Interest Earnings - 410 - Operating Fund 1,000 1,000 1,000 1,000 1,000 11 INT - WCU Interest Earnings - 412 - Water Capital Utilities - - - - - 12 INT - SCU Interest Earnings - 413 - Sewer Capital Utilities 2,000 2,000 2,000 - - 13 INT - GRT Interest Earnings - GRANT FUNDING - - - - -
14 Code Description 2013 2014 2015 2016 2017
15 410 - Operating Fund16 Water Rate Revenue 1,518,000$ 1,518,000$ 1,594,000$ 1,674,000$ 1,758,000$ 17 Growth 0.00% 0.00% 0.00% 0.00% 0.00%18 Revenue Increase 0.00% 5.00% 5.00% 5.00% 5.00%19 Pct of Year Revenue Increase Effective 25% 100% 100% 100% 100%20 RR1 Total Water Rate Revenue - After Revenue Increase 1,518,000$ 1,594,000$ 1,674,000$ 1,758,000$ 1,846,000$
21 Sewer Rate Revenue 1,563,000$ 1,563,000$ 1,641,000$ 1,723,000$ 1,809,000$ 22 Growth 0.00% 0.00% 0.00% 0.00% 0.00%23 Revenue Increase 0.00% 5.00% 5.00% 5.00% 5.00%24 Pct of Year Revenue Increase Effective 25% 100% 100% 100% 100%25 RR2 Total Sewer Rate Revenue - After Revenue Increase 1,563,000$ 1,641,000$ 1,723,000$ 1,809,000$ 1,899,000$
26 OR Operating Revenue 431,000 47,220 47,457 47,585 47,619
27 OR Additional Revenue from Lake Suzy Customers - 741,680 437,443 459,315 482,281 28 OR Additional Revenue from Expansion - 387,100 467,100 467,100 467,100
29 NOR Non Operating Revenue - - - - - 30 TRIN Transfers In - - - - -
31 Interest Earning Calculation32 Average Balance 252,000$ 319,000$ 394,000$ 399,000$ 422,000$ 33 Assumed Interest Earnings Rate 0.3% 0.3% 0.3% 0.3% 0.3%34 INT - OpFund Projected Interest Earnings 1,000$ 1,000$ 1,000$ 1,000$ 1,000$
35 412 - Water Capital Utilities
36 Operating Revenue - - - - - 37 Non Operating Revenue - - - - - 38 Transfers In - - - - - 39 Sources - WCU Total Sources - - - - -
40 Interest Earnings Calculation41 Average Balance 81,000$ -$ -$ -$ -$ 42 Assumed Interest Earnings Rate 0.3% 0.3% 0.3% 0.3% 0.3%43 INT - WCU Projected Interest Earnings -$ -$ -$ -$ -$
44 413 - Sewer Capital Utilities
45 Operating Revenue - - - - - 46 Non Operating Revenue - - - - - 47 Transfers In - - - - - 48 Sources - SCU Total Sources - - - - -
49 Interest Earnings Calculation50 Average Balance 767,000$ 768,000$ 769,000$ -$ -$ 51 Assumed Interest Earnings Rate 0.3% 0.3% 0.3% 0.3% 0.3%52 INT - SCU Projected Interest Earnings 2,000$ 2,000$ 2,000$ -$ -$
53 GRANT FUNDING
54 Operating Revenue - 440,000 - - - 55 Non Operating Revenue - - - - - 56 Transfers In - - - - - 57 Sources - GRT Total Sources - 440,000 - - -
58 Interest Earnings Calculation59 Average Balance -$ -$ -$ -$ -$ 60 Assumed Interest Earnings Rate 0.3% 0.3% 0.3% 0.3% 0.3%61 INT - GRT Projected Interest Earnings -$ -$ -$ -$ -$
Summary
Detail
Schedule A - 3DeSoto County, FL
Revenue
Line No:1 Code Description 2013 2014 2015 2016 20172 OM Operating Expenses 2,639,042$ 3,290,773$ 3,196,767$ 3,348,000$ 3,572,000$ 3 NOE Non Operating Expenses - - - - - 4 MCO Minor Capital Outlay 10,000 79,500 80,000 5,000 5,000 5 TROUT Transfers Out 168,289 168,324 169,324 170,324 102,434 6 EDSRB Existing Revenue Bond Debt Service 427,053 427,463 427,661 427,646 427,418 7 NewRBDS Projected New Revenue Bond Debt Service - 160,000 330,000 370,000 400,000 8 EDSSRF Existing SRF Debt Service 136,047 136,047 136,047 136,047 136,047
9 Code
Annual Expense
Escalation Factor EXPENSES 2013 2014 2015 2016 2017
11 ADMINISTRATION ACCOUNT 709412 PERSONNEL SERVICES13 OM 3.0% REGULAR SALARIES 100,928 160,921 166,000 171,000 176,000 14 OM 3.0% RESERVE FOR EMPLOYEE BENEFITS - - - - - 15 OM 3.0% OVERTIME 742 9,000 9,000 9,000 9,000 16 OM 3.0% FICA 7,752 12,999 13,000 13,000 13,000 17 OM 3.0% RETIREMENT 5,667 19,194 20,000 21,000 22,000 18 OM 3.0% EMPLOYEE INSURANCE 20,617 32,619 34,000 35,000 36,000 19 OM 3.0% DENTAL INSURANCE - - - - - 20 OM 3.0% SUBSIDIZED DEP HEALTH INS - - - - - 21 OM 3.0% SUBSIDIZED RETIREE INSURANCE - - - - - 22 OM 3.0% WORKERS COMPENSATION 1,496 3,782 4,000 4,000 4,000 23 OM 3.0% OPEB EXPENSE 3,843 - - - - 24 TOTAL PERSONNEL SERVICES 141,045 238,515 246,000 253,000 260,000
25 OPERATING EXPENDITURES26 OM 3.0% PROFESSIONAL SERVICES 201,264 176,000 181,000 186,000 192,000 27 OM 3.0% MEDICAL SERVICES 115 215 - - - 28 OM 3.0% BILLING & OVERHEAD COSTS - - - - - 29 OM 3.0% PR/MRWSA - PROF. SERVICES - - - - - 30 OM 3.0% AUDIT/FINANCIAL SERVICES - - - - - 31 OM 3.0% CONTRACTED SERVICES - - - - - 32 OM 3.0% TRAVEL 900 1,000 1,000 1,000 1,000 33 OM 3.0% TELEPHONE 2,725 6,516 7,000 7,000 7,000 34 OM 3.0% POSTAGE 2,387 3,000 3,000 3,000 3,000 35 OM 3.0% UTILITIES 2,348 10,000 10,000 10,000 10,000 36 OM 3.0% CITY WATER/SEWER TURNER CTR 10,200 13,000 13,000 13,000 13,000 37 OM 3.0% RENTALS AND LEASES 1,292 4,500 5,000 5,000 5,000 38 OM 3.0% REPAIR AND MAINTENANCE 1,500 4,000 4,000 4,000 4,000 39 OM 3.0% VEHICLE REPAIR & MAINTENANCE 550 1,000 1,000 1,000 1,000 40 OM 3.0% PRINTING & PUBLISHING 200 300 - - - 41 OM 3.0% MISC EXPENSES 200 - - - - 42 OM 3.0% LICENSE & PERMITS - - - - - 43 OM 3.0% ADVERTISING 2,000 500 1,000 1,000 1,000 44 OM 3.0% DEPOSIT REFUNDS - - - - - 45 OM 3.0% ADMINISTRATIVE FEE - - - - - 46 OM 3.0% BAD DEBTS 10,000 11,000 11,000 11,000 11,000 47 OM 3.0% OFFICE SUPPLIES 7,000 3,700 4,000 4,000 4,000 48 OM 3.0% TECHNOLOGICAL EQ. NON-INV 1,000 1,000 1,000 1,000 1,000 49 OM 3.0% UNIFORMS - - - - - 50 OM 3.0% GASOLINE & OIL 2,638 1,500 2,000 2,000 2,000 51 OM 3.0% SAFETY 50 100 - - - 52 OM 3.0% PUBLICATIONS,DUES 1,000 1,110 1,000 1,000 1,000 53 OM 3.0% PR/MRWSA MEMBER FEE - - - - - 54 OM 3.0% TRAINING 1,800 2,000 2,000 2,000 2,000 55 NA 3.0% DEPRECIATION EXPENSE 77,589 85,000 88,000 91,000 94,000 56 OM 3.0% SOFTWARE AMORTIZATION EX - - - - - 57 TROUT 3.0% AMORTIZATION EXPENSE 40,000 40,000 41,000 42,000 43,000 58 TROUT 3.0% AMORTIZATION - LOAN COSTS 2,965 3,000 3,000 3,000 3,000 59 TOTAL OPERATING EXPENDITURES 369,723 368,441 379,000 388,000 398,000
60 CAPITAL OUTLAY61 MCO 3.0% LAND ACQUISITION - 75,000 75,000 62 MCO 3.0% BUILDING IMPROVEMENTS - - - - - 63 MCO 3.0% WASTEWATER UTILITY IMPROVEMENT - - - - - 64 MCO 3.0% PR AUTHORITY NEW WATER CAP - - - - - 65 MCO 3.0% EQUIPMENT 10,000 - - - - 66 MCO 3.0% CAPITAL PROJECTS - - - - - 67 MCO 3.0% SOFTWARE (INTANGIBLE ASSETS) - 4,500 5,000 5,000 5,000 68 TOTAL CAPITAL OUTLAY 10,000 79,500 80,000 5,000 5,000
69 DEBT SERVICE70 EDSSRF 0.0% SRF GRANT ASSESSMENT 27,037 26,093 25,127 24,140 23,129 71 EDSRB 0.0% USDA Loan 427,053 427,463 427,661 427,646 427,418 72 EDSSRF 0.0% SFR Loan DP63904S 109,010 109,954 110,920 111,907 112,918 73 TROUT 0.0% FDOT PRINCIPAL FPID415490 68,890 68,890 68,890 68,890 GOES AWAY74 TROUT 0.0% FDOT PRINCIPAL & INTEREST FPID417876-1-52 56,434 56,434 56,434 56,434 56,434
75 OTHER USES76 NA 3.0% TRANSFERS TO DEBT - - - - - 77 NA 3.0% USDA RESERVE - 342,240 353,000 364,000 375,000 78 NA 3.0% D.O.T. ESCROW - - - - - 79 NA 3.0% 5 YEAR CAPITAL RESERVE - - - - - 80 NA 3.0% RESERVE FOR CONTINGENCY - 193,547 199,000 205,000 211,000 81 NA 3.0% R&R COVERAGE @ 5% CUMMULATIVE - - - - - 82 NA 3.0% RESERVE FOR ANNUAL MERIT - - - - - 83 TOTAL OTHER USES - 535,787 552,000 569,000 586,000
Summary
Schedule A - 4DeSoto County, FL
Expenses
Detail
Line No:1 Code Description 2013 2014 2015 2016 20172 OM Operating Expenses 2,639,042$ 3,290,773$ 3,196,767$ 3,348,000$ 3,572,000$ 3 NOE Non Operating Expenses - - - - - 4 MCO Minor Capital Outlay 10,000 79,500 80,000 5,000 5,000 5 TROUT Transfers Out 168,289 168,324 169,324 170,324 102,434 6 EDSRB Existing Revenue Bond Debt Service 427,053 427,463 427,661 427,646 427,418 7 NewRBDS Projected New Revenue Bond Debt Service - 160,000 330,000 370,000 400,000 8 EDSSRF Existing SRF Debt Service 136,047 136,047 136,047 136,047 136,047
9 Code
Annual Expense
Escalation Factor EXPENSES 2013 2014 2015 2016 2017
Summary
Schedule A - 4DeSoto County, FL
Expenses
Detail
84 TRANSFERS85 TROUT 3.0% TRANSFER TO GENERAL FUND - - - - - 86 TROUT 3.0% TRANSFER TO TRANSPORTATION - - - - - 87 OM 3.0% TRANSFER TO ENGINEERING 35,000 2,000 2,000 2,000 2,000 88 TROUT 3.0% TRANSFER TO WATER CAPITAL - - - - - 89 TROUT 3.0% TRANSFER TO UT WASTEWATER - - - - - 90 NA 3.0% TRANSFER TO DEBT - - - - - 91 TOTAL TRANSFERS 35,000 2,000 2,000 2,000 2,000
92 SYSTEMS MAINTENANCE ACCOUNT 709593 PERSONNEL SERVICES94 OM 3.0% REGULAR SALARIES 53,596 58,000 60,000 62,000 64,000 95 OM 3.0% OVERTIME 700 1,000 1,000 1,000 1,000 96 OM 3.0% FICA 3,912 4,000 4,000 4,000 4,000 97 OM 3.0% RETIREMENT 2,861 3,000 3,000 3,000 3,000 98 OM 3.0% EMPLOYEE INSURANCE 11,093 12,000 12,000 12,000 12,000 99 OM 3.0% DENTAL INSURANCE - - - - -
100 OM 3.0% SUBSIDIZED DEP HEALTH INS 1,244 1,000 1,000 1,000 1,000 101 OM 3.0% WORKERS COMPENSATION 1,318 1,000 1,000 1,000 1,000 102 OM 3.0% OPEB EXPENSE 9,607 10,000 10,000 10,000 10,000 103 TOTAL PERSONNEL SERVICES 84,331 90,000 92,000 94,000 96,000
104 OPERATING EXPENDITURES105 OM 3.0% PROFESSIONAL SERVICES - - - - - 106 OM 3.0% MEDICAL SERVICES - - - - - 107 OM 3.0% CONTRACTED SERVICES - - - - - 108 OM 3.0% SUNSHINE ONE CALL 700 1,000 1,000 1,000 1,000 109 OM 3.0% TRAVEL - - - - - 110 OM 3.0% TELEPHONE 832 1,000 1,000 1,000 1,000 111 OM 3.0% UTILITIES - - - - - 112 OM 3.0% CITY OF ARCADIA - - - - - 113 OM 3.0% CITY OF ARCADIA-FIELD - - - - - 114 OM 3.0% RENTALS & LEASES - - - - - 115 OM 3.0% GENERAL REPAIR & MAINTENANCE 2,000 2,000 2,000 2,000 2,000 116 OM 3.0% VEHICLE REPAIR & MAINTENANCE 1,292 1,000 1,000 1,000 1,000 117 OM 3.0% R&R PROJECTS NON-CAPITAL - - - - - 118 OM 3.0% HYDRANT REPAIR & MAINTENANCE - - - - - 119 OM 3.0% METER REPAIR & MAINTENANCE - - - - - 120 OM 3.0% MISCELLANEOUS CHARGES 500 1,000 1,000 1,000 1,000 121 OM 3.0% LICENSES, FEES & PERMITS 425 - - - - 122 OM 3.0% OFFICE SUPPLIES 500 1,000 1,000 1,000 1,000 123 OM 3.0% TECH EQUIPMENT-NON INVENTORY 1,500 2,000 2,000 2,000 2,000 124 OM 3.0% UNIFORMS 330 - - - - 125 OM 3.0% GASOLINE & OIL 6,380 7,000 7,000 7,000 7,000 126 OM 3.0% TOOLS 6,720 7,000 7,000 7,000 7,000 127 OM 3.0% CHEMICALS & SUPPLIES - - - - - 128 OM 3.0% DISTRIBUTION SUPPLIES - - - - - 129 OM 3.0% NEW INSTALLATION SUPPLIES - - - - - 130 OM 3.0% COLLECTION SUPPLIES - - - - - 131 OM 3.0% SAFETY 1,437 2,000 2,000 2,000 2,000 132 OM 3.0% METER COSTS - - - - - 133 OM 3.0% PUBLICATIONS, DUES 100 - - - - 134 OM 3.0% TRAINING 1,000 1,000 1,000 1,000 1,000 135 NA 3.0% DEPRECIATION EXPENSE - - - - - 136 TOTAL OPERATING EXPENDITURES 23,716 26,000 26,000 26,000 26,000
137 CAPITAL OUTLAY138 NA 3.0% BUILDING IMPROVEMENTS - - - - - 139 NA 3.0% CAPITAL PROJECTS - - - - - 140 NA 3.0% R & R PROJECTS (CAPITAL) - - - - - 141 NA 3.0% EQUIPMENT - - - - - 142 NA 3.0% TECHNOLOGICAL EQ. INVENTORY - - - - - 143 TOTAL CAPITAL OUTLAY - - - - -
Line No:1 Code Description 2013 2014 2015 2016 20172 OM Operating Expenses 2,639,042$ 3,290,773$ 3,196,767$ 3,348,000$ 3,572,000$ 3 NOE Non Operating Expenses - - - - - 4 MCO Minor Capital Outlay 10,000 79,500 80,000 5,000 5,000 5 TROUT Transfers Out 168,289 168,324 169,324 170,324 102,434 6 EDSRB Existing Revenue Bond Debt Service 427,053 427,463 427,661 427,646 427,418 7 NewRBDS Projected New Revenue Bond Debt Service - 160,000 330,000 370,000 400,000 8 EDSSRF Existing SRF Debt Service 136,047 136,047 136,047 136,047 136,047
9 Code
Annual Expense
Escalation Factor EXPENSES 2013 2014 2015 2016 2017
Summary
Schedule A - 4DeSoto County, FL
Expenses
Detail
144 WATER FACILITIES ACCOUNT 7096145 PERSONNEL SERVICES146 OM 3.0% SALARIES 120,562 266,374 274,000 282,000 290,000 147 OM 3.0% OVERTIME 6,715 14,000 14,000 14,000 14,000 148 OM 3.0% F.I.C.A. 8,876 21,449 22,000 23,000 24,000 149 OM 3.0% RETIREMENT 5,184 18,156 19,000 20,000 21,000 150 OM 3.0% EMPLOYEE INSURANCE 21,636 57,031 59,000 61,000 63,000 151 OM 3.0% DENTAL INSURANCE - - - - - 152 OM 3.0% SUBSIDIZED DEP HEALTH INS 8,385 11,297 12,000 12,000 12,000 153 OM 3.0% WORKERS COMPENSATION 2,546 6,260 6,000 6,000 6,000 154 OM 3.0% OPEB EXPENSE 2,882 - - - - 155 TOTAL PERSONNEL SERVICES 176,786 394,567 406,000 418,000 430,000
156 OPERATING EXPENDITURES157 OM 3.0% PROFESSIONAL SERVICES 5,000 15,000 15,000 15,000 15,000 158 OM 3.0% MEDICAL SERVICES 250 500 1,000 1,000 1,000 159 OM 3.0% PRMRWSA PROFESSIONAL SERVICES - - - - - 160 OM 3.0% PROFESSIONAL SERVICES HWY 17 40,417 32,246 33,000 34,000 35,000 161 OM 3.0% CONTRACT SERVICES 5,000 31,400 32,000 33,000 34,000 162 OM 3.0% TRAVEL 550 - - - - 163 OM 3.0% TELEPHONE 2,077 5,200 5,000 5,000 5,000 164 OM 3.0% UTILITIES 78,755 97,000 100,000 103,000 106,000 165 OM 3.0% PRMRWSA VARIABLE USAGE 165,000 167,000 172,000 177,000 182,000 166 OM 3.0% PRMRWSA BASE USAGE 485,000 508,560 524,000 540,000 556,000 167 OM 3.0% CITY OF ARCADIA BULK WATER - 20,086 21,000 22,000 23,000 168 OM 3.0% SARASOTA WATER OPTION - - - - - 169 OM 3.0% PRMRWSA RESERVE FUND - - - - - 170 OM 3.0% RENTALS & LEASES 1,038 1,000 1,000 1,000 1,000 171 OM 3.0% GENERAL REPAIR & MAINTENANCE 61,474 100,000 103,000 106,000 109,000 172 OM 3.0% VEHICLE REPAIR & MAINTENANCE 4,500 16,000 16,000 16,000 16,000 173 OM 3.0% R & R PROJECTS (NON-CAPITAL) 50,617 36,500 38,000 39,000 40,000 174 OM 3.0% HYDRANT REPAIR & MAINTENANCE - 15,000 15,000 15,000 15,000 175 OM 3.0% METER REPAIR & MAINT 12,650 14,000 14,000 14,000 14,000 176 OM 3.0% OTHER CHARGES 2,000 2,000 2,000 2,000 2,000 177 OM 3.0% LICENSES, FEES,PERMITS 1,500 3,200 3,000 3,000 3,000 178 OM 3.0% DEPOSIT REFUNDS - - - - - 179 OM 3.0% UTILITY ADMIN EXPENSE - - - - - 180 OM 3.0% FIELD OPERATIONS EXPENSE - - - - - 181 OM 3.0% OFFICE SUPPLIES 1,850 900 1,000 1,000 1,000 182 OM 3.0% TECH EQUIPMENT-NON-INVEN. - 1,300 1,000 1,000 1,000 183 OM 3.0% UNIFORMS 500 4,500 5,000 5,000 5,000 184 OM 3.0% GASOLINE & OIL 15,200 17,000 18,000 19,000 20,000 185 OM 3.0% MINOR EQUIPMENT 7,500 8,000 8,000 8,000 8,000 186 OM 3.0% CHEMICALS & SUPPLIES 63,600 52,000 54,000 56,000 58,000 187 OM 3.0% DISTRIBUTION SUPPLIES - 1,000 1,000 1,000 1,000 188 OM 3.0% INSTALLATION SUPPLIES - 1,000 1,000 1,000 1,000 189 OM 3.0% PEACE RIVER AUTH NEW WATER - - - - - 190 OM 3.0% SAFETY 3,500 4,000 4,000 4,000 4,000 191 OM 3.0% METER PURHCASES - 11,000 11,000 11,000 11,000 192 OM 3.0% PUBLICATIONS,DUES,TRAININ 200 - - - - 193 OM 3.0% PRMRWSA MEMBER FEE 40,149 39,668 41,000 42,000 43,000 194 OM 3.0% TRAINING 1,000 1,000 1,000 1,000 1,000 195 NA 3.0% DEPRECIATION EXPENSE-WATER - - - - - 196 TOTAL OPERATING EXPENDITURES 1,049,327 1,207,210 1,242,000 1,277,000 1,312,000
197 CAPITAL OUTLAY198 na 3.0% BUILDING IMPROVEMENTS - - - - - 199 na 3.0% R & R CAPITAL PROJECTS - - - - - 200 na 3.0% SOFTWARE - - - - - 201 TOTAL CAPITAL OUTLAY - - - - -
202 GRANTS & AIDS203 OM 3.0% PRMRWSA SPECIAL ASSESSMENT 65,540 1,790 2,000 2,000 2,000 204 TOTAL GRANTS & AIDS 65,540 1,790 2,000 2,000 2,000
205 OTHER USES206 OM 3.0% CONSERVATION MEASURES - 5,000 5,000 5,000 5,000 207 TOTAL OTHER USES - 5,000 5,000 5,000 5,000
Line No:1 Code Description 2013 2014 2015 2016 20172 OM Operating Expenses 2,639,042$ 3,290,773$ 3,196,767$ 3,348,000$ 3,572,000$ 3 NOE Non Operating Expenses - - - - - 4 MCO Minor Capital Outlay 10,000 79,500 80,000 5,000 5,000 5 TROUT Transfers Out 168,289 168,324 169,324 170,324 102,434 6 EDSRB Existing Revenue Bond Debt Service 427,053 427,463 427,661 427,646 427,418 7 NewRBDS Projected New Revenue Bond Debt Service - 160,000 330,000 370,000 400,000 8 EDSSRF Existing SRF Debt Service 136,047 136,047 136,047 136,047 136,047
9 Code
Annual Expense
Escalation Factor EXPENSES 2013 2014 2015 2016 2017
Summary
Schedule A - 4DeSoto County, FL
Expenses
Detail
208 WASTE WATER ACCOUNT 7097209 PERSONNEL SERVICES210 OM 3.0% REGULAR SALARIES 205,961 226,302 233,000 240,000 247,000 211 OM 3.0% OVERTIME 10,000 10,000 10,000 10,000 10,000 212 OM 3.0% FICA 16,521 18,077 19,000 20,000 21,000 213 OM 3.0% RETIREMENT 10,604 14,871 15,000 15,000 15,000 214 OM 3.0% EMPLOYEE INSURANCE 42,449 40,862 42,000 43,000 44,000 215 OM 3.0% DENTAL INSURANCE - - - - - 216 OM 3.0% SUBSIDIZED DEP HEALTH INS 6,750 6,845 7,000 7,000 7,000 217 OM 3.0% WORKERS COMPENSATION 4,840 5,318 5,000 5,000 5,000 218 OM 3.0% OPEB EXPENSE 2,882 - - - - 219 TOTAL PERSONNEL SERVICES 300,007 322,275 331,000 340,000 349,000
220 OPERATING EXPENDITURES221 OM 3.0% PROFESSIONAL SERVICES 75,000 45,000 46,000 47,000 48,000 222 OM 3.0% MEDICAL SERVICES 125 1,000 1,000 1,000 1,000 223 OM 3.0% PROFESSIONAL SERVICES HWY 17 40,417 32,246 33,000 34,000 35,000 224 OM 3.0% CONTRACTED SERVICES 67,643 204,500 211,000 217,000 224,000 225 OM 3.0% TRAVEL 1,350 1,000 1,000 1,000 1,000 226 OM 3.0% TELEPHONE 4,896 9,640 10,000 10,000 10,000 227 OM 3.0% UTILITIES 95,000 125,000 129,000 133,000 137,000 228 OM 3.0% BULK SEWAGE TREATMENT 16,271 - - - - 229 OM 3.0% EFFLUENT SPRAY FIELD MAINT - - - - - 230 OM 3.0% RENTALS & LEASES - 12,800 13,000 13,000 13,000 231 OM 3.0% GENERAL REPAIR & MAINTENANCE 118,833 131,912 136,000 140,000 144,000 232 OM 3.0% VEHICLE REPAIR & MAINTENANCE 14,599 18,000 19,000 20,000 21,000 233 OM 3.0% R & R PROJECTS (NON-CAPITAL) 23,500 70,000 72,000 74,000 76,000 234 OM 3.0% METER REPAIR & MAINTENANCE 7,300 8,000 8,000 8,000 8,000 235 OM 3.0% UTILITY ADMIN EXPENSES - - - - - 236 OM 3.0% OTHER CHARGES 1,000 - - - - 237 OM 3.0% LICENSES,FEES & PERMITS 1,500 5,125 5,000 5,000 5,000 238 OM 3.0% DEPOSIT REFUNDS - - - - - 239 OM 3.0% FIELD OPERATIONS EXPENSE - - - - - 240 OM 3.0% OFFICE SUPPLIES 1,500 700 1,000 1,000 1,000 241 OM 3.0% TECH EQUIPMENT-non INVENTORY 1,500 2,750 3,000 3,000 3,000 242 OM 3.0% UNIFORMS 1,700 4,500 5,000 5,000 5,000 243 OM 3.0% GASOLINE & OIL 17,831 19,000 20,000 21,000 22,000 244 OM 3.0% MINOR EQUIPMENT 4,000 6,942 7,000 7,000 7,000 245 OM 3.0% CHEMICALS & SUPPLIES 15,521 59,500 61,000 63,000 65,000 246 OM 3.0% COLLECTION SUPPLIES - 1,000 1,000 1,000 1,000 247 OM 3.0% SAFETY 1,835 2,000 2,000 2,000 2,000 248 OM 3.0% METER COSTS - 1,000 1,000 1,000 1,000 249 OM 3.0% PUBLICATIONS,DUES 400 510 1,000 1,000 1,000 250 OM 3.0% TRAINING 2,400 2,000 2,000 2,000 2,000 251 NA 3.0% DEPRECIATION EXPENSE - - - - - 252 TOTAL OPERATING EXPENDITURES 514,121 765,125 789,000 811,000 834,000
253 CAPITAL OUTLAY254 na 3.0% BUILDING IMPROVEMENTS - - - - - 255 na 3.0% R & R PROJECTS (CAPITAL) - - - - - 256 na 3.0% EQUIPMENT - - - - - 257 na 3.0% TECHNOLOGICAL EQUIPMENT - - - - - 258 na 3.0% SOFTWARE - - - - - 259 TOTAL CAPITAL OUTLAY - - - - -
260 OTHER USES261 TROUT 3.0% TRANSFER TO TURNER CENTER - - - - - 262 TROUT 3.0% CONTINGENCY - - - - - 263 TOTAL OTHER USES - - - - -
OMAdjustment to New O&M (FY15 forward) to reflect Baseline Ramp Up of O&M costs in FY 14 - - (189,233) (130,000) -
264 NewRBDS NA New Debt Service - 160,000 330,000 370,000 400,000
Line No: Description 2013 2014 2015 2016 201712 Lift Station "I" Generator 126,000 - - - - 3 PH III of US 27 Widening - Design 198,182 - - - - 456 Mothballing of DCI WWTP - 40,000 - - - 7 Lettuce Lake Travel Resort & Oak Haven Mobile Home and RV Park - 110,000 - - - 8 Toby's RV Resort - Hwy 70 (2 of 2) - 158,000 - - - 9 Lake Suzy Master Lift Stations - 225,000 - - -
10 Lake Suzy WWTP Decommissioning - 90,000 - - - 11 Lynn Hazen / Rodeo - 250,690 - - - 12 Big Tree & Arcadia Village - Forcemain - 750,000 - - - 13 County Watermain "Return Line" - 100,000 - - - 14 Farm Bureau - 25,500 - - - 15 Lake Suzy - Forcemain Extension - 339,500 - - - 16 Toby's RV Resort / DeSoto Automall (1 of 2) - 235,000 - - - 17 Water / Wastewater Remote Monitoring - 62,600 - - - 181920 Master Plan - - 95,000 - - 21 US 17 Ph IV - Nocatee Extension North - - 2,898,294 - - 22 DCR WWTP - New Bar Screen - - 350,000 - - 23 DCR WWTP - Monitoring Wells - - 12,000 - - 24 DCR WWTP - Spray Field - - 200,000 - - 25 DCR WWTP - PLC Upgrade - - 15,000 - - 262728 US 17 Ph IV - Nocatee Extension North - - - 100,000 - 29 Live Oak Mobile Home Parks - South US 17 - - - 375,000 - 303132 Baseline CIP Plug Figure for FY 17 and 18 - - - - 400,000 3334 Total 324,182$ 2,386,290$ 3,570,294$ 475,000$ 400,000$ 35 Total w/ Esclation 324,182$ 2,457,879$ 3,787,725$ 519,045$ 450,204$
Schedule A - 5DeSoto County, FL
CIP
Line No: 2013 2014 2015 2016 20171 Capital Projects 324,182$ 2,457,879$ 3,787,725$ 519,045$ 450,204$
2 Capital Project Funding:Grant Funding - 440,000 - - -
3 413 - Sewer Capital Utilities - - 1,539,497 - - 4 412 - Water Capital Utilities 162,577 - - - - 5 410 - Operating Fund - - - 39,000 43,000 6 Projected New Bond Funds Required 161,605$ 2,017,879$ 2,248,228$ 480,045$ 407,204$ 7 Total Funded 324,182$ 2,457,879$ 3,787,725$ 519,045$ 450,204$
8 Variance -$ -$ -$ -$ -$
New Debt Terms:Years 30 30 30 30 30 Interest Rate 5.50% 5.50% 5.50% 5.50% 5.50%Cost of Issuance 2.00% 2.00% 2.00% 2.00% 2.00%
Projected New Annual Debt ServiceCapital Projects to be Funded with Debt 161,605$ 2,017,879$ 2,248,228$ 480,045$ 407,204$ Projected Bond Issue - Capital Project Proceeds 161,605 2,017,879 2,248,228 480,045 407,204 Total Bond Issue (Incl. COI and Debt Service Reserve) 175,957 2,197,077 2,447,882 522,676 443,365 Projected New Annual Debt Service 10,000 150,000 170,000 40,000 30,000 Cumulative New Debt Service 10,000 160,000 330,000 370,000 400,000
Schedule A - 6DeSoto County, FL
Capital Project Funding Summary